Ben Horowitz

Is what's happening, nobody's buying, like the money just shifted.

The customers are buying other stuff.

They're not buying yours.

In that case, you have a huge problem.

You probably have to cut deeply and pivot.

On the other hand, look, there's companies that have been slaughtered in the valuation game, but are pretty strong.

So I'm on the board of this company, Navon, right?

Like their travel.

So obviously the SaaSpocalypse, like their debt, no way you're doing travel.

But then you look under the covers and you go,

Well, it actually is a little more complicated than that because on travel, like you actually need explicit relationships to find providing your travel and you're any kind of company that's important at all.

You need to travel globally.

So now I need a relationship with every single airline in the world, every single hotel in the world, every train, everything.

You've got to deal with that.

You've got to kind of connect back to their budgeting systems and all these things.

And then the second thing that's like nobody wants to do, including OpenAI or Anthropic, is sell to the damn travel manager.

Like nobody has a channel to the travel manager.

It's not something like, and you can't even imagine that being a good idea.

You want to keep advancing.

You want to kind of do the things that Intuit is doing where like, okay, like turn ourselves into more of an AI company and then kind of hold the customer.