defensibility

“Fragmentation aids the aggregator. And so understanding what is the degree of fragmentation in a marketplace, and often the more fragmented and the less multi-tenanting, either the kind of less cost usage between substitute platforms, the more defensibility is…”

“I think in the long term, you're absolutely right. Nothing is defensible in the long term, right? The question is like, are you in an era where you can defend it for a while and give yourself enough breathing room to possibly innovate something else, build som…”

“Like, real defensibility, no, it does not exist.”

“Definitionally, you don't have any defensibility on day one because you don't have a business or even day 30, unless you magically get the, you know, pretty large network effects. And even then I would doubt that because that means if you were able to get a la…”

“I find so many investors oscillate on defensibility and I think it's just complete bullshit, especially at pre-seed and seed.”

“Yeah, it doesn't exist, right? Like quite literally you're starting with nothing. And so I think that it is a like I think investors are wrong to look for it. What you are investing in is trajectory, right? And the ability for founders to navigate a market and…”

“I think a lot of people worry too much about defensibility In the immediate term and like at the start of a new project and they were far too little about defensibility in the late stages.”

“Defensibility you cannot build through those small moves.”

“The defensibility theorem emerges at scale, right? In other words, if you, I do believe what's true in most enterprise businesses, once you become the anointed winner, once a market coalesces and there's two or three people at that point in time, you know, It'…”