- They are (mostly) horizontal

- API-driven architecture is maturing as a paradigm and enabling more communication between applications across value chains.

- They keep intermediaries reasonably happy.

- Integrated payments and lending are unlocking new business models for software companies and vastly improving the user experience.

- Millennials are taking the reins in legacy industries and hate clunky, offline workflows.

- They are expensive and hard-to-use

- Software development is getting easier, cheaper, and faster in general.

- GMV TAM: How much B2B spend could the marketplace facilitate at scale?

...we evaluate early B2B marketplaces on three dimensions: