Superhuman

• By limiting their hiring and instead emphasizing the integration of AI into everyday workflows, Ramp itself has been highly human capital efficient, getting to $300m in annualized revenue with just c.500 FTEs .”


• “Finance work moving from humans to autonomous AI agents portends a shift from seats in payroll in Rippling ($135m revenue in 2022) towards

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However, a key risk with several of these startups is the potential lack of a long-term moat. It is difficult to read too much into it given the stage of these startups and the limited public information available but it’s not difficult to poke holes at their long term defensibility. For example:

• If a startup is built on the premise of taking base L

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Sobriety source #2: AI as the next platform shift. Every wave of new companies that transforms their respective industries is fueled by a major platform or technology shift. The advent of the web did this. The smartphone and mobile applications did this. And there is no doubt that AI is our next wave. But does every new wave always necessarily favo... See more