The Ledger
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Lemkin: Most SDRs and qualifying BDRs will be eliminated by 2026
“And I really think most SDRs will die next year, but the meat, and I know we throw around these terms differently. The BDR that sort of smarmily qualifies you that that's going to die. Like we just, there's no need for that with these tools.”
Cabane: ChatGPT will drive 25% to 33% of traffic in nine months
“I believe we're going to a webless world. I believe GPT is going to be like a quarter to a third of the traffic and nine months from now, right?”
Lemkin: All Top US Tech Companies Are Run by Asian/Indian Americans
“All the top US tech companies are run by Asian Americans or Indian Americans. All of them, right? Am I, are there any that aren't? AMD, Microsoft, Google, who am I missing?”
Lemkin: Mobile app creation quintupled in late 2025 due to vibe coding
“At the end of last year, just all of a sudden the number of mobile apps like quintupled at the end of last year because of vibe coding, and it's just starting.”
AI-Native Burn Multiples Fall to 0.4x at $100M ARR
“At a hundred million ARR, the burn multiple falls to 0.4 X for AI native companies versus 1.6 for classic SAS companies. They're four times more efficient in adding ARR.”
Choi: Revenue CAGR has zero correlation with post-IPO share appreciation
“Now this charts the same y-axis, but on the x-axis you'll see revenue growth compounded annually. And so the R spread here, you can see it's much more scattered, is 0.03.”
Tunguz: Series A ticket size valuations increased 42% over two years
“In fact, valuations at Series A ticket sizes have increased 42% in the last two years.”
Lemkin: The Majority Of SaaS Companies Moved Customer Success Under Sales
“Churn zero did a survey gains. I did a survey. They're both on Saster. I'm sure hook would give you similar data. The majority of SAS teams have moved CS into sales, the majority.”
Seseri: Klaviyo automating 700 roles with AI added $40M to bottom line
“We have seen a few green shoots, if you will, in this space, particularly, for example, what we saw with Klaviyo and the impact that they have had by bringing AI from a project siloed or customer interface type level usage to their core business, where they au…”
Lemkin: Majority of surveyed sales professionals secretly work multiple jobs
“I did a survey on LinkedIn a couple of months ago and asked like over 2000 sales professionals. The majority said they're working more than one job. The majority.”
Lemkin: Public SMB SaaS companies exclude their smallest customers from NRR reporting
“Almost all public companies that sell the SMBs, like exclude their smallest customers from NRR.”
Lemkin: Palantir Flipped from 18% to 70% Software Revenue Year Before IPO
“Palantir was like 18% software until the year before their IPO, and they flipped to like 70 in one year.”
Lemkin: Public SaaS multiples will rebound 20% to 40% by late 2023
“And so I'm pretty bullish at the end of this year. I'm bullish that multiples will be up somewhere between 20 and 40%, and I believe that will lead to a rush to deploy capital, but for founders, you have to understand that will never lead to a return of 2021.”
Pepper: SaaS Multiples Will Settle Higher Than May 2022 Levels Within 24 Months
“I happen to be one of the bulls and I'm not calling the bottom. That's not our job to pick the bottom, but my guess is that we do settle out at multiples higher than today over the next. 24 months. And we get back to that being normal as opposed to normal bein…”
Lemkin: B2B SaaS Startups Will Avoid Widespread Layoffs Due to Cash Reserves
“I don't think there's going to be very many layoffs or issues and B to B companies because they're very well funded.”
Kellogg: Net Dollar Retention Shows Almost Zero Correlation With SaaS Multiples
“The R squared is only .O six between net dollar retention and enterprise value to next 12 months revenue.”
Lemkin: Founders should model a 50% drop in VC deals and funding
“I think for founders and other folks that are on this, I would model today, 50% decline in the number of companies that get funded and 50% decline in the dollars that go out there.”
Lemkin: Mailchimp's revenue dropped nearly 20 percent last year at Intuit
“Mailchimp's revenue fell almost 20% last year at Intuit.”
Lemkin: AI SDR startups like Artisan and Clay start at $100K
“Startups like artisan and qualified and clay, they're expensive, man. They're like a hundred grand to start.”
Lemkin: Half of Venture Capital Dollars Go to Just Four Deals
“Half of all the venture capitalists here is going into four deals.”
Lemkin: Sierra grew from $1M to $100M revenue in a year
“Sierra just said they went from one to a hundred million in a year. Brett Taylor, ex, you know, ex CTO of Facebook, co-CO of Salesforce, just going out to people and saying, you can replace a lot of your support teams with AI.”
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?”
