YouSaid · the spoken record

Sebastian Siemiatkowski

lines on the record: 106
first: 2026-02-16
most recent: 2026-02-16
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I think that's to some degree correct, but funny, the same weekend that this whole Claude bot thing exploded on X, I was actually sitting myself and playing around with a project which I was just calling company in a box. And the idea was just I just wanted to test a little bit. And the idea was to do very similar what Claudebot did, but for a small company. And I just put like a small workspace in there was accounting. And in that, I put an open source accounting software. And then I put like a CRM and I put an open source CRM. And then I put a claud agent on top of that. And then I told my clawed agent, hey, can you bookkeep this invoice for me? Or hey, can you set up this customer account for me on top of that software, right? And it worked really, really nice. I just wanted to test the idea because the point is that, and that's actually where it's also, I see the risks of even more jobs being threatened, because to some degree, if I'm a small company today, then I may have an accountant firm that's helping me with accounting. And those are the ones I would email like, hey,”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I understand that some people have that opinion. I am not, because I think one thing is also currently the way AI is set. Why don't I cache these things? If I'm getting the same question, if I'm getting the same, or why don't I use existing open source components and reuse software? Like what if software becomes more like Lego pieces that you put together that perfect? It's going to be more and more efficient to just like bundle things together. And this also means that things like what you're talking about is like production ready, you know, security assured and all these things, they will become more standardized building blocks. And I think in the future, I'm not sure AI was even going to code that much. It's just going to pick some pieces together and stitch them together to come to what you really need, which also actually means less need for compute.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Think the stock market woke up to that in the last few weeks, right? It's not like any business is going to disappear overnight because people tend to stick, they have used these things for a long period of time, they like them, etc. The question is at what multiples should they trade? And if you look at historically software could trade at a price to sales, I'm not going to talk price to earnings because some of them aren't profitable, so it's not an easy way to compare. But if you do price to sales, they've been trading at 20, 30. And now they're down at 510. But if you look at utilities, normal companies that are more utility, they may trade at one to two. So from that perspective, you would argue there is still some unfortunate potential to go down even further. Look at Cheg in the US, right? They're now trading at 0.2. ChatGPT was seen as basically wiping out their business a few years. And now they're trading at a depressed value. And now the revenue is also coming down actually 30, 40% last time I checked. Is that going to happen? I don't think so. That's probably too extreme.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“So, the key thing right now is so far the only thing that's gone down to, or not to zero yet, but become extremely much cheaper, is the generation of software. The next thing that's going to hit everyone bad is the switching cost of data. Because so far what you're seeing is you have proprietary data stuck in, for example, the CRM vendor or the other software as a service that you're using currently. So you may replicate and build the same dashboard or build the same processes in your own tool, but all your data is in there. According to their data model, according to their setup. What's going to happen is people are going to start solving that problem. How do I get all of my data from the existing vendor and move it to the new vendor with the help of AI through one click? That brings down switching cost, and that's when the real threat to SaaS comes.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“You should think that cost of creating software is going down to zero. And that means that everyone will be able to generate software at any point in time. So it is a massive change. And I was 100% convicted about this already when I saw this one or two years ago. So that's been very, very clear to me.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Used to be 6,000 or over 7,000 people, and we're now less than 3,000. And I didn't ask for a single dime to do all this. And the reason for that is because I've seen the acceleration of AI and I know we can ship all these things on the existing organization. We've gone from 7,000 people. We're now below 3,000. We've shrank 50%. This is what I sign up for. It is stressful. It was hard as hell. But this is what I wanted. The next thing that's going to hit everyone bad is the switching cost of data.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source