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Subject:  Re: Docusign Again - Summation Date:  1/21/2019  9:38 PM
Author:  tamhas Number:  108163 of 115956

Questions can be as valuable as answers. I am not going to do any "heavy lifting" on Docusign because it doesn't interest me. That doesn't keep me from having questions to which I haven't seen good answers yet.

E.g., you use the phrase "adobe fear" as if I was predicting something. I'm not. I'm asking a question. Abode obviously has the technology for filling forms with data and creating e-signatures, indeed, in some ways they have been doing it for a long time. And, they have deep pockets and loads of technological resources, so one can imagine then waking up and saying "Oh, this looks like an interesting market. What would it take for us to have a dominant product here?" Now, perhaps they never have that thought, but if they did, it could be scary for Docusign *unless* Docusign had some special sauce that even Adobe would find it difficult to conjure on demand. Workflow seems like an unlikely special sauce since there are a bunch of such products available.

As for the 70% market share, I thought I had addressed this, but I'll try again. Imagine a market which might total $X if everyone who could or should be using it was. Now, think of that market at a very early stage in which the total actual market was say 10% of $X (which is probably overly generous). And then, at that early stage we have a company with 70% of the market ... what that amounts to is 7% of $X. If this company has 70% because they actually control some key element then this is really exciting because they could conceivably grow 10 times or even more if they take over a larger segment of the market. But, if there is someone else who decides that the market is now proven to be big enough to be interesting and who has the money, technology, and savvy to leap into that market, the growth could easily go to the big guy.

What I am asking is, what is it about Docusign that is going to prevent this from happening? Note, the giant may simply never get interested and no one else may emerge to challenge the position and Docusign could well become a giant in the potential market even though there was no reason other than branding for them to succeed, but as an investor I would want to know which was which.

We could possibly have more interesting conversations if you were less intent on being insulting.
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