Avishai argues Salesforce's real moat is trust, not its CRM features, so AI coding tools that can replicate features can't replicate that trust and won't displace it. ✦ AI generated
Avishai · 20VC · 2026-07-13 · original ↗
starts at this moment · 7:01
“It kind of ascribes zero value to the core business. Is that just completely nuts to you or are you like yeah I get that in a new world where technology creation is easier than ever. I understand that. How do you think about that?”
Okay, Salesforce, what what is the biggest value Salesforce provide? It's not the CRM. It's the fact that you trust a SAS providers with your data, right? You have huge banks, huge companies that actually allow Salesforce to hold all of the customer data because they trust Salesforce.
verbatim transcript · starts at 7:01
6:41is much higher than the one we would get for base to be at 2 billion right so basically on its own should probably be at 8 billion so you know I'm not trying to guess the the stock market logic you know I think that most of the time when you follow companies for a long time, you understand that the market got them completely wrong, completely right, and
7:01there's always a mix and and it's a cycle, right? And and this cycle, I understand where it's coming from. Okay, I disagree with it and I disagree it strongly on a few companies, less on other companies. For example, Salesforce, okay, Salesforce, what what is the biggest value Salesforce provide? It's not the CRM. It's the fact that you trust a SAS providers with your data, right? You have huge banks, huge
7:27companies that actually allow Salesforce to hold all of the customer data because they trust Salesforce. Okay? You're not going to vibe for that because the trust is massive. It's a massive part of the value that Salforce gives. Okay? And the and yes, they have the marketplace which a lot of functionality and other things, but the CRM itself is is a very small part of the value. So in my mind I don't
7:53see how you compete with that with some kind of a cloud code project. If Salesforce becomes a valueless database that agents are able to scrape and then provide in different interfaces, then you basically become a commodity piping provider, which would mean that you could almost just replace. >> What other platform will JP Morgan trust for their customers data outside of the JP Morgan closed garden DMZ secure uh
8:26environment? None. The answer is none. They don't trust anybody else with that. But they do trust Salesforce, right? And that's huge. That's not a small thing. It's huge. It means that, you know, and like it's extremely hard to change that. >> I get that. And actually the I was thinking of the government contracts that Salesforce has and has won. Again, I would say trust to your point, but is
8:49that a one of one? If we go to the other providers, the other people who've been hurt by the SAS apocalypse, they're not in that same gilded trust. >> I agree. I agree. It depends which one. By the way, Atlassian for me is actually the one where again I'm a shareholder. So I want to be clear, okay? And I love the company. I've been a shareholder for