Scott Farquhar is the Australian billionaire co-founder who built Atlassian into a global software giant worth tens of billions. He and business partner Mike Cannon-Brookes started the company with a maxed-out credit card and one simple goal: to earn enough money to avoid working for someone else.
That modest plan now serves over 300,000 customers worldwide, including NASA and Netflix. Their story proves that bootstrapping and long-term thinking can work without venture capital or Silicon Valley.
In this article, we’ll cover:
- How Farquhar met Cannon Brookes at university and launched Atlassian
- How they built the company without venture capital
- His net worth and what drives his fortune today
- The co-CEO partnership and transition to advocacy work
Let’s get into what makes this accidental billionaire one of Australia’s most influential voices in tech.
The 12-Year-Old Who Predicted Remote Work
In 1991, a Castle Hill schoolboy wrote an essay predicting people would work from home using computers and order groceries through machines. That student was Scott Farquhar, and his teacher, Mrs Crawford, had given the class a future-focused assignment.
He grew up in Castle Hill, where his family didn’t have much money for expensive tech equipment. But his childhood in a lower-middle-class Sydney suburb built the bootstrap mentality, which later defined Atlassian’s growth.
In fact, Farquhar’s dad once bought him an old computer that couldn’t even run Microsoft DOS properly. Even with that, he spent a year troubleshooting and learning how the system worked. Those skills he developed as a kid tinkering with computers became the foundation for creating tools millions of people would use.
How Did Scott Farquhar and Mike Cannon-Brookes Meet?
Scott Farquhar and Mike Cannon-Brookes met at the University of New South Wales while studying computer science. They met during university projects and quickly realized their working styles complemented each other.
This is how their university friendship later became a business partnership.
University Days at UNSW
Farquhar and Cannon Brookes worked together on computer science assignments and group projects at UNSW. They bonded over shared interests in building software to solve business problems like inefficient workflows and messy data. Eventually, they realised they worked well together because their skills complemented each other.
As classmates, Mike and Scott didn’t just complete assignments together. They were already thinking about what came next after graduation.
The Credit Card That Started Everything
They maxed out a $10,000 credit card to fund Atlassian’s first year of operations (not the most glamorous start to a billion-dollar company). The credit card covered basic expenses like servers, software licences, and initial development costs.
In hindsight, that debt was the only capital they needed to prove their software could generate real money.
Building Atlassian: The Co-Founder Journey
Farquhar and Cannon Brookes started Atlassian in 2002 to build affordable software for developers. They built the company by relying on customer revenue from the start. Plus, the co-founder partnership allowed them to divide responsibilities based on their strengths.
Here’s how they pulled their ideas off.
Why They Started Atlassian in 2002
Both founders were frustrated with overpriced enterprise software that didn’t solve actual problems. That’s why they wanted to create tools developers would enjoy using instead of being forced to use.
With that in mind, their plan took a very different approach from Silicon Valley. Instead of raising millions, they kept the software cost low for customers, which meant building something people would pay for immediately.
The First Product: Jira
Jira launched as a bug-tracking and project management tool for software development teams. The product eventually gained traction because it was affordable and worked well.
Meanwhile, early customers spread the word, which created organic growth (even without sales teams). That’s how Atlassian’s customer base grew across the world while keeping jobs lean.
Growing Without Venture Capital
Atlassian remained bootstrapped in the industry for eight years, while funding growth through customer revenue. Although this approach meant they owned 100% of the company from day one, there was no venture capital diluting their ownership.
Our conversations with Sydney startup founders also show this bootstrap model remains rare but effective. This is how, over the past two decades, the company expanded to Europe and served millions globally.
Atlassian’s Products: Beyond Jira
While Jira made Atlassian famous, the company’s product suite now spans everything from documentation to visual project management. Each of their products targets specific workflow needs that teams face daily:
- Confluence for Documentation: Atlassian’s second major product handles team documentation and knowledge sharing for thousands of companies. With this, teams can create project plans, meeting notes, internal wikis, and technical documentation all in one searchable workspace.
- The $425 Million Trello Deal: Atlassian acquired Trello in January 2017 for $425 million to reach non-technical teams like marketers and designers. The visual board system eventually brought millions of new users who preferred simpler project management over traditional software.
- Developer Tools Suite: Atlassian built tools specifically for software development workflows. Among those, Bitbucket manages code repositories and version control, and Statuspage communicates system status to customers during outages. Another one, Opsgenie, automates incident response when critical issues arise.
