I think we’re going to see *a lot* more companies shaped like http://www.zeusliving.com , where they are not just Internet-enabled frontends on underlying property management but eat the interesting parts of the underlying stack.
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Agreed -- you can build the expertise as you go, but there are enough pure software experts that we're starting to see folks combine "pretty good but not best in class" software with best-in-class domain expertise.
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Any particular companies come to mind there? (Just curious; happy to hear over email if it would be socially contentious.)
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