The document discusses the benefits of building an API business compared to traditional SaaS. An API business allows a company to create value without knowing exactly how customers will use the API, since it provides developers with tools and functionality they can integrate into their own applications and services. Characteristics of a successful API business include community building, long-term commitment from the business, potential for low churn and high lifetime customer value. The example of 46elks is provided, an API for telephony automation that allows developers to integrate voice, SMS and MMS functionality easily without expertise in telecommunications.