The tech giant kept expanding to solve different team collaboration problems across industries. That said, their product expansion strategy focused on acquiring proven tools rather than building everything from scratch.
Scott Farquhar Net Worth: How Much Is He Worth?
Scott Farquhar’s net worth is estimated at US$6.8 billion as of 2026, according to Forbes. His wealth comes primarily from his Atlassian shareholding, making him one of Australia’s richest people.
Take a look at where the fortune comes from.
Current Wealth According to the Australian Financial Review
The Australian Financial Review regularly tracks Farquhar’s wealth alongside other Australian tech billionaires. His fortune places him in the top tier of business leaders and technology entrepreneurs.
In general, Atlassian’s market capitalisation directly impacts his personal wealth as a major shareholder. And his net worth fluctuates with Atlassian’s share price on the NASDAQ stock exchange (wealth on paper changes fast).
What Drives His Fortune Beyond Atlassian
Farquhar has made strategic investments in Australian startups through Skip Capital, his private investment fund. His wealth grows through both Atlassian’s success and his private investments.
Not to mention, Skip Capital has backed companies like Canva and Airwallex, which have grown into multibillion-dollar businesses. It shows he’s focused on long-term wealth building rather than quick exits or selling off shares rapidly. As a result, his money works across the broader tech ecosystem, not just one company.
The Mike Cannon-Brookes and Scott Farquhar Partnership
Few business partnerships last over two decades without fracturing, but Farquhar and Cannon Brookes managed to do exactly that. The co-founder relationship has lasted over 20 years through Atlassian’s growth into a global company.
Let’s see how their partnership became a model for how two co-CEOs can successfully run a major company.
How the Co-CEO Model Worked at Atlassian
Both founders served as co-CEOs by splitting responsibilities based on their complementary skills and interests. In practice, Cannon Brookes focused more on product vision while Farquhar handled operations and finance.
This structure worked because they trusted each other and communicated openly about company direction. Not just that, the co-co-CEOCEO model gave Atlassian dual leadership without power struggles (that’s rare in business).
Addressing the “Falling Out” Rumours
Farquhar publicly called media reports about their relationship breakdown “bullshit” at the National Press Club. The rumours started after Farquhar stepped down as co-CEO, but he clarified it wasn’t personal.
He also said that they still talk every few weeks about business and life. As a result, their business partner bond stayed intact when many similar relationships fell apart under pressure.
What Happened When Scott Farquhar Stepped Down as Co-CEO?
Scott Farquhar stepped down as Atlassian’s co-CEO in April 2023 to focus on family, philanthropy, and tech advocacy. Meanwhile, Cannon Brookes continued as sole CEO while Farquhar remained influential in strategic decisions.
Farquhar’s departure surprised some people, but the transition was planned months in advance. This is what truly happened.
The Transition in April 2023
Farquhar announced his departure as co-CEO to spend more time on personal priorities and advocacy. The transition was planned carefully to ensure the company’s leadership remained stable.
In fact, he didn’t walk away completely from Atlassian after 21 years. He stayed on the Atlassian board to guide major decisions without daily management duties. Because of that, the CEO handoff occurred smoothly.
What He’s Focusing on Now
Farquhar now dedicates time to Australian tech policy, AI development, and digital infrastructure investment. He’s involved with the Tech Council of Australia, where he pushes for data centres and technology-friendly regulations. Besides that, he serves as a special adviser to Atlassian.
His focus has shifted from building Atlassian to building Australia’s broader tech ecosystem. This includes urging the government to invest in infrastructure. Basically, he’s using his platform to influence where Australia goes next in the global tech race.
Scott Farquhar’s Family: Wife and Personal Life
Behind the billionaire tech founder is a family man who values privacy but occasionally makes headlines with record-breaking property deals. Farquhar is married to Kim Jackson, an investment banker, and they have three children together. In fact, he’s mentioned balancing family time as one reason for stepping back from day-to-day CEO duties at Atlassian.
His personal life centres around Sydney, where he made headlines in 2017 when he bought the historic Elaine estate in Point Piper for $75 million. But he later sold it in 2024 for $130 million, attracting the high-net-worth buyers (yes, those are the kinds of profits to come with Sydney’s premium harbourside real estate).
Other than that, Scott owns a private jet for business travel between Australia and international Atlassian offices.
Tech Council of Australia and Public Advocacy
Stepping away from day-to-day CEO duties gave Farquhar more time to push for the infrastructure Australia needs to compete in AI. As an Australian entrepreneur, he’s now become a prominent voice advocating for the tech sector and readiness. His advocacy focuses on practical infrastructure like data centres rather than abstract policy discussions.
