How brand actually works for startups and why all marketing should be performance marketing.

The advice marketplaces receive when solving the cold start problem rapidly becomes dangerous as the business heats up.

When capital flows like water, many ideas seem like great standalone businesses. A 13-year bull run led to predictions of the unbundling of Craigslist, Facebook, Ebay, LinkedIn, Reddit, and many others that largely has not played out. This post explains why, and how to predict which ones will succeed.

Airbnb and Doordash ripped to a collective market cap well over $100B. They're also two more data points in a long trend toward marketplaces with higher commissions and that do more work to earn those commissions. This post explores what this means for the future of marketplaces and why in many cases the marketplace model will go extinct altogether.

The most common mistake founders make when it comes to customer acquisition is focus: investing in too many channels at once, and as a result not investing in any one channel enough.