Venture Field Notes

Why Stitch Fix style curation can help make distributed work actually work.

Building Bollingen Tower

Why debating vertical vs. horizontal go to market is a false choice and how making the right distinction between cosmetic and structural verticals can create early competitive advantage for startups. 


Cosmetic Verticals vs. Structural Verticals


For companies — large and small — each day is spent telling your story over and over again to all of your key stakeholders. Hiring, selling, raising capital…the storytelling doesn’t stop, it simply changes contexts.

The storytelling thesis


As traditional paths to defensibility become harder to develop and maintain, the only moat that sustains is a company's ability to consistently deliver an experience that leaves the consumer feeling like they are getting a better deal every time they walk away from an interaction.

Resisting the institutional imperative

Why mature companies are valued on their ability to turn assets into cashflow while emerging companies are valued on what might be called "assets that don't earn".