Notes07 · 2025-12-17 · 4 min
Frontier software
Categories are lagging indicators of where the money went.
The thesis
The most interesting companies are usually mispriced because there is no comparable set to price them against. That is the whole opportunity, and it is also why the desk keeps an uncategorised stream instead of forcing every idea into one of the six above.
Practically: developer tooling that changes who can build, simulation that replaces physical iteration, and coordination software for industries that still run on email.
The bear case
Uncategorised often means unsold. A market that does not exist yet may simply not exist.
What we'd watch
- Second-order adoption: who buys because their competitor did
- Whether a category name emerges within four quarters
- Pricing power at renewal
- Founder-market fit surviving the first pivot
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