low funding requirements past an initial pre-seed or angel round before sprinting to cash flow profitability; on the far side, vanishingly few credible opportunities for massive companies raising billions at extreme valuations.

historically high net margins in SaaS were an arbitrage on two things: limited developer talent, and the cost to deploy and scale SaaS services. Talent shortages and low market penetration of software-internet services enabled winner-take all dynamics in large markets - there was no real incumbents, and those who scaled quickly via venture capital ... See more