Hi-tech and the defensibility era

As barriers to building software collapse, the long-term value of a company increasingly comes from what cannot easily be replicated: proprietary IP, deep scientific innovation, regulatory complexity and technical infrastructure.

CCG has backed this category for over 25 years, long before it was fashionable. The current cycle simply makes the underlying logic more visible.

This perspective piece explores how investors and founders can position themselves to benefit from the shift towards defensibility.