Padelford: US independent pizzerias generate $50B in annual order flow
“In those pizzerias is fifty billion dollars a year worth of order flow and spend. So when people are like, oh, pizza can't be that big of a market, that's fifty billion dollars worth of TAM in a single vertical in the United States alone.”
Lemkin: The Current Tech IPO Bar Is $200M ARR Growing 40%
“To IPO today, you've got to be doing at least two hundred million growing at least 40%.”
Lemkin: Algolia, Talkdesk, Greenhouse, or SalesLoft will likely IPO in 2024
“We had a panel of Algolia, Talkdisk, Greenhouse, and I think SalesLoft, they're all at two hundred million and at least three of them, I think, will IPO next year.”
Cassidy: 90% of first startup VPs of Sales turnover within 12 months
“I think there's some statistic that like, 90 plus percent of first VPs of sales hired at a startup turnover inside of 12 months or less than 12 months.”
Rangan: The average SMB uses 248 business applications
“The average number of business applications that a small, medium business has is 248.”
Bedecarre: SoMa office leasing rebounded to 9.6M square feet in 2021
“In Soma, as we define it, apples to apples to what I'm about to share 8.2 million square feet of office was leased. In twenty-twenty that sunk down below six. In twenty-twenty-one it was 9.6 million square feet.”
Schultz: New Relic will hit $1 billion revenue by fiscal 2022
“We've communicated to the street, for example, that,
Will be a billion dollars in revenue by the end of our fiscal 22.”
Lawson: Twilio has never killed or deprecated an API it built
“We've killed the teams, but maintain the products. So we find another home internally for the product to live. We have never killed an API that we've ever built.”
Salyers: Claude offers far more native connectors than Replit
“Claude has a lot more connectors than Replit does, like native, right? Like, Replit, you have to build a lot of connectors.”
Lemkin: Shopify data showed the pandemic software surge ended by summer 2020
“The twenty-twenty-one buying boom didn't end until Q one or Q two of twenty-twenty-two, but that's because they're a lag. If you go back and look, for example, at Shopify data and Shopify was very public. Shopify said in the summer of twenty-twenty, this is ov…”
Lemkin: Almost 1,000 Unicorns from 2021 May Never Go Public
“And there's almost a thousand of these unicorns from 20, 21 waiting to possibly never go public.”
AI Venture Funding Hit $377B in the First Half of the Year
“Last year was three hundred and sixty three billion, which was a massive jump from 20, 23, as you can see, but already this year, It's exceeded all of last year, just in the first six months alone, three hundred and seventy seven billion in the first six month…”
Lemkin: There have only been four SaaS IPOs since 2021
“There's only been four SaaS IPOs since twenty-twenty-one since there's only been four.”
Courtemanche: Construction is a 2% to 3% gross margin business
“In the construction industry, it's a very low margin business, like two to three percent gross margin business.”
Ram: Processing Zoom backgrounds locally on AI PCs doubles laptop battery life
“As an example, we're running virtual backgrounds on local AI PC. If you're sitting in a coffee shop and running a Zoom meeting, it doubles The battery life of your machine by having that run locally.”
Tunguz: Software burn rate dropped from $5 to $3 per ARR dollar
“During the twenty-twenty era, most companies were burning five dollars for every new dollar of bookings. When the capital markets retrenched and the Fed raised rates, 550 basis points. Companies went from burning five dollars for every dollar, marginal dollar …”
Lemkin: WebEx reached $1B ARR before Salesforce
“You know, WebEx was the first billion dollar ARR SaaS company that blew up even before Salesforce.”
Lemkin: Nearly 70% of Shopify merchants use Klaviyo
“Klaviyo owns marketing. About almost 70% of everyone on Shopify uses Klaviyo.”
Lemkin: Public SaaS shifted to 15-20% operating margins in 18 months
“Everyone, every public company two years ago had -10, I don't know what Vimeo's was, -12 operating margins. In 18 months, they went to 15 or 20.”
Lee: Modern SaaS Organizations Shift Toward a 1:1 AE-to-SDR Ratio
“For the same 36 sellers, what we're seeing is an A to SDR ratio closer to one to one.”
Lemkin: ServiceTitan will probably be the first SaaS IPO of 2024
“I think that'll be the first SAS IPO of 20, 24.”
Cassidy: Justworks has an imminent IPO coming
“I mean, obviously Robert's got an IPO, imminent IPO at some level for JustWorks coming.”
Magnuson: Smartphones are more widely deployed than clean water and electricity
“When we look at smartphones, interestingly enough, it's the most widely deployed technology ever, even more so than clean water and electricity before it.”
Lemkin: Accel Growth made just one investment in 2022
“Accel Growth did one investment last year, 30 something the year before.”