Distribution is not the moat. Neither is product.

Everyone says product is the moat, or distribution. I don’t think either is true anymore.

When anyone can build anything, what’s left?

Deep understanding of the market where you have your thesis. That’s the moat I believe in now.

This gives older founders a slight advantage. They’ve seen more markets. But it’s not a fixed advantage, because speed of learning is much more powerful than what you’ve already learned.

The other advantage is taste. How you create the product, the design, the brand. When every product works, people choose the one they love. Things I used to file under nice-to-have are becoming the whole game.

All my branding lessons finally make sense.