I am very long on tech-enabled services—technology and products for the everyman and the everywoman. I think San Francisco creates an echo chamber that leads folks to believe that they should build products and services for the people they know and spend time with, their high-income friends. I think there’s a truism to the fact that you build

Companies with high CapEx business models were, on average, only 25 percent less capital efficient than low CapEx companies. High expenditures didn’t always lead to low efficiency, and some capital-intensive…

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Looking at the data, one can see that the best preparation to start a multibillion-dollar company is to create a $10 million–plus company first. The best preparation for that is to start something—anything: a hobby project, a side hustle, maybe a school club.

Henrique Dubugras of Brex told me that board meetings “should not be a presentation of how the company is going.” Instead, Brex sends out slides ahead of time, invites all board members to comment and ask questions, and then spends the time in the boardroom talking through a couple of strategic issues. “I think that’s the most effective way that we

Google acquired YouTube in 2006 for $1.65 billion, its largest acquisition to date, which turned out to be a great one for Google.

It’s not about being first with an idea—it’s about being the closest to the turning point. Think about how the Affordable Care Act enabled the growth of Oscar Health. Many…

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Whereas companies on average used to take five and a half years from founding to IPO, that number is now over eight years.

For the aspiring entrepreneur, the lesson is that you don’t need to create the next billion-dollar company on the first try. The Super Founder’s path is all about having a passion for building and solving problems, taking the ups and downs in stride, and enjoying the road more than the destination. Of course, you shouldn’t build companies for the

In reality, one in five billion-dollar companies was founded by a solo founder. That’s less common than dual founders (36 percent) or companies with three co-founders (28 percent), but more common than you might think. There are also a few cases where billion-dollar companies were started by more than three people: 12 percent of billion-dollar