Internet Scale Businesses

On Ecommerce and Marketplaces: Look for 1. Positive unit economics on the product, positive contribution margins on products sold. 2. Logistics: how long does it take to get to you? Will people pay for convenience. 3. Ability to browse as a human and connect, products that delight the customer, 4. Hooks the customer going forward, 5. The future is ... See more

Only two things that matter in ad business. One is scale of users, and therefore time spent. So time spent per DAU per day. That's the one thing that matters. And second, on the supply side, the quality of tools to onboard advertisers, because the first many advertisers are going to be small and medium businesses, you can't sell to big enterprises.... See more

"In fact, one of the biggest mistakes I have made in my life, and I think a lot of investors, is be scared by what the big platforms will do."

On Internet Scale Businesses

On investment in India: Young and entrepreneurial ecosystem that want to build well, traditionally frugal. Option to list in Singapore and then go public on US stock exchange.

But then I look for very interesting other channels like you take DoorDash, for example, I find it very impressive that they use Square Cash App as a way to grow their business. Companies that constantly find the next interesting hack to grow their business also tells me that there's some internet-scale potential in that business.

I tend to love companies that have a product that is not sold, that is pulled off the shelf. And this is applicable to software companies, payments companies, and internet companies. If you have a product that's pulled off the shelf by your consumers, whether it's a bit of a viral loop, whether it's customer love, you start seeing the beginnings of... See more

Zoom, actually, I think used the original internet concept of reducing friction. Go back three years before Zoom, remember how painful it was to download an app like BlueJeans or Skype. It was so painful. Even today when people send me a BlueJeans link, I'm like, "Please guys, let's not do this. Please go to Zoom." You want one click, start talking... See more

Scalability is everything with internet scale businesses. An internet scale business is one with audiences around the world and focus on reducing friction. Look at 1. Scale of users (retention), 2. Time spent per day, 3. Supply: quality of tools to onboard advertisers.