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 2,034 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 41 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
Awotona: Calendly has never cut free tier features since 2014
“Besides then, I don't think we've ever taken anything away from the free plan. Yeah, I think we've all. Yeah, I don't think we've ever taken anything away from the free plan. We've only made the free plan more generous. I'm sure somebody will test my memory, b…”
Hott: OpenAI Long Customer Pilots Increased Deal Sizes by 5x
“And we found that by doing long intensive pilots, our deal sizes went up by about five X, which is pretty incredible.”
Biestman: ServiceTitan actively prepared for a Q1 or Q2 2022 IPO
“We were actually in the process of trying to take the company public. In Q one or Q two of 20, 22.”
Lemkin: CROs at hypergrowth SaaS startups increasingly build parallel marketing orgs
“I am seeing more and more CROs and revenue leaders build what I call parallel marketing organizations. Like they're tired that either marketing is getting me the wrong type of leads. Right. Or I need more enterprise and marketing is giving mid market, or I jus…”
LLM Output Quality Deteriorates at Million-Token Context Sizes
“They claim million tokens, ten million tokens. When you start going up to that size of input. The quality deteriorates on the output”
HubSpot completely scrapped its 2023 roadmap in January 2023 for AI
“We came into January, 20, 23, and we said, pivot. That entire roadmap that we just planned for the last three to four months is not going to be what we are building in 20, 23. And so we pivoted our entire company, you know, the beginning of January, 20, 23.”
Rangan: HubSpot resolves nearly 45% of internal support tickets with AI
“And internally, we've gotten close to 45% solved with AI.”
Rangan: HubSpot Customer Agent has 2,500+ users and 52% average resolution
“And we have over 2500 customers now on Customer Agent, 52% average resolution rate with AI. And we have customers that have between 70 and 80% of their tickets getting resolved with AI.”
Rangan: 40% of HubSpot's ARR is consistently influenced by partners
“And for HubSpot, 40% of our ARR Has been influenced by partners. That is, either they are bringing us leads or they are co-selling with our sales team and helping them close. Those two are what we call as influenced. And if there are HubSpot partners here, tha…”
Lemkin: Cloud security company Wiz sells entirely through partners
“If your ecosystem is in any way partner-driven, and you'll see, if you go super, if you go, like, into security or enterprise, sometimes it's a hundred percent. Wiz is all partners.”
Norton: Owner increased rep selling time by 25% to 30% via automation
“We've, we're probably up 25 to 30% in terms of the revenue generating activity time because they don't have to fill out CRM after. They don't have to update the notes for the launch team. It's all done.”
Lemkin: Top 10% of Sales Reps Close 65% of Deals (Clari Data)
“Clary just published this data. Maybe you saw it too, right? I always knew this, but man, this is stark. Clary's, Clary, I think it was like a million opportunities or something. The top 10% of reps close 65% of deals.”
Lemkin: Enterprise CIOs Maintain AI Budgets Amid Vendor Consolidation Mandates
“If you are there, every buyer, every, especially the enterprise, every CIO has AI budget today. We can talk about whether it's discretionary or budgeted or where it's coming from. Everyone has budget for AI. So more money's going out at the CIO's office at the…”
Lemkin: RevenueCat Increased Software Developer Productivity by 50% Using AI
“In RevenueCat, which has 40% of all mobile subscriptions use them, they've increased Software productivity, about 50% using AI tools, using cursor and friends”
Benioff: About 5,000 companies are implementing Agentforce
“There's about 5000 companies who are implementing AgentForce”
Mehta: Growth-stage startup net retention rates dropped 10 to 20 points year-over-year
“I've seen a lot of startups for growth stage companies where their net retention rate is down 1015, or 20 points year over year.”
Mehta: Smaller SaaS companies saw gross retention drop 5 to 10 points
“And we looked at this year versus last year on average gross attention is down one point.
But again, this includes a lot of big companies with more sticky products for smaller companies.
Gross attention is down anywhere from five to 10 points year over year.”
Lemkin: EchoSign reached $250M revenue after acquisition despite neglect
“I sold the business at a million a month growing up to a hundred percent with a 110% in our, that was cashflow positive. You would never sell a business like that today, right? And I saw it even while its market share decline still grow to two hundred fifty mi…”
Frankel: PayPal offered $100M to buy Olo before deal collapsed into $5M check
“Olo, PayPal offered to buy the business. PayPal came in and made a hundred million dollar offer, and literally, it was like Christmas, and that, that deal fell through. Noah and I were very disappointed. I remember, like, the 29th of December, they offered to …”
Zinman: HubSpot captured the SMB market because Salesforce moved upmarket
“Eventually you abandon the mid-market SMB segment, and then you have this huge vacuum. You leave a huge vacuum in the market. I think to some extent, I'm not an expert, but that will happen with Salesforce and HubSpot. Salesforce moved up market in a way. HubS…”
Lemkin: Contact center vendors saw 20% seat reductions in one year
“If you look at pure play contact center vendors, right, a lot of them have seen 20% seat reductions in a year due to AI. 20% across the board, right?”
Choi: Share price appreciation strongly correlates with cumulative dollar growth
“On the left here, we see a regression that charts the share price depreciation from IPO to today versus how much revenue has increased in dollar amounts from IPO to today. And you'll see here that the R spread value is, 0.74, which is fight high and applying a…”
Lemkin: AI investments represent the majority of venture capital in 2025
“The majority of investing, if 44% in 2024, already the majority in 2025 is into AI and AI native investments.”
