A thing you’re going to start seeing more frequently: software companies entirely funded by software people, without needing to tap traditional large pools of money (VC funds backed by pensions/universities/family offices) basically ever.
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(My definition of "software people" here is not the one that I typically use; it means either a) could program professionally or b) has had an operating role at a software company. Most VCs are not software people, and their LPs are certainly not.)
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Ah, you just mean people who control the $ could be operators at software company. My impression is that these days it’s as common to be a former operator (esp. founder) as an ex-banker / pure finance background. But many operators can’t code
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To clarify, do you see more saas bizes that raise < $2mm and are then profitable, or angels (as I think of them) putting up more than $2mm? Or am I misunderstanding you on a more basic level?
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I think we will see a combination of: a) Profitable on 0~1 rounds of funding, grow to material size thereafter on revenue *and* b) More traditional trajectory but the entire capital stack is money which originated in tech. Much of it may not be from angels.
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