Probabilistic COGS: Why AI ARR Is Disguised ConsultingMuch of what AI startups report as recurring revenue is consulting work in disguise, and when the forward deployed engineers leave, the ARR leaves with them.ArticlesEntrepreneurship
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Lessons on building, iterating, and scaling from both corporate and entrepreneurial perspectives. How to turn ideas into lasting impact while staying grounded in user needs.
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Probabilistic COGS: Why AI ARR Is Disguised ConsultingMuch of what AI startups report as recurring revenue is consulting work in disguise, and when the forward deployed engineers leave, the ARR leaves with them.
The Interconnection Moat: Why Energy Is AI's New Barrier to EntryThe grid interconnection queue has replaced chip allocation as AI's binding constraint. Microsoft, Google, and Amazon are becoming energy companies because whoever controls the electrons controls the frontier.
The Day Shopify Admitted Software Can't Eat EverythingShopify's sale of its logistics business to Flexport reveals the hard boundaries where software companies meet physical reality, and the second-order effects reshaping e-commerce strategy.
The Bank Multiple Trap: Why Winning at Fintech Sinks Your StockStarbucks holds $1.6 billion in customer float and effectively runs a mid-sized bank. The deeper truth: most companies back into banking defensively, and that crutch eventually caps their valuation.
AI Agents Turn 85% SaaS Margins Into BPO MathIntercom now charges $0.99 per resolution instead of per seat. Salesforce bills $2 per conversation. The per-seat SaaS model that built a trillion-dollar industry is fracturing as AI agents replace human operators.