Armstrong: High software margins mask mistakes unlike capital-intensive biotech
Brian Armstrong · Weekend Special: Elon Recap, Balaji, Chris Dixon, Brian Armstrong, Crypto Day + Thiel Fellows · May 31, 2025 · at 1:11:15
Coinbase co-founder and CEO Brian Armstrong reflects on navigating volatile revenue cycles and compares the difficulty of software startups against hard tech and biotech ventures.
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“In software, our margins are high, and it kind of covers up mistakes that we make, and we actually had revenue relatively early in our journey, whereas, in, like, in biotech, you have to invest in it for 10 years to try to get your first dollar revenue sometimes.”
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