What does it actually take to beat a billion-dollar incumbent? Not just compete with them, but WIN.

Most industries today are still dominated by legacy software: Expensive. Slow to innovate. And often deeply hated by their customers.

But that’s starting to change.

In this episode of Verticals, Luke and Nic sit down with Alex Niehenke, Partner at Scale Venture Partners, to break down how vertical AI startups are going head-to-head with the incumbents (and where they actually have an advantage).

Alex shares why “boring” industries are suddenly the most exciting opportunities in tech, how founders can compete with companies worth billions, and how pricing, defensibility, and distribution are all being rewritten in real time.

If you are building, investing, or thinking about vertical AI, this is a clear look at how the game is actually being played today.