Even up to the time when Excite was several hundred people and we were the fourth largest website in the world, it didn't feel real. It doesn't feel like you're really doing something huge. On some level it feels like you're fooling people—like, are we really doing this? It's the whole sausage and sausage factory problem: when you're outside and yo

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‘Move fast and break things’, ‘Test and learn’, ‘Dynamic optimization’, ‘Fail fast’, we’ve all embraced the thinking of the modern age and this always-on and agile approach. Clearly moving fast is good, clearly bureaucracy is bad, but sometimes I’m not sure we think. Often corporate strategy for large firms seems to be missing. There isn’t a bold v

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A difference in emphasis: raising the floor versus raising the ceiling

Matt Clifford has written about how building a world-changing technology company has never been easier than it is today. But for all of the technical, commercial, and industry-specific knowledge that founders can readily access, psychological knowledge still lags behind. (In fac... See more

Beyond investing, many former founders leverage their success to become public pseudo-intellectuals, speaking on podcasts and broadcasting their thoughts on popular tech Twitter accounts. But unless you are a truly generational thinker, proselytizing is far less impactful than building a specific, better version of the future. To the publ

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There are great opportunities in front of us, for anyone whose eyes are open.

Friction (scarcity) allows for return on capital.

Lack of friction (abundance) allows for compounding growth.

The great businesses are the ones who harness both.

Technology changes where the friction is located.

Scarce resources become abstracted and turn abundant.

New scarce r

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