Lemkin: EchoSign's first VP of sales hired 9 reps who closed zero deals
“And then I hired my first VP of sales from Salesforce. He hired 10 people, all of them, except Sam Blonde, who had done a lot with them, became Brex. All of them, all the other nine closed nothing. And with 10 people, that VP of sales closed less than me and J…”
Courtemanche: Procore was the sole survivor among 30 construction competitors
“Cause when we duck dove that way with 30 other surfers, we're the only ones who came up the other side. Everybody did. ... Yeah, it was an extinction level event, which gave us this huge advantage too, of buying us more time to capture the market share.”
Ripabelli: No one has ever built a really big enterprise video company
“If you look at the video value chain, no one has ever managed to build a really big company about enterprise video.”
Lemkin: HubSpot is currently not charging customers for AI agents
“When I talked with Brian Halligan the other day, I didn't realize Dharmesh right now HubSpot isn't charging for their agents.”
Lemkin: Per-seat pricing was under 50% of SaaS revenue historically
“And it turns out going back to the beginning per seat was less than 50% of the SaaS revenue. When you add in API pricing, other pricing, just because we think everyone talks about blah, blah, blah, Salesforce, it doesn't mean it's most of software. And so it's…”
Mooney: Mangomint's top two performing AEs have zero prior SaaS experience
“Among the AE team, Our top two performers have no prior SaaS experience.”
Scrase: Checkr captured over 95% of the gig economy market
“We started with DoorDash from there to ride sharing and other delivery companies and had 95% plus of the gig economy.”
Lemkin: HubSpot Saw Word-of-Mouth as Top Customer Source Up to $1B
“Word of mouth is ultimately the only way you can build a great product in SaaS. HubSpot had a slide they used to put in their investor decks until a million, a billion in revenue. Go to an older SaaS store post for five interesting learnings for HubSpot to a b…”
Lemkin: Rippling CEO Parker Conrad Actively Recruits Failed Founders for Leadership
“Parker Conrad loves to hire failed founders to run his divisions. Like his little five products, he gets a failed or a modestly successful founder because they have a reason, right?”
Lemkin: VC attendance at SaaStr Annual dropped 40% year-over-year
“VCs are about 60% of last year. About 60%.”
Amble: Fine-Tuned GPT-4o Reached 90%+ Accuracy vs 20% Base in Accounting
“I met an accounting AI company a couple of weeks ago that had said, They tested GPT-IV-O against their benchmarks, and it was like, 20% accurate. They then tested Claude, and it was like, 50 to 80%, and then a fine-tuned version of GPT-IV-O, they were getting …”
GitHub Estimates Copilot Deflects 60% of Customer Support Tickets
“Based on the success that team has realized, we estimate that we're deflecting about 60% of the tickets we would have expected to be created across our support services, which is incredible.”
Lemkin: Dialpad Grew From $200M to $300M ARR on AI Boost
“Dialpad went from two hundred million last year to already three hundred million AR this year on an AI boost.”
Persson: Generative AI more than doubles meeting booking rates for SDRs
“So we're seeing more than double the meeting rates for those teams who've been using generative AI for their messages and their emails and everything.”
Tunguz: AI buying barrier shifted from security to ROI
“Six months ago, we were asking them, what is the number one prohibition, the thing that inhibits you from buying AI? Six months ago, the answer was security. Today it's ROI. People are struggling to find exactly the value that AI systems are building.”
Tunguz: Pricing model drives statistically significant performance differences in software
“There's actually a statistically significant difference in the underlying performance of these businesses as a function of their pricing model, irrespective of the layer in the stack.”
Tunguz: 81% of peak venture dollars came from non-traditional VCs
“US venture funding has gone from eight to 300 over 15 years. It's now falling to about a 150 because 81% of the dollars invested in venture capital at the height of the boom came from non-traditional venture capital firms who are all very likely to leave.”
Tunguz: Public company signed $100M infrastructure deal with under 3% utilization
“There's a friend of mine who is part of a cost cutting exercise at a major publicly traded company. They had signed up a three year, a hundred million dollar infrastructure deal with less than three percent utilization.”
Tunguz: Hybrid seat-and-usage pricing yields 3x net dollar retention growth
“If you're using a combination pricing model, in other words, seats plus usage, three X the growth in that dollar retention as somebody who's using any other form of pricing.”
Non-AI SMB spend per customer has been flat for three quarters
“What we've seen this year is more stabilization in the last maybe three quarters. And so I call this the wait and see economy. This is, nobody's investing for growth the way they were three years ago, which is crazy. People were just investing, investing. Obvi…”
BILL maintains an 86% customer logo retention rate
“So what we've shared is that we're at 86% logo retention.”
Lemkin: Only three SaaS companies have IPO'd since 2021
“If we look at the SaaS IPOs we've had, and there's only been three since twenty-twenty-one, only three IPOs, all time low.”
Lemkin: Over 70% of Monday.com customers are non-tech
“Over 70% of Monday's customers are not tech. They're selling to churches and normal businesses. They're growing 34% in a billion in AR, while Asana, which mostly sells to tech, if you see on the right, is only growing 10%.”
Lemkin: Startups lose deals to competitors making partially true AI promises
“I see folks losing deals again and again, when a competitor will come in and make a lot of AA promises that are 70% true, 50% true, 30% true, but you're not at parity or you won't make that commit. You just lose the deal.”