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Great read, I wonder if your points on defensibility/GTM strategy would make vertical SaaS more appealing to growth equity investors. It seems like the focus for 2019-2021 was on investing in companies with massive TAM and betting on multiple expansion to drive returns, but now that markets are volatile and multiple expansion isn't a dependable driver for value creation, creating operating leverage and realizing scale will become more important. Vertical SaaS seems like a better place to play if your focus is seizing market share and realizing scale, even if at the cost of raw TAM numbers. Really appreciate these articles, super informative and helpful

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