Luke Sophinos

And so every single big industry specific software company owns the transaction. All right, so let's unpack that a little bit. let's say toast, remember we've talked about toast restaurant software, right? If they go out and they say, Hey investors, we're going to build an all in one software for restaurants. There's, um, I'm, I'm using rough numbers.

It's like generally, generally accurate I think, but there's like a million restaurants in the U S and we're going to charge, you know, 10 bucks a month. Uh, and so now you do the math on that. What's a million times 10 bucks. It's not a lot, it's 10 million. All right, so our software market size is 120 million, right? So like VC is gonna look at that and be like, that's not big enough at all.

It's like generally, generally accurate I think, but there's like a million restaurants in the U S and we're going to charge, you know, 10 bucks a month. Uh, and so now you do the math on that. What's a million times 10 bucks. It's not a lot, it's 10 million. All right, so our software market size is 120 million, right? So like VC is gonna look at that and be like, that's not big enough at all.

It's like generally, generally accurate I think, but there's like a million restaurants in the U S and we're going to charge, you know, 10 bucks a month. Uh, and so now you do the math on that. What's a million times 10 bucks. It's not a lot, it's 10 million. All right, so our software market size is 120 million, right? So like VC is gonna look at that and be like, that's not big enough at all.

If you're bootstrapping, absolutely big enough, right? But now what happened with Toast is they said, wait, we're gonna actually implement payments and we're gonna take a piece of every single transaction that flows through those restaurants. Well, those million restaurants do 1 trillion in revenue.

If you're bootstrapping, absolutely big enough, right? But now what happened with Toast is they said, wait, we're gonna actually implement payments and we're gonna take a piece of every single transaction that flows through those restaurants. Well, those million restaurants do 1 trillion in revenue.

If you're bootstrapping, absolutely big enough, right? But now what happened with Toast is they said, wait, we're gonna actually implement payments and we're gonna take a piece of every single transaction that flows through those restaurants. Well, those million restaurants do 1 trillion in revenue.

And so now our market size went from 120 million to like, you know, whatever, a couple percentage points, 1%, 2%, depending on their take rate, probably a little lower than that, of a trillion dollars. Like very, very big difference. So it's one, it's all these VSAS companies can scale insanely quickly by adding payments.

And so now our market size went from 120 million to like, you know, whatever, a couple percentage points, 1%, 2%, depending on their take rate, probably a little lower than that, of a trillion dollars. Like very, very big difference. So it's one, it's all these VSAS companies can scale insanely quickly by adding payments.

And so now our market size went from 120 million to like, you know, whatever, a couple percentage points, 1%, 2%, depending on their take rate, probably a little lower than that, of a trillion dollars. Like very, very big difference. So it's one, it's all these VSAS companies can scale insanely quickly by adding payments.

And so if you can build a wedge product before or after the transaction, and hopefully before and after the transaction, you eventually can capture the transaction. And I see like we implemented payments at CoreScape before they were using PayPal. Like trade schools were literally processing payments through PayPal. So, okay. I already have all the students that use my app every single day.

And so if you can build a wedge product before or after the transaction, and hopefully before and after the transaction, you eventually can capture the transaction. And I see like we implemented payments at CoreScape before they were using PayPal. Like trade schools were literally processing payments through PayPal. So, okay. I already have all the students that use my app every single day.

And so if you can build a wedge product before or after the transaction, and hopefully before and after the transaction, you eventually can capture the transaction. And I see like we implemented payments at CoreScape before they were using PayPal. Like trade schools were literally processing payments through PayPal. So, okay. I already have all the students that use my app every single day.

They use it to clock in and clock out of class. They use it to track their skills. Like it's obviously they would way rather the student pay through our solution where we already have all the accounts made. We know their schedules, you know, we know everything about them versus I got to go create an account in PayPal. And now I got to like,

They use it to clock in and clock out of class. They use it to track their skills. Like it's obviously they would way rather the student pay through our solution where we already have all the accounts made. We know their schedules, you know, we know everything about them versus I got to go create an account in PayPal. And now I got to like,

They use it to clock in and clock out of class. They use it to track their skills. Like it's obviously they would way rather the student pay through our solution where we already have all the accounts made. We know their schedules, you know, we know everything about them versus I got to go create an account in PayPal. And now I got to like,

export all the transaction records into like my Excel sheet and figure out who's late on their payment and who's, you know, who's not. And how does that look on like a school by school or program by program? And now like, it's, it's, it's, it's an effing nightmare. So vertical specific payments is like a beautiful, beautiful opportunity. And it's typically not a wedge.

export all the transaction records into like my Excel sheet and figure out who's late on their payment and who's, you know, who's not. And how does that look on like a school by school or program by program? And now like, it's, it's, it's, it's an effing nightmare. So vertical specific payments is like a beautiful, beautiful opportunity. And it's typically not a wedge.

export all the transaction records into like my Excel sheet and figure out who's late on their payment and who's, you know, who's not. And how does that look on like a school by school or program by program? And now like, it's, it's, it's, it's an effing nightmare. So vertical specific payments is like a beautiful, beautiful opportunity. And it's typically not a wedge.

It can be, but if you can map into that, you can build a really big business.