Here are the [lightly edited] slides from my talk at Columbia Business School. 

In this, I trace a history of business across media and commerce. 

I attempt to show that all massive growth was as a result of distribution alpha. And the end of that alpha killed most of the businesses in that space.

There's a throwaway line about how DTC and Buzzfeed are in the same business. Please don't be mad.

Conclusions are simple:
✅ Distribution is the rate-limiting factor for most outsized returns.
✅All good things come to an end... Remember that when you're surfing a wave.
✅And remember to align your capital structure with the business you're building (or assessing).

Here are the [lightly edited] slides from my talk at Columbia Business School. 

In this, I trace a history of business across media and commerce. 

I attempt to show that all massive growth was as a result of distribution alpha. And the end of that alpha killed most of the businesses in that space.

There's a throwaway line about how DTC and Buzzfeed are in the same business. Please don't be mad.

Conclusions are simple:
✅ Distribution is the rate-limiting factor for most outsized returns.
✅All good things come to an end... Remember that when you're surfing a wave.
✅And remember to align your capital structure with the business you're building (or assessing).

https://www.figma.com/deck/txDCaIQ6SAqDgHfiaCmiNZ

Front toward enemy. @seyitaylor on twttr. 

this is so good! would love to mint this 