Thanks for your feedback. That's really interesting to exchange with people who are ready to do deep research into companies.
Yes, I saw that you invested in HTG. That's interesting because it looks also similar to one where I invested (BCC), a much smaller company, but with an interesting new product, called Zoleo, which enable people to send messages via satellite. I have begun to look at HTG. As quite often with your ideas, it requires some work to understand what the company is doing, but I have learned that it is worth doing it.
Yes, I see your point about scalability. It is also one reason why I like e-commerce companies. They struggled to be profitable until last year, when they finally reached the right scale. Now, these companies, at least the 3 major Australian ones (Redbubble, Kogan and Temple and Webster) are showing a clear operating leverage. To be perfectly clear, SAAS companies and e-commerce companies are the business models I prefer at that stage. One thing I like in the case of these e-commerce companies : they require a low level of capital invested. So their return on capital invested look really high once they become profitable.
