Reid Hoffman

When you're the first mover to scale, you have a lot more of those people believing in you and therefore investing in you. Your cost of customer acquisition is lower. Your cost and speed of recruiting employees is lower. Your cost of capital is lower, et cetera, et cetera.

When you're the first mover to scale, you have a lot more of those people believing in you and therefore investing in you. Your cost of customer acquisition is lower. Your cost and speed of recruiting employees is lower. Your cost of capital is lower, et cetera, et cetera.

But that kind of getting the scale can have all kinds of advantages. One is capital markets reward you versus whoever's in second place as part of the Cadillac and steak knives. Employees more want to work there. But when customers or members, if it's a consumer internet thing, think, well, what's the one that everyone's talking about? It's the one that's the first to scale, right?

But that kind of getting the scale can have all kinds of advantages. One is capital markets reward you versus whoever's in second place as part of the Cadillac and steak knives. Employees more want to work there. But when customers or members, if it's a consumer internet thing, think, well, what's the one that everyone's talking about? It's the one that's the first to scale, right?

But that kind of getting the scale can have all kinds of advantages. One is capital markets reward you versus whoever's in second place as part of the Cadillac and steak knives. Employees more want to work there. But when customers or members, if it's a consumer internet thing, think, well, what's the one that everyone's talking about? It's the one that's the first to scale, right?

But that kind of getting the scale can have all kinds of advantages. One is capital markets reward you versus whoever's in second place as part of the Cadillac and steak knives. Employees more want to work there. But when customers or members, if it's a consumer internet thing, think, well, what's the one that everyone's talking about? It's the one that's the first to scale, right?

But that kind of getting the scale can have all kinds of advantages. One is capital markets reward you versus whoever's in second place as part of the Cadillac and steak knives. Employees more want to work there. But when customers or members, if it's a consumer internet thing, think, well, what's the one that everyone's talking about? It's the one that's the first to scale, right?

Brand can definitely be a strong part of it, but it's also the question of who do each of these groups think is going to win? So it's a little bit different. I mean, brand is also what is your brand promise? What are you going to become? And, you know, awareness is part of it, but it's like, okay. We think you're going to win.

Brand can definitely be a strong part of it, but it's also the question of who do each of these groups think is going to win? So it's a little bit different. I mean, brand is also what is your brand promise? What are you going to become? And, you know, awareness is part of it, but it's like, okay. We think you're going to win.

Brand can definitely be a strong part of it, but it's also the question of who do each of these groups think is going to win? So it's a little bit different. I mean, brand is also what is your brand promise? What are you going to become? And, you know, awareness is part of it, but it's like, okay. We think you're going to win.

Brand can definitely be a strong part of it, but it's also the question of who do each of these groups think is going to win? So it's a little bit different. I mean, brand is also what is your brand promise? What are you going to become? And, you know, awareness is part of it, but it's like, okay. We think you're going to win.

Brand can definitely be a strong part of it, but it's also the question of who do each of these groups think is going to win? So it's a little bit different. I mean, brand is also what is your brand promise? What are you going to become? And, you know, awareness is part of it, but it's like, okay. We think you're going to win.

And so in all of these fields, you have advantages. Now, you might also have a business with network effects, where those network effects become a really important growing super linear kind of competitive moat, whether it's like Airbnb or Uber or others, LinkedIn, or if it's just a, well, I'm ahead, and so by default, all of the different forces that come together to make a company successful

And so in all of these fields, you have advantages. Now, you might also have a business with network effects, where those network effects become a really important growing super linear kind of competitive moat, whether it's like Airbnb or Uber or others, LinkedIn, or if it's just a, well, I'm ahead, and so by default, all of the different forces that come together to make a company successful

And so in all of these fields, you have advantages. Now, you might also have a business with network effects, where those network effects become a really important growing super linear kind of competitive moat, whether it's like Airbnb or Uber or others, LinkedIn, or if it's just a, well, I'm ahead, and so by default, all of the different forces that come together to make a company successful

And so in all of these fields, you have advantages. Now, you might also have a business with network effects, where those network effects become a really important growing super linear kind of competitive moat, whether it's like Airbnb or Uber or others, LinkedIn, or if it's just a, well, I'm ahead, and so by default, all of the different forces that come together to make a company successful

And so in all of these fields, you have advantages. Now, you might also have a business with network effects, where those network effects become a really important growing super linear kind of competitive moat, whether it's like Airbnb or Uber or others, LinkedIn, or if it's just a, well, I'm ahead, and so by default, all of the different forces that come together to make a company successful

Now, when you have dynamics like a network effect, then your brand might be mediocre, but a network effect is incredibly good within a business or within a, you know, any kind of entity that has it. It's a very strong amplifier.

Now, when you have dynamics like a network effect, then your brand might be mediocre, but a network effect is incredibly good within a business or within a, you know, any kind of entity that has it. It's a very strong amplifier.

Now, when you have dynamics like a network effect, then your brand might be mediocre, but a network effect is incredibly good within a business or within a, you know, any kind of entity that has it. It's a very strong amplifier.