Social connections. Trust. Facetime. All matter more than ever.
Want a moatable software business? Know your customers on a personal level. Have a personal relationship. Know the people that sign the contracts, know their kids names, where they vacationed last winter, their favorite local restaurant.
When there's enough money on the sidelines, the pendulum swings, and big bets come back in fashion.
Downsizing is not a big bet.
Nobody leads tech to save billions and have money sit on the sidelines. It's a weak, shallow bet that should be reserved for discount retail and commodity markets.
The savings will be spent on engineering, eventually.
The buying power is all over the place.