Knowledge as an addictive drug—an investor’s guide to the expert network industry

Techno-Industrials are addressing larger markets than most software companies can.

They use whichever tools they need to provide better solutions to key bottlenecks with better unit economics than incumbents.

They are more capital efficient than most investors expect.

And they have to be more strategically sound than the average software company.

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Which seems like a bad thing–but what’s left? From my perspective as a nascent entrepreneur, future moats fall into three broad categories: proprietary technology, supply chain innovations, and media that can’t be replaced by AI because it comes from a strong POV (taste)

It's hard to get around that, but the way you can do it is if you build in utility. And I think that is largely because advertising was a hell of a drug for these companies for so long. That is why all these big internet advertising platforms were slow to become marketplaces, because it would have a temporary negative financial impact. Th... See more

we decided to build the following networks: Large companies Every new company needs to either sell something to or partner with a larger company. Executives If you succeed, at some point you need to hire executives. Engineers In the technology business, you can never know enough great engineers. Press and analysts We have a saying around the firm:

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