This is one of the major waves moving through the software and software investing communities right now, due to a confluence of the increasingly clear, repeatable path to market for B2B SaaS and PE buyers very, very willing to put a number on a $6M a year B2B SaaS business. https://twitter.com/patrickc/status/1277295573746376704

And since traditional sources of VC-shaped capital have been unwilling to fund a company shooting for that outcome, because they can't make their own microeconomics work for it, there exists an emerging class of angels/funds/etc specializing in it.

The "etc" there is really interesting. Software companies have used massive rivers of cash from older products to fund development on new ones for forever, but they're increasingly starting to realize "Hey, instead of incubating with the goal of replacing the cash cow..."

"... Couldn't we just incubate with the goal of having a 1/3rd of cash cow second product *which we could then realize the equity value of within 2~4 years* and do this both in parallel and repeatedly."

There's also a real way in which this is pulling entreprenurial/engineering talent into Boringly Underserved Horizontal Back Office problems, with the promise of "You're almost certainly not going to be a billionaire buuuuuut generational wealth in 5 years sound maybe good?"

A thing we're also starting to see is "Look you could work at a middle American insurance company, own no equity, and get paid St. Louis wages *or* you could write B2B SaaS designed to sell to your prior employer, immediate award self SF wages, and have 40~80+% equity. Your call"