💻 Tom Tunguz: "What if There is No Moat, Yet?"

💻 Tom Tunguz: "What if There is No Moat, Yet?"
Tomasz Tunguz distinguishes "leading" moats (technical differentiation present at founding, common in infrastructure) from "lagging" moats earned over years through scale, brand, and embedded workflows, arguing application-layer startups like Salesforce historically won without an initial technical edge.
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