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With a more distributed workforce due to the pandemic, it is becoming increasingly difficult for software product teams to collaborate across locations and time zones. According to a 2020 survey, the top three obstacles for product managers are (1) competing goals in the organization, (2) a lack of time, and (3) a lack of clarity in the development role. Even before the onset of the pandemic, product stewardship was fraught with challenges, with an average of just 55% of product launches occurring on schedule in 2019.
Becky Flint and Lee Bailey aim to address these issues with Dragonboat, a product management startup they co-founded in 2018. The Santa Clara, Calif., Based company today announced it has raised $ 12 million in a Series A cycle led by Insight Partners with participation. from Act One Ventures, Roble Ventures and GingerBread Capital, which CEO Flint says will be all about hiring and product development.
Flint was previously Vice President of Strategic Product Operations at BigCommerce, where she was responsible for strategic planning, business operations and business systems management. Bailey, who also spent time at BigCommerce, held a senior UI engineer role at Visa.
” At the beginning of the 2000’s, [I] led the creation of Product Portfolio Management for PayPal as they grew rapidly and faced challenges in creating expanding products in rapidly changing markets with distributed teams. During this process, [I] led the creation of a new job class of Portfolio Managers at PayPal (or more recognized as Product Operations today) and created internal tools for the whole company, ”said Flint to VentureBeat by email.
Dragonboat enables companies to relate goals to initiatives, create roadmaps, and integrate with engineering tools. Using the platform, users can create frameworks to guide product decision making and establish roadmaps, plan product launches by assessing resource needs and dependencies.
Dragonboat can measure results to influence the next iteration of product strategy, automating personalized reporting for stakeholders and reallocating resources based on results. Additionally, it can help businesses assess the market, customers, and business to ensure the right product is launched at the right time for the right customer.
The idea is to prevent product development failures by arming stakeholders with data. According to the late Professor Clayton Christensen of Harvard Business School, more than 30,000 new products are introduced each year, 95% of which fail. The failure rate for software projects alone is between 50% and 80%.
Flint says one of the reasons for the failures is the error-prone product management solutions that companies are currently using. While spreadsheets and presentation apps like Excel and PowerPoint are the most popular choices for documenting product roadmaps, for example, spreadsheets are notoriously bug-ridden.
“Dragonboat automates and optimizes planning and delivery using learning about delivery speed and customer feedback. This enables the fast, data-driven business decisions needed to run an effective product organization and drive the best portfolio results, ”said Flint. “Results-driven teams choose Dragonboat to dynamically connect customer information and business goals to initiatives, create data-driven roadmaps, efficiently allocate resources, and integrate with engineering tools for execution. in one place. “
“Dragonboat experienced incredible traction in 2021, growing 300% with clients such as Chime, F5 Networks, Rapyd, Miro and Nium. Since its launch in 2020, Dragonboat has been adopted by more than 1,000 teams in more than 20 countries. Dragonboat users include product managers, product operations, product and engineering managers, as well as cross-functional teams such as sales, marketing and customer success to provide insight into customer feedback. and get visibility into what will be available and when, ”says Flint.
To date, Dragonboat, which has 20 employees, has raised $ 15 million in venture capital.
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