The Only Two Moats Left in Startups

in the moat conversation, like the moats that you're obsessing about right now? Yeah, I mean, ultimately, I think there's a couple moats that you can look at in this type of market, right? Like the cost of building a company has gone to zero, right? So anybody can build a company, right? Previously, you needed to be technical, it's build a company that's not even true anymore.

So what you have ultimately at the end of the day is you have speed, right? Like velocity of learning, velocity of shipping products, and you have data, right? So if you're able to get like proprietary data access, it doesn't matter if somebody can whip up a tool, they don't have the data to train the tool the same way that you do,

right? So it's sort of asymmetric access to information, right? Or data, and then it's your velocity to ship. And I think it's really important too that the founders have a high slope of