The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 99 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 5 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Zinman: Enterprise spending on software will grow 100x
“The time of software, how much companies are going to spend on software is going to be a hundred X for what it is today.”
Zinman: Vibe coding will not disrupt software companies
“So I think at the end of the day, vibe coding is amazing technology, but I don't think it's going to disrupt software companies.”
Monday.com replaced 100-person inbound SDR team with AI agents
“We had a team of about a hundred SDRs and we now doing, doing it with agents. A hundred percent is being done with agents. We move those SDRs to do outbound.”
Zinman: ChatGPT and Claude won't win enterprise AI orchestration
“I don't think that ChatGPT or Gemini on Tropic are going to do it, because going back to my the second theory that we discussed, you know, of course, you know, people are buying a Tropic Claude, they're buying ChatGPT, but it's not a tool where you work with a…”
Zinman: Software built on LLMs will grow exponentially, not shrink
“I think if anything, we're going to see an excess of software being built on top of the LLMs, not less, exponentially more because the opportunity is so massive and the time is so huge.”
Zinman: Public companies hold an advantage over private rivals in market shifts
“I think the opposite. The opposite. Because if you kind of relate to what I've said, you know, I feel like I was kicked in the head so many times by now that, okay, I get it. And I feel when you're private, you know, you can try and ignore what's going on and …”
Zinman: Monday.com has hit bottom and will grow from here
“And if you ask me today how I feel great because as I told you, we hit the bottom or maybe close to the bottom. And from here we can only grow and focus on execution.”
Zinman: Salesforce and ServiceNow markets are open to AI competitors
“The way I look at this today, service dominated by ServiceNow, CRM dominated by Salesforce is open market today.”
Zinman: Buyers will reject software that doesn't do most work
“Nobody will want to buy The software, they're not doing the majority of the work for them.”
Zinman: OpenAI and Anthropic won't capture all enterprise software value
“So I'm not saying people will not use Entropic and OpenAI, for sure they will, but I don't think they're gonna capture all the enterprise value. Because they have a much bigger opportunity ahead of them, and it's not their focus.”
Zinman: AI will handle 70% to 80% of enterprise work
“I think AI can potentially do 70, 80% of the work, and not 10, 20%, like it used to be before AI was brought into our lives.”
Zinman: Companies will shift spending from headcount to software as AI scales
“As AI become more dominant, companies will spend much more on software and much less on headcount going forward because they'll just become more efficient, and they'll gladly spend that.”
Zinman: Massively cutting headcount won't fix investor perception of Monday.com
“I don't think that you know, if we reduce ad count dramatically, it will change you know, investor perception about Monday. I don't, I just don't think that's the essence of what we're seeing in the market.”
Zinman: Monday.com headcount will not grow substantially by 2030
“So today we have about 3000 people and gonna be when? ... My gut feeling is, is probably we're not gonna grow substantially.”
Zinman: Public SaaS companies will match AI startups in agentic work
“On one hand, I see people excited about private companies because they build tools in the AI era that kind of captured the, what I've referred to as doing the work, but I'll tell you a secret. You know, public companies will do it as well. We're going to do it…”
Zinman: Monday.com's early AI features were superficial sugarcoating
“We built some AI features, but like you said, I call it we sprinkled some AI dust on top of our product. So essentially we didn't know what to build. So we built a way for people to be, build formulas using AI. We built AI blocks, AI columns, but essentially i…”
Zinman: Monday.com will transition entirely to consumption-based pricing
“Well, eventually I think it's gonna be more consumption and then entirely consumption going forward. So I think there's also be a transition, but now it's gonna be hybrid, and eventually it's gonna be a hundred percent consumption.”
Zinman: Monday.com plans to be the default platform for enterprise AI orchestration
“And we want to make Monday the default place for people to build agents and to collaborate between agents and people. So essentially you'll build Monday, you build agents on the top of Monday. Those agents will output tables, docs, files. People will go over i…”
Zinman: Users not building AI agents are using Monday.com improperly
“If you haven't built an agent on Monday, you're not using the product properly. And that's a major shift. The boards, the dashboards are going to be more in the background and the agents more in the forefront.”
Zinman: Google AI search hit 10% of Monday.com's new ARR acquisition
“It was about 10% of our acquisition in terms of new ARR but again, Google is very transactional, so people usually, when they're searching for something, they're willing to buy at this point because the intent is very high, so we lost some of the more transact…”
Zinman: Monday.com will remain public with no reason to go private
“No. I don't see a reason. No. Look, I think at the end of the day, you know, you can be private, you can be public. The question is, do you need to raise more money? And we don't. We generate 27% of free cash flow. We don't need to raise more money. We have ev…”
Zinman: Monday.com can reaccelerate growth and exceed past potential via AI
“But the way I look at this today is maybe this is our biggest opportunity as a company. Maybe we waited for that moment. And if we did the right things, we can reaccelerate the company and even grow much larger than what we could have become as a company.”
