Is Saas Dead?

With AI slashing the cost of building software and accelerating product development, it’s a question founders, operators, and investors can’t ignore. But the reality is more complex than the headlines suggest.

In this report with firstminute capital, we cut through the noise to explore what’s really changing, and what it means for the next generation of software companies.

From this report, you’ll find out:

• How to build defensibility in an AI-native world, where products can be replicated faster than ever
• Why SaaS isn’t disappearing, but evolving into a new orchestration layer on top of foundation models
• What the shift from “software as a tool” to “software that does the work” means for business models, pricing, and growth
• Where the biggest opportunities now sit, from deep vertical solutions to products that tap into labour and operations budgets
• How leading founders and investors are adapting their strategies in real time

The report is built on insights from unicorn founders and operators, such as Ross Mason (MuleSoft), Guy Podjarny (Tessl, Snyk), Chris Pedregal (Granola), Matei Bjola (Lupa), Maximilian Eber (Taktile), Emma Burrows (Rezonant), Nicolò Frisiani (Lupa), Maor Ezer (ai.work), Egil Østhus (Unleash), and more, alongside perspectives from leading investors shaping the space. It gives you a clear, practical view of how the SaaS landscape is being reshaped.

The takeaway is simple: SaaS isn’t dead, but thin, easily replicable software is. The companies that win will look very different from those of the last decade.

Download the full report to understand what’s next, and how to prepare or it.

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