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Knowledge Challenge
A friend thinks you can answer this question about Three Horizons
A 15-year-old enterprise software company analyzes its portfolio: 95% of capital and 100% of executive attention is on the core CRM product (H1, $400M ARR, growing 7%). 5% of capital goes to a 'labs' team experimenting with AI features (H3). There is NO Horizon 2 — no emerging adjacent business with real customers and real ARR. What is the most likely outcome over the next 5 years?