Passwords are usually the last thing on a startup founder's mind. But as they start business operations, they quickly learn the complexities of managing passwords, especially when working with remote teams and freelancers.
For most startups, sophisticated cybersecurity systems with SSO and IDaaS are too expensive. Startups need an affordable password management solution to protect their assets, staff, and customers.
This article explores the best password manager for startups and why effective password management is critical in today's volatile cybersecurity climate.
If you're looking for the best password manager for your startup, why not try TeamPassword's free 14-day trial.
What is a Password Manager?
A password manager (also called a password vault) is a secure tool for storing and sharing credentials. Password managers also provide authentication (via a browser extension or mobile app), so you never have to remember any of your passwords (except the credentials for your password manager, of course!).
Do Startups Need a Password Manager?
Even if you're a solopreneur, every business must have a password manager to store company credentials.
Gone are the days where you could get away with storing passwords in spreadsheets, emails, digital notes, etc. If someone hacks your device, criminals usually start their search in these unsecure files.
If you're sharing passwords using these unsecure methods, then it's impossible to control who shares or accesses your passwords.
Startups need to focus on productivity and growth, not sharing credentials or fixing problems from improper password management!
Startups Have Specific Tool Requirements
Unlike businesses with access to resources, startups have specific requirements for the tools they use, namely:
- Cost-effective
- Easy onboarding
- Low maintenance
- Remote sharing (often globally)
Cost-Effective
With tight budgets and cash flow, startups need the best tools their money can buy. While a password manager is crucial for an effective security strategy, it's not high on the list of startup priorities; thus, they need an affordable yet secure password management solution.
Easy Onboarding
Another scarce startup resource is time! Startups need a password management solution that facilitates fast onboarding—for employees and freelancers.
Low Maintenance
Maintenance is another time-hungry task startups want to avoid. Tools that require staff or resources to maintain hinder growth potential. Startups need a turnkey password management solution where the subscription fee includes maintenance and updates.
Remote Sharing
Modern startups work with remote teams and freelancers, often from multiple countries in different timezones. A startup's tools, systems, and networks must work effectively in this dispersed work environment.
Remote startup teams need a reliable password manager with security and sharing features that foster productivity and scalability.
With those four essential startup requirements in mind, it's time to explore the best password manager for startups.
Best Password Manager for Startups - TeamPassword
TeamPassword ticks all the boxes as the best password manager for startups:
- Affordable - TeamPassword is cheaper than other leading password management solutions, with easy-to-understand monthly payment structures.
- Easy onboarding - TeamPassword's simple and intuitive user interface minimizes onboarding. Get team members up and running in minutes. Install one of our browser extensions, and your team is ready to go!
- Zero maintenance - TeamPassword requires zero maintenance, and there are no hidden fees! You may need to update passwords monthly or quarterly for security reasons, but TeamPassword takes care of everything else!
- Easy sharing - TeamPassword makes it easy for employees to share credentials securely, even with remote teams spread across the world.
Here are some more reasons why startups will love TeamPassword.
State-of-the-Art Encryption Technology
Like any business, startups deserve the highest level of security to store and share company passwords.
We're a secure hosting provider with multiple international security accreditations, so you can rest assured knowing that your startup's passwords are safe with TeamPassword.
We hash, salt, and encrypt passwords locally on your computer before uploading them to TeamPassword's servers. With AES 256-bit encryption, not even TeamPassword employees can preview your startup's passwords!
TeamPassword also conducts regular vulnerability sweeps to ensure our systems are virus and malware-free!
Easily Share Your Startup's Passwords
TeamPassword makes it easy to share passwords with coworkers. Create groups for the credentials you wish to share, and invite team members who need access.
You can also create groups for clients, freelancers, and other external teams to separate access and permissions.
If someone no longer needs access to shared credentials, remove them with a single click—no need to reset passwords every time someone leaves a team!
Built-In Secure Password Generator
Create robust, unique credentials for every account with TeamPassword's built-in password generator. You can also use our password generator as a username generator, increasing your credential security with unique usernames for every platform.
