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No. of Recommendations: 2
Fish,
You appear to be sanguine about TAM, this is the singular thing about PVTL that gives me pause. I don't know what it is or even how to go about capturing it, but it seems to me intuitively that the number of customers must be constrained. While PVTL is growing as the proverbial weed, I would think that market saturation is a risk.

My experience at a Fortune 50 company was that an increasing number of applications were COTS rather than in-house development which had historically been the case. Quite simply, where I worked we designed and built very large pieces of equipment for both commercial and military customers. Executive management felt that s/w was not a core competency (other than product embedded s/w which was managed entirely differently than IT. Embedded s/w did not get hosted in any cloud).
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