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Another insight is that making things easier has nonlinear effects. Making something 10x easier can cause 1000x more of that thing to happen. Hence the explosion of online creativity you see on YouTube, with chess, Minecraft, math videos, Khan Academy, Twitchstreams, Soundcloud, etc; you remove a small bit of friction and get a large result.

However we are now seeing the rise of “embedded fintech.” Rather than standalone applications, financial features are being embedded into all of the consumer and business applications that people are using already.

Building a business model on data lock-in seems not only bad, but pointless now? Content is superabundant, so what are you locking in, exactly? There’s always more where that came from.

Are social graphs even a moat? Perhaps more than data, but TikTok proves you don’t need a dense social graph to serve up interesting content. What if you can

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One of the reasons Katrina started Stitch Fix is because she saw that the penetration of apparel in eCommerce was stunning low (less than 20%)