Profits accrue to people on top. That’s the way most markets work, especially those with strong network effects (for more on 5 types of network effects and how to hack them, see this post). As an angel investor, my job is to spot startups and trends looking to disrupt incumbents and create massive new markets...
“Moving first is a tactic, not a goal….It’s much better to be a last mover.” — Peter Thiel On the surface this seems contrarian. When is being last better than being first? Steve Jobs understood this. Apple didn’t make the 1st MP3 player or the 1st smartphone. Yet in consumer tech, Apple is synonymous with both. That was no accident....
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