Why Freshbooks Launched A Competitor To Itself

Mike McDerment saw the future, and it wasn’t bright. His accounting and invoicing company, Freshbooks, was doing well with customers -- but behind the scenes, its software code was a mess and it wasn’t able to innovate as quickly as it needed to. But fixing this problem was tricky. If his team hit pause to fix the code, years could go by and Freshbooks would lose ground to its competitors. So his solution was radical: He launched a competitor to his own company.