SaaS businesses are right in the sweet spot. They are high-growth because they are fast to deploy and can be expanded globally with comparatively little effort (although try saying that to some of the CEOs getting no sleep because they’re servicing clients in every time zone)…

They are high-margin because they are digital services and - in principle - every new customer should bring an economy of scale. And they are defensible because SaaS is a winner-takes-all game: only the top three providers in any sector and in any territory tend to win big.

But reaching top three glory isn’t easy....