Why Did Workday Founders Win the Entrepreneurial Award?

TL;DR

Workday's founders, Aneel Bhusri and Dave Duffield, won the Stanford GSB Entrepreneurial Company of the Year Award for their innovation and strong company culture. Despite facing initial hurdles in gaining customers after its founding in 2005, their partnership and focus on employee well-being and client satisfaction propelled Workday to become a leading provider of HR and finance software.

Transcript

So welcome to the annual Stanford GSB Encore Award. And it's always a great event every year. I want to start with a couple of thanks, in particular to the Encore Award Selection Committee for their great choice, and also for their work in putting together tonight's event. And thank you to all the sponsors of this event. And thank you to all of our... Read More

Key Insights

• 🥶 Workday's success is rooted in the strong friendship and partnership between its co-founders, Aneel Bhusri and Dave Duffield.
• 💦 Workday's commitment to creating a positive company culture and being a great place to work has contributed to its success in attracting and retaining top talent.
• 👂 The company's ability to listen to its customers and adapt to their needs has been crucial in building a loyal customer base.
• 🪡 Workday stays ahead of the competition by leveraging advancements in technology and continuously innovating to meet the evolving needs of its customers.

Questions & Answers

Q: Why did Workday receive the 41st Entrepreneurial Company of the Year award?

The award recognizes a company that demonstrates the spirit, innovation, and culture of Silicon Valley companies. Stanford selected Workday and welcomed its co-founders, Aneel Bhusri and Dave Duffield, to the annual event.

Q: Who founded Workday?

Aneel Bhusri and Dave Duffield co-founded Workday. The event introduced them as the company’s two co-founders and leaders who are known for staying ahead of technology opportunities.

Q: When did Aneel Bhusri and Dave Duffield start Workday?

Bhusri and Duffield started Workday together in 2005. They founded it after Oracle’s acquisition of PeopleSoft.

Q: What did Aneel Bhusri do before starting Workday?

After earning his Stanford GSB MBA in 1993, Bhusri went to work for Dave Duffield at PeopleSoft. He eventually became PeopleSoft’s vice chairman before co-founding Workday.

Q: What was Aneel Bhusri’s role at Workday?

Bhusri led Workday as CEO. The Stanford introduction described the company’s performance under his leadership as a home run from day one.

Q: What does the Stanford GSB Entrepreneurial Company of the Year award recognize?

The award recognizes the entrepreneurial company of the year for its Silicon Valley spirit, innovation, and culture. It had been presented since 1977, with 40 companies recognized before Workday’s selection.

Q: How important is entrepreneurship at Stanford GSB?

Every Stanford GSB MBA student had been taking at least one entrepreneurship class. In recent years, about 15% to 20% of its students immediately started a company after graduation, compared with about 7% at the next business school and about 3% elsewhere.

Q: What technology themes did Stanford connect to Workday and future entrepreneurship?

The event highlighted anticipated changes in business and society from automation, data science, and virtual intelligence. Workday’s leaders were described as being one step ahead of technology, recognizing opportunities enabled by the Internet and new communication technology, and executing exceptionally well.

Summary & Key Takeaways

• Workday is an award-winning entrepreneurial company known for its innovative culture and spirit, as well as its Silicon Valley roots.

• The founders, Aneel Bhusri and Dave Duffield, previously worked together at PeopleSoft and decided to start Workday after Oracle's hostile takeover of PeopleSoft.

• Workday faced initial challenges in acquiring customers, but their partnership, along with the support of their team and customers like Flextronics and Chiquita, helped them become a successful and highly-regarded company in the HR and finance software industry.