Services: The New Software
Why the next trillion-dollar company will sell not software, but the work itself — and what that means for Axevil's deal flow.
A software company disguised as a services firm.
The main thesis: AI-native firms sell an outcome, and price against the budget for the work rather than the software line item.
Sells a tool, or sells the work
Two business models, two very different revenue ceilings and gross-margin curves.
Intelligence and judgment
The framework: what the model does, and what a human still has to decide.
TAM in the US labor market.
The largest verticals where autopilot competes not with the SaaS budget, but with the budget for the work itself.
The moat is data, not the model. The moat is trust.
Why defensibility accrues to proprietary workflow data and to client trust rather than to model weights.