Let’s look at what he’s saying publicly.
His National Press Club Speech on AI
Farquhar delivered a speech at the National Press Club on artificial intelligence’s potential to influence Australia’s economy. There, he positioned AI as the next industrial revolution, comparable to steam power or electricity in impact.
The National Press Club appearance essentially put his ideas in front of government decision-makers. He argued that the future depends on the choices Australia makes now, as data centres and tech investment create the foundation for everything that comes next.
Why He Champions Data Centres and Tech Investment
Australia needs modern data centres to support AI development and compete globally. Farquhar argues, infrastructure investment today determines the country’s economic competitiveness for decades ahead (without data centres, Australia falls behind).
He suggests the government remove regulatory barriers which slow construction, mostly around energy demand. Particularly in South Australia, the plan involves building facilities that handle massive energy requirements. Furthermore, data centre jobs and investment help the broader sector grow by creating skilled employment and attracting further infrastructure development.
Scott Farquhar’s Philanthropy and Giving Back
Building billion-dollar wealth has given him the resources to create opportunities for people who didn’t start with advantages. That’s why Farquhar has committed significant wealth to charitable causes and community initiatives across Australia.
His philanthropic work spans education, entrepreneurship support, and creating pathways into the tech industry:
- Pledge 1% Co-Founder: Farquhar launched this movement in 2014 alongside Salesforce CEO Marc Benioff. This foundation encourages companies to donate 1% of equity, profit, product, and employee time to charity. By now, 19,000 companies globally have joined this pledge.
- Education Focus: His giving targets children’s education in developing countries, with a $3 million donation and a goal to educate over 10 million children over the next decade. The work fundamentally supports literacy programs and gender equality in education through organisations like Room to Read.
- Atlassian Foundation: The company pledged 1% of its equity from the start, which is now valued at more than $85 millions. This foundation mainly provides free software licences to non-profits and funds employee volunteer time for high-impact community projects.
- Skip Foundation: Skip creates a route into tech for people who lack traditional business connections or support networks. Run with his wife, Kim Jackson, this family foundation invests in young Australian entrepreneurs from disadvantaged backgrounds.
Based on our analysis of Australian business leaders, Farquhar’s approach focuses on long-term impact on giving back rather than one-off donations.
What Scott Farquhar’s Path Shows Aussie Founders
Scott Farquhar’s story proves you don’t need venture capital or Silicon Valley connections to build a global tech company. He and Mike Cannon Brookes started with a credit card, a shared university friendship, and software solving real problems.
Cannon Brookes and Farquhar both demonstrate what’s possible when founders think long-term instead of chasing shortcuts. And the result is a business that redefined how teams collaborate worldwide.
If you’re an Australian entrepreneur planning your first startup, Farquhar’s bootstrap approach and long-term thinking offer a blueprint worth studying. For more founder stories and business insights, visit the resources at Australian Business Magazine.
Frequently Asked Questions About Scott Farquhar
We’ve covered Scott Farquhar’s journey from university student to billionaire tech founder, but you might still have questions about specific details. These frequently asked questions address the most common queries people search for about Farquhar and his career.
What is Scott Farquhar’s role at Atlassian now?
Scott Farquhar stepped down as co-CEO in August 2024 but remains on the Atlassian board of directors as a special adviser. He still influences major company decisions without handling day-to-day operations.
How did Scott Farquhar and Mike Cannon-Brookes become business partners?
Farquhar and Mike met at the University of New South Wales while studying computer science in the late 1990s. They worked together on university projects and discovered complementary skills. After graduation, they maxed out a credit card to fund Atlassian instead of taking corporate jobs. And that partnership has lasted over 20 years.
Does Scott Farquhar still own part of Atlassian?
Yes, Farquhar owns approximately 20% of Atlassian as of 2026. His shareholding makes up the majority of his wealth, which Forbes estimates at US$6.8 billion. The value fluctuates with Atlassian’s stock price on the NASDAQ, though.
What companies has Scott Farquhar invested in through Skip Capital?
Skip Capital, which is Farquhar’s private investment fund, has backed several Australian tech unicorns, including Canva and Airwallex. The fund also invests in overseas companies like Figma and 1Password. These investments focus on software companies that align with his experience building Atlassian.
Why did Scott Farquhar speak at the National Press Club?
Farquhar spoke at the National Press Club to advocate for Australia’s AI and tech infrastructure development. The speech positioned AI as Australia’s next economic opportunity if the country invests now in the right infrastructure and talent.
