A thing you’re going to start seeing more frequently: software companies entirely funded by software people, without needing to tap traditional large pools of money (VC funds backed by pensions/universities/family offices) basically ever.
If you can imagine all the stakeholders for a SaaS company around a table, imagine someone looking at the university endowment manager and saying “What compelling unique value do you provide here to justify 2000 basis points?”
That would be a really socially awkward question to ask of someone actually at the table but there’s a simple way to avoid that awkwardness: never invite them to the table in the first place.
Note that if you buy this you’d better hope the person next to the investment manager saying “My value prop was getting that guy to return my calls” has a more differentiated answer soonish, for their sakes.
