# Top 10 in Tech - What to know for Week ending September 19, 2025

Published: 18 September 2025
Canonical: https://www.top10in.tech/posts/week-ending-september-19-2025

## 1. SaaS METRIC OF THE WEEK: CLTV to CAC Ratio

[This is the classic signal of go-to-market efficiency.](https://www.thevccorner.com/p/cltv-vs-cac-ratio-guide) Everyone quotes 3:1 (too low, likely not PMF, too high, you ain't spending enough on marketing) — but this breakdown goes deeper with benchmarks by sales motion (PLG vs enterprise), contract size, and stage. Bonus: includes a free model template to run your own numbers.

Link: https://www.thevccorner.com/p/cltv-vs-cac-ratio-guide

## 2. VENTURE

PitchBook's [Q2 report is out](https://www.dropbox.com/scl/fi/7170r847r0ubjzxjpfe6r/Q2_2025_Global_Private_Market_Fundraising_Report.pdf?rlkey=zniod2cut3rnd7c26emkok4qv&dl=0): global VC fundraising is down 32% YoY, and new fund launches hit a decade low. But dry powder is very much still around (and remains high), and early-stage rounds are holding firm. The market is slow, but not dead.

Link: https://www.dropbox.com/scl/fi/7170r847r0ubjzxjpfe6r/Q2_2025_Global_Private_Market_Fundraising_Report.pdf?rlkey=zniod2cut3rnd7c26emkok4qv&dl=0

## 3. BOTTOMS UP

Bottoms up adoption is hard to crack😉 (learn more about the [bottoms up model](https://www.stage2.capital/blog/the-secret-weapon-to-gtm-scaling-bottoms-up-model) here). For example, according to Gergely Orosz, [Hashcorp has a total of 4,300 customers, but only ~800 of them generate 90% of their annual revenue](https://twitter.com/GergelyOrosz/status/1666825436297584642?s=20). And [here](https://corporatefinanceinstitute.com/resources/financial-modeling/bottom-up-forecasting/) is how to forecast.

Link: https://www.stage2.capital/blog/the-secret-weapon-to-gtm-scaling-bottoms-up-model

## 4. AI

Like the great SaaS Ponzi schemes I [joke about](https://www.top10in.tech/top-10-in-tech/previous/2) — [AI may be worse](https://www.saastr.com/when-we-all-have-100-ai-agents-what-happens-next-conslidation-its-coming/). When we all have 100 agents, who's actually doing the work? SaaStr explores what may happen next: consolidation, vertical focus, and agent collapse?

Link: https://www.top10in.tech/top-10-in-tech/previous/2

## 5. WORKFLOWS

Workflows are eating SaaS. Clouded Judgement breaks down [why every SaaS company wants to be a system of action](https://cloudedjudgement.substack.com/p/clouded-judgement-82225-workflows) — not just record. Usage-based pricing, AI features, and margin pressure are all fueling the shift.

Link: https://cloudedjudgement.substack.com/p/clouded-judgement-82225-workflows

## 6. SCALING

Sure, software is scalable, but Startups don't scale by adding people — they scale by building systems. [This breakdown](https://www.the-founders-corner.com/p/how-startups-scale-by-building-systems) covers how to layer ops, reduce founder dependency, and keep complexity from killing momentum.

Link: https://www.the-founders-corner.com/p/how-startups-scale-by-building-systems

## 7. LOOP MARKETING

Hubspot has a brand new term for your teh dictionary: [Loop Marketing](https://www.hubspot.com/loop-marketing). It's all about ditching more traditional funnels we all know well and embracing real-time feedback loops designed to connect product, content, and community to drive growth. Sounds a bit froo froo, but this matters because now about [60% of all Google searches end in zero clicks](https://www.seo.com/blog/zero-click-searches/#:~:text=How%20common%20are%20zero%2Dclick,decline%20by%2025%25%20in%202026.) - users are getting answers from AI overviews without ever visiting your website. Looping means getting cited there.

Link: https://www.hubspot.com/loop-marketing

## 8. SOFTWARE 3.0

Bessemer takes a crack at [mapping the future of dev tooling in the AI era](https://www.bvp.com/atlas/roadmap-developer-tooling-for-software-3-0) and are calling it "Software 3.0," - which is eval-first workflows, agentic infrastructure, and tools that help devs manage hallucinations, kinda the new style of bugs.

Link: https://www.bvp.com/atlas/roadmap-developer-tooling-for-software-3-0

## 9. PRIVATE MARKETS

Super interesting question: [What if AI doesn't just disrupt how companies operate — but how they're valued](https://joincolossus.com/article/are-we-underestimating-how-ai-will-change-private-markets/)? Colossus explores how AI could reshape underwriting, due diligence, and exits in private markets.

Link: https://joincolossus.com/article/are-we-underestimating-how-ai-will-change-private-markets/

## 10. CASE STUDY

Do your profit margins need a tweak? [Here are 40 strategies for improving your profit margins from Sameer Dholakia](https://www.bvp.com/atlas/a-ceo-s-tactical-guide-to-driving-profitable-growth), with a case study on SendGrid (from high burn to growth and IPO)

Link: https://www.bvp.com/atlas/a-ceo-s-tactical-guide-to-driving-profitable-growth

## POD OF THE WEEK

From CJ Guftason, [how much revenue do you need to IPO in 2025](https://youtu.be/7ajWVCNVDmI?si=XvczQVf41hO2xk3f)?

Link: https://youtu.be/7ajWVCNVDmI?si=XvczQVf41hO2xk3f