First, Fire All The Brokers: How Lemonade, A Millennial-Loved Fintech Unicorn, Is Disrupting The Insurance Business
Jeff Kauflinforbes.com
First, Fire All The Brokers: How Lemonade, A Millennial-Loved Fintech Unicorn, Is Disrupting The Insurance Business
From the outside, FTX appeared to be creating a brand around an oddly charismatic and possibly self-absorbed leader. The truth was even stranger. FTX was spending a fortune learning how to market a product on the fly, without much input from anyone who had done it before. In one way, the approach clearly worked: in the mind of the American consumer
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The direct-to-consumer wave began in the twenty-tens as a new generation of startups promising to “disrupt” traditional industries for consumer goods. Instead of leaving the market to century-old stalwarts like Gillette, for example, a company like Dollar Shave Club, founded in 2011, would set up its own supply chains to manufacture razors; add cle... See more
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Rising valuations gave the illusion of success. In reality, little had changed beyond investor demand, and many companies that saw their valuations rocket into the hundreds of millions or billions hadn’t shown that their basic business model could even be profitable—a rather elementary requirement for a viable business outside Silicon Valley. Inste
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there are large standalone brokerage firms, including traditional firms such as Charles Schwab and online start-ups like Robinhood and Public (I am an investor in Public).
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The last decade showed that questionable business models can subsist for a long time (and even flourish) when capital is abundant. Thirteen years after its founding, Uber is still figuring out how to be profitable: the company’s gross margins actually declined seven percentage points over the past three years, and the net profit margin is -3%.