Defensible Growth

We’ve yet to see people using this exact phrase, but it represents the core need of enterprise software companies and their investors.

They simultaneously want profitable growth (i.e., driving EBITDA), but also AI Defensibility.

The way you maintain defensibility from frontier AI is, as you might have suspected, to build frontier AI. If you just use someone else’s, and get locked in, by definition your business operates at the whims of the Emperor.