Social Capital Annual Letter 2019

Startups are increasingly building product features that depend more on a balance sheet of capital to differentiate themselves versus customer value that is unique and defensible. This creates feature wars that quickly become balance sheet wars when other startups or incumbents decide to copy these features. Free stock trading, hi-rate savings acco... See more

A corollary to this is that as governance has decayed and the focus of most VCs is on uprounds and markups, there has been a meaningful decay in strategy at many startups.