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TLDR: The value in software has moved from the application to the workflow, and workflows are vertical. The companies that win in the next decade won’t be the ones with the broadest horizontal tools. They’ll be the vertical platforms that own one industry’s system of record and monetize everything that moves through it. Why is the next wave of SaaS vertical rather than horizontal? Because the scarce thing is no longer software itself; it’s software that understands a specific