In this episode I examine the infrastructure software company, HashiCorp. In Part One I lay out HashiCorp's value proposition, business model, and potential for competitive advantages. In Part Two [26:20] Kelsey Hightower joins me to test all of this research and try to determine what factors really matter to HashiCorp over the long-term.Today's episode is sponsored by Stream by AlphaSense. Stream is an on-demand library of over 25,000 expert interview transcripts. Stream eliminates the time, money and hassle that comes with conducting expert calls and interviews. My research strategy that I employ at Asheville Capital is focused on finding key qualitative data points that point to a business being competitively advantaged or not. Stream helps me execute this strategy in a practical way because they either already have dozens of calls on the company that interests me, or they are able to quickly source numerous experts for me that are well-qualified to answer my questions. In the six months that I have been using Stream, it has often served as a substitute for most of the podcasts that I used to listen to. The reason is because of there seem to be more nuggets of helpful information in each of these calls that help me to better understand the topic or company that I am interested in at that time.------------------------------------Part 1: HashiCorp Analysis01:48 - HashiCorp Overview04:30 - Terraform06:25 - Vault08:32 - Consul10:13 - Adoption Process13:38 - Monetization17:44 - Unit Economics/Operating Leverage19:58 - Market Opportunity------------------------------------Part 2: Kelsey Hightower Q&A26:20 - Open-Source Business Model Evolution30:52 - HashiCorp's Evolution41:47 - HashiCorp's Ecosystem45:14 – Terraform vs. Pulumi56:07 – Vault 01:08:33 – Competition01:13:24 – HashiCorp’s Primary Advantage01:17:10 – Multi-Cloud Inevitability1:22:04 - HashiCorp vs. Cloud Providers01:23:59 – HashiCorp’s Dilemma01:30:06 – Cloud Platform01:33:43 – Switch Costs01:37:02 – New Functions/Product Maturity01:39:39 – De Facto Standard (yes or no?)01:44:46 – Consul01:53:20 – Biggest Opportunities/Risks for HashiCorp

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