Figma
Figma escaped Adobe predation, thrived on $1B breakup fee: 90% of Fortune 500, $1B+ ARR, swarm intelligence from real-time collaboration creates unassailable network effects.
Figma represents prey that escaped predation and thrived. Adobe's $20 billion acquisition attempt (2022) collapsed under regulatory pressure—the ecosystem's immune system blocked a transaction that would have concentrated design tool power. The $1 billion breakup fee provided metabolic resources for accelerated expansion: revenue grew from $505M (2023) to $749M (2024), now exceeding $1B ARR.
Real-time collaboration creates swarm intelligence dynamics. Multiple designers edit simultaneously without central coordination, producing emergent outcomes no individual planned. This distributed intelligence mirrors ant colonies or bee swarms—collective behavior exceeding individual capability. The network effect compounds: each collaborator makes the tool more valuable for everyone.
Bottom-up colonization drove enterprise success. 70% of enterprise deals originated from individual users on Professional plans who spread Figma internally—like invasive species establishing through individual dispersal rather than coordinated introduction. Adobe XD lost ground to this grassroots displacement.
The July 2025 IPO filing at $14-16B valuation signals metamorphosis complete. From startup (90% of Fortune 500 now use Figma) to public company, the organism reproduced successfully. Niche dominance (80-90% of UI/UX design) enables expansion into adjacent territories: Slides, FigJam, Dev Mode, Sites. The specialist becomes generalist from a position of strength.
Key Leaders at Figma
Dylan Field
CEO/Co-founder
Bet on collaborative features creating network effects
Evan Wallace
CTO/Co-founder
Built real-time collaboration infrastructure
Figma Appears in 3 Chapters
Figma compressed succession from Pioneer (2016-2019) to Intermediate stage through network effects, with $20B Adobe acquisition occurring during early intermediate phase.
Figma's accelerated succession →Figma exploited refugia Adobe couldn't serve - browser-based collaboration that Adobe's 1990s legacy code made nearly impossible without multi-year rebuilds.
How Figma found refugia from Adobe →Figma's runaway selection via network effects - collaborative features created self-reinforcing loops from 0 to 4M users, generating $400M+ ARR with 150%+ retention.
Figma's runaway network effects →