Minutes · 5 October 2026 · Investment Thesis

Asset Light Software

Will Manidis, Angel

Software businesses are shifting from fixed to variable costs through commoditized components, LLMs, and cloud APIs, enabling founder-friendly models with lower capital requirements and higher margins—while hyperscalers capture most value and venture capital faces structural headwinds.

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Topics: Enterprise Software · AI (Horizontal) · Venture Capital & Startups

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