Saurabh Chauhan

Sure.

I'll touch on how agents are actually changing how enterprises scale first.

So the old SAS playbook was that when your revenue grows, headcount needs to grow linearly or essentially proportionally.

And that usually leads to some form of margin compression.

So essentially every doubling of revenue meant some proportional increase in the number of headcount.

And that playbook tends to break once you go beyond the 2021, 2022 era of Gen AI and now subsequently AI agents being deployed.

So now the new playbook essentially is great.

Your revenue grows, but so does your agent fleet.

The human managers or your human headcount more or less stays flat.

And that allows a margin expansion.

So...

Like I mentioned inside Pico, we replaced potentially engineering hires that we had planned with essentially $10,000 of monthly agent spend in terms of tokens, infrastructure, and other compute costs.

And that fundamentally changes the unit economics of enterprise software.

And this just isn't a mutual thing.

Gary Tan, who's the current CEO of Y Combinator, mentioned that 25% of YC's last batch had 95% of their code written by AI.

Cursor, that's doing about a billion dollars in animal recording revenue, or some of all these companies that are coming out of the AI accelerators.

And these are all micro unicorns, meaning you have teams that are incredibly lean,

and are doing millions, if not, sorry, are doing billions, if not hundreds of millions in revenue with an incredibly lean team, which was completely unthinkable, let's say, three years ago.

And that's really the new default.

Obviously, startups tend to show emerging trends first, but we do believe that these trends will catch up to large enterprises over the next couple of years because that's how most changes sort of trickle down.