Software is so incredibly leveraged that, for materially less than the construction cost of a mid-sized apartment building, you can build and scale a global company in a heavily regulated industry.
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"What does an apartment building cost to build?" Depends on the market but if you're reading this round it to $200k per unit, so a building with 40 doors costs $8 million. It's, naturally, higher in some places and lower in others, owing to labor costs, regulatory issues, etc.
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(Hmm a quick Google suggests that I'm overshooting by 2X~3X for most of the US.)
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And people were so against Veeva's concentration risk
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Veeva’s concentration risk was that it relied entirely on Salesforces good will, which they essentially mitigated by the Veeva founder being friends with Benioff.
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Biggest vertical market SaaS company in the world
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Great success story of a product built on top of a platform. Check out this commentaryhttps://twitter.com/tmfinnovator/status/1199002776757514240?s=21 …
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Veeva is an incredible business. Zeroed in on one sector and executed like hell. Those $1M ACVs don’t hurt either...
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Part of what made
$VEEV such a phenomenally capital efficient company is its vertical focus. Strong referral sales effects allow you to limit marketing spend, boost conversion, and efficiently upsell. Some thoughts from shortly after the IPO:https://www.emcap.com/thoughts/the-five-hallmarks-of-an-industry-cloud-company …Thanks. Twitter will use this to make your timeline better. UndoUndo
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