Is SaaS Dead? The $2 Trillion Question Hiding in Every AI Pitch Deck

VCs have repositioned around AI-native companies that don't sell tools — they sell outcomes. Services-as-software (SaS). A new category for a new era, sold to LPs as the answer to the SaaS multiple compression problem.

Here's the problem: most of the companies pitched into that category aren't services-as-software. They're tools dressed up in outcome language.

Here's a founder-grade test that will tell you which side of the line your company is actually on — before a Series B diligence partner does it for you.