We are currently in a unique market cycle ('moment right now') that favors selling big software and platforms again, similar to 15 years ago, because AI is driving fundamental business model changes rather than just incremental improvements.

32:07think that there's new buyer behaviors being, you know, kind of discovered. And of course, like, you know, we were big investors in Coda and everyone saw that played out and there's a bunch of other examples of this. However, like if I take a giant step back and and talk about where we are in this like current cycle, like I wrote this long piece called "Trading Margin for Mode" about a year or year and a

32:25half ago or whatever it was, talking about like the cycle. And if you think about like why, you know, basically the last 12 years before 2024 or 10 or 15 years before 2024, you saw so much PLG is just kind of where we were in like the software, you know, innovation cycle. You know, and a lot of the big cloud platform businesses, if you think about like CRM, HR, ITSM,

32:47security, like a lot of those big platform businesses were founded in the, you know, call it 2000 to 2008 to 2010 period. Um, and those businesses went out and solved like the big platform opportunities. And so then the only way to really break in at the enterprise, right? And we're talking more about like enterprise enterprise sales or mid-market enterprise sales, was to build like some sort of wedge

33:08product, wedge in with this product, and say, "Hey, I'm going to solve this part of your of your, you know, suite for you, and then try to expand over time." And so this like land and expand model became super, you know, obviously super in vogue, but it was really based on where we were in this like adoption cycle. And there were other people, of course, that said, "Hey, I want to go

33:25build a new CRM. I want to go build a new HRIS. I want to go build a new ITSM." But like the reality, you know, was going from, you know, on prem to cloud was a big enough shift for people to like switch to something new. But going from like cloud to cloud for CRM, like I don't care if the button is green or blue. I don't care if there's like

33:42one little feature difference. I'm not going to switch. And so you can you compare that cycle where we were looking at everything for the last 15 years, which was all PLG and all the time, this is incredible, to where we are right now, there's this crazy kinetic energy inside of companies where they're saying, "Hey, it could be even something as, you know, fundamental as CRM, right? It could be as fundamental as HR, ITSM.

34:05We're now looking at a different way of doing business entirely. This is not a skeuomorphic one-to-one replacement, green to blue. We're now thinking about like humans are going to be doing something completely different, way more high value. We're going to be doing way less of the the same kind of, you know, mundane wrote work. Um, and instead agents are going to be doing that doing that. And so that's I think the

34:21opportunity right now, and it's why instead of talking about like of course we got to talk about PLG and like all these other sales models, there's a moment right now to go sell, you know, big software again, right? And to And to go sell platforms. And And it's because of this moment. Um and so I think people need to be studying kind of the 15 years ago models of like how