Consumer may be entering a trough but the industrial internet is rising. Social and enterprise SaaS are highly saturated, but these become tools for the next generation of companies. The next wave of technology is characterized by technology that senses and interacts with its environment and this will drive tremendous innovation in the industrial internet (agtech, manufacturing, construction, etc). As these technologies mature, become less expensive and more ubiquitous, we&#x27;ll see startups start diffusing back into the consumer space and the cycle will repeat again.