I think what we missed is that there would be two tiers of email senders, differentiated by price. There would be $100/MM email senders that would appeal to spammers, and $500/MM senders that would appeal to companies that manage their communications well. They’d have different delivery rates through spam filters. The bottom tier is bad for the world and a low-margin business. The top tier is OK for the world and a profitable business. SendGrid seems to have found the sweet spot.