VC valuations have largely ignored presence of competitive pressures. Simply because for most of the past decade there was a much smaller pool of talent and fe

VC valuations have largely ignored presence of competitive pressures. Simply because for most of the past decade there was a much smaller pool of talent and fewer resources available to spin these things up easily. No longer the case. This is an app that can be cloned easily and has a low barrier to switching for existing customers. SaaS with high costs of switching are the ones with defensible margins.