In August 2011, venture capitalist Marc Andreessen wrote an essay in the Wall Street Journal that became one of the most quoted pieces in the history of Silicon Valley. The title was simple: Why Software Is Eating the World. His argument was that software companies were going to take over enormous chunks of the global economy, and that every industry had better wake up or get eaten alive.
He was right. Amazon ate retail. Netflix ate video rental. Spotify ate the music store. Airbnb ate hotels. Uber ate the taxi industry. Software didn't just show up to the table, it ate everybody else's food, ordered dessert, and asked for the check.
For the next decade, the smartest money in the world bet heavily on software. Venture capital poured in. Private equity firms built entire strategies around it. Valuations went through the roof. A company that could show recurring subscription revenue,