Zinman: Monday.com is pivoting entirely to AI agents
“One, in terms of our horizontal platform, we're going all in agents and humans working together. We're shifting the product a hundred percent, the pricing, the go-to-market, the product. We have two vertical offerings, the CRM and service. For that, we're buil…”
Zinman: Public software valuations will rise as incumbents demonstrate AI acceleration
“I think the cycle is going to shift once you know, like fungus after the rain, you're going to see another public company change and accelerate, another one accelerate, and then investors are going to say you know, it happens, so let's rethink who else is goin…”
Zinman: Monday.com leadership fails to adequately tell company strategy
“I think one thing that I think we can do better is to tell a story in a better way. I think Roy, myself, we're not even though we do great marketing for our product, I don't think we tell the story good enough for the company, and definitely that's something t…”
Hiring a great VP of Sales to sell a bad product is a curse
“I think that if you start as a small company and you have a, an amazing VP of sales, you know, they can sell anything, even if your product is really crappy. That's a curse. It's not something positive”
AI will force SaaS pricing models to shift from seats to consumption
“For sure. You know, I think a lot of SaaS tools have been very focused on seed count and, you know, once you replace, you know, human labor with AI functionality pricing should adjust and maybe be more focused on consumption in addition to seeds.”
Zinman: Public markets are pricing Monday.com as worth zero
“What the market is saying to me is, the company is worth zero.”
Zinman: Monday.com is undergoing the largest pivot in its history
“It's the biggest pivot moment for us in the history of the company.”
Zinman: Software fundamentals remain strong despite negative market sentiment
“If you look at the earning calls and how business operate, everything is, is kind of normal. Some companies are even exceeded expectations and businesses are working great, but at the same time, The sentiment has shifted drastically, like I've never seen befor…”
Zinman: Enterprise-wide software sales cannot rely purely on PLG
“Nobody's gonna buy software for the entire organization based on purely PLG play, and the way they're gonna adopt, they wanna be handheld especially if you wanna use the software across the organization.”
Monday.com announced an $870M stock buyback over 2-3 years
“Well, we are we announced a buyback program of eight hundred and seventy million. And we said we're gonna spend it over the last, next two, three years. We already done some buyback in Q four.”
Zinman: Monday.com has $1.5B cash, no debt, and $1.3B ARR
“Roughly, let's say, 1.5 billion in the bank cash. No debt. So the enterprise value is two billion. We have like, Again, I don't want to disclose specific numbers. Let's say over a 1.3 billion of ARR. So it's like 1.5 multiple.”
Zinman: Software industry sentiment is at an all-time low
“I feel this is like the lowest sentiment that software companies ever had.”
Zinman: Relying on startup acquisitions is a failure of CEO leadership
“If I need to bet the whole company future on an acquisition of a startup, I'm not doing my job as a CEO.”
Zinman: Many tech CEOs fail to grasp magnitude of required changes
“Some CEOs are... I wouldn't say ignoring the problem, but don't understand the magnitude of what needs to change. And I think some are more kind of advanced in how they think about it and understand the magnitude of what needs to be changed.”
Zinman: Investors underestimate software incumbents' ability and willingness to adapt
“I think in general, I think investors underestimate incumbents ability to change their willingness to change the motivation to change.”
Zinman: Anthropic currently holds more momentum than OpenAI
“Definitely, I feel And Tropic have a little bit more momentum right now. They can change. And it will change, I'm sure.”
Zinman: Monday.com stock peak to $400 was driven entirely by sentiment
“I remember when our stock went, went up to 400. After we IPO'd and one of our investors told me something, Ken Fox from Stripes. He told me something which was brilliant. He told me, isn't it great that the stock is going up without the revenue going up? And I…”
Communication tools are nice-to-haves, not core work management software
“So we initially thought that it will be more focused around communication and collaboration, but one thing that we found is that a lot of those tools are under the category of You know, yeah, we can use it, but it's a nice to have tool. It's not something that…”
Entree Capital extended a convertible note when Monday.com's seed round ran low
“I give a lot of credit to our board members specifically. You mentioned Avi you know, I would say the typical investor seeing that a company spent 80% of their seed round and didn't reach, like, product market fit, you know, maybe would kind of give up on the …”
Monday.com faced widespread investor rejections during its Series A, B, and C
“We got a lot of no's. I was, I would tell you that in our A, B and C rounds.”
Standard SaaS metrics optimize for accounting rather than actual cash flow
“If you think about standard SaaS metrics like LTV, CAC ARR, whatever, they never mention cash. Like, it's not about cash. It's like more about around accounting and predictability, but we always try to optimize for cash.”
Monday.com's customers provided more funding than all its venture capital combined
“I think our customers has been the biggest investor of Monday. More money than we ever raised from investors.”
Monday.com waited until $40M to $60M ARR to add a sales team
“I think it was 40 or fifty million, maybe even 60 that we kind of added the sales team.”
At $1B ARR, SaaS growth must come mostly from existing accounts
“When you reach one billion and you want to grow 30%, you have majority of revenue need to come from existing customers.”