TeamPassword's password generator lets you create random passwords between 12 and 32 characters using uppercase, lowercase, symbols, and numbers—so your startup will never have weak credentials!
Two-Factor Authentication (2FA)
2FA allows startup teams to secure their TeamPassword account with an extra layer of security. Crucial for remote teams working in public workspaces.
TeamPassword's two-step verification uses Google Authenticator, available on all iOS and Android devices. Google Authenticator generates a six digit code employees must use to authenticate the second step. Even if attackers steal an employee's credentials, they won't gain access to the account.
Each employee can also download backup codes, so if they lose their authentication device, they can still log into TeamPassword.
Activity Logging and Email Notifications
TeamPassword's activity log and email notifications allow managers to stay ahead of unauthorized sharing and access. You can set up email notifications for all TeamPassword actions (logins, sharing, new passwords, deleted passwords, and more) for instant alerts to sensitive data or account activity.
Explore TeamPassword's security and sharing capabilities for your startup with a free 14-day trial—no obligation, no credit card required!
Other Password Manager Options for Startups
Unlike other password managers, TeamPassword was designed specifically for startups and small businesses. Most popular password managers focus on individual users, with poor sharing features and expensive plans.
Here is how other leading password managers perform against TeamPassword.
LastPass
LastPass is a popular password manager used globally. The password manager does most of what TeamPassword does, but it's designed more for individuals rather than teams. LastPass plans are also significantly more expensive than TeamPassword.
To get like-for-like functionality, you'll need LastPass' Business Plan at $7 per user.
For example, a cost comparison on 50 users:
- LastPass $7 x 50 = $350 per month
- TeamPassword $5 x 50 = $250 per month (save even more for annual subscriptions)
Notable LastPass pros include:
- Dark web monitoring
- Supports multiple browsers
- Two-factor authentication
Notable LastPass cons include:
- Not user friendly—LastPass has too many features, requiring more time to onboard new users
- Initially built for individuals, so lacks essential group sharing functionality
- Tiered pricing means you have to pay for the highest plan to get the same features as TeamPassword
1Password
1Password is an excellent password manager for individual use but lacks the features and functionality for sharing passwords with teams.
To get like-for-like functionality, you'll need 1Password's Business Plan at $7.99 per user.
For example, a cost comparison on 50 users:
- 1Password $7.99 x 50 = $399.50 per month
- TeamPassword $5 x 50 = $250 per month (save even more for annual subscriptions)
Notable 1Password pros include:
- Supports multiple browsers
- Two-factor authentication
- Duo integration
- Free family accounts for paid users
Notable 1Password cons include:
- Tiered pricing means you have to pay for the highest plan to get the same features as TeamPassword
- In 1Password reviews, many users complain that the password manager's browser extensions are confusing to use
Dashlane
Dashlane is another great password manager for families and individuals but lacks features for business. At $8 per user (for annual subscriptions!) Dashlane is also the most expensive password manager.
To get like-for-like functionality, you'll need Dashlane's Business Plan at $8 per user paid annually.
For example, a cost comparison on 50 users:
- Dashlane $8 x 50 = $400 per month
TeamPassword $4.16 x 50 = $208 per month (on an annual subscription)
Notable Dashlane pros include:
- Built-in VPN
- Enforceable policy settings
- Two-factor authentication
Notable Dashlane cons include:
- The most expensive password manager for startups
- Tiered pricing means you have to pay for the highest plan to get the same features as TeamPassword
- Lots of features that most startups won't use
What Makes TeamPassword Different
Most leading password management solutions focus on individual and family plans. In contrast, we designed TeamPassword specifically for startups and small businesses.
Most leading password managers have too many redundant features that businesses don't use—we can only assume this is to justify their high prices.
Startups need an affordable password manager with an intuitive user interface to store and share passwords—which is why we designed TeamPassword to serve this purpose!
Still need convincing? Why not try TeamPassword for free! Explore our features, invite team members, and start sharing passwords to see how simple and intuitive it is to use TeamPassword.
Sign up for a free 14-day trial and experience the ease of secure credential sharing with TeamPassword.
