Strategy Capital

“Platforms are naturally also competing with their own customers, because what if your customers go direct to each other? Buyers and sellers just transact off you. So as a platform, you have to first prove that you provide enough value that they should pay you …”

“Returns to scale is always diminishing, but how quickly it diminishes depends on the space you operate in.”

“If edge cases matter, there's a pretty good chance there's an opportunity for power. And because when you say edge cases matter, what you're really saying is that curve doesn't flatten out very quickly.”