For the better part of fifteen years, the startup playbook has been built on a single premise: software companies disrupt legacy industries by doing the same things more efficiently. This is the core of the "software is eating the world" thesis that has defined venture capital since Marc Andreessen wrote those words in 2011. Tech companies move into traditional sectors, extract better margins through software leverage, and the incumbents either adapt or die. That playbook has always had a mix...

For the better part of fifteen years, the startup playbook has been built on a single premise: software companies disrupt legacy industries by doing the same things more efficiently. This is the core of the "software is eating the world" thesis that has defined venture capital since Marc Andreessen wrote those words in 2011. Tech companies move into traditional sectors, extract better margins through software leverage, and the incumbents either adapt or die. That playbook has always had a mix...