At Bessemer Venture Partners, we have had the privilege of working closely with over 50 of the leading Cloud Computing companies over more than a dozen years. We continue to fundamentally believe that the emergence of Cloud Computing – and its three core components of Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), and Infrastructure-as-a-Service (IaaS) – is completely changing the landscape of the multi-billion dollar software industry. We first presented Bessemer’s Top 10 Laws for Being “SaaS-y” for internal discussion at our annual Cloud/SaaS CEO Summit almost five years ago, and were overwhelmed by requests to share the content more broadly. We decided to not only share the insights and the discussion openly, but to treat this as an active dialogue with ongoing updates to reflect the collec- tive learning of the cloud community. This update is the most extensive we have ever undertaken, and includes many changes and several entirely new concepts for this publication. This work is literally the result of thousands of conversations that the partners of Bessemer have participated in with cloud executives, including our past and current portfolio companies, as well as other leading public and private cloud companies. We have been fortunate to be investors in many of the early cloud winners - such as LinkedIn (LNKD), Cornerstone OnDemand (CSOD), Broadsoft (BSFT), Eloqua (ELOQ), Lifelock (LOCK), Postini (Acq: Google), Netli (Acq: Akamai), Trigo (Acq: IBM), Keynote (KEYN), Cyota (Acq: RSA), and Verisign (Acq:SYMC) - and continue to ac- tively invest behind one of the largest cloud portfolios in the venture capital industry. We don’t claim to be brilliant on these topics ourselves, but we do believe this full community – and thus the content - represents the leading thinking from true cloud experts. Periods of tremendous transformation create tremendous opportunity, and we consider ourselves privileged to be working with many of the great entrepreneurs who are currently creating the next giants of the “software” industry. We welcome your thoughts and feedback at [email protected] and also invite you to visit the Cloud Computing section of our website at www.bvp.com/cloud. Bessemer Venture Partners 3