Insights and updates

From emerging regulation to deal mechanics, we write about the questions founders and investors actually ask — practical analysis you can put to work.

Disruption Theory

Disruption theory, developed by Clayton Christensen in The Innovator’s Dilemma (1997), explains why well-managed incumbent companies lose to new entrants whose initial products are objectively inferior.

Aggregation Theory

Aggregation Theory, developed by Ben Thompson at Stratechery, explains why the most valuable internet-era companies own the user relationship rather than the underlying supply. In pre-internet markets, distribution was scarce and supply control was the strategic asset.

Cold Start Problem

The cold start problem is the chicken-and-egg trap facing every network-effect product at launch: the product has no value without users, and users don’t join products without value.

Atomic Network

The atomic network, a framework articulated by Andrew Chen (former a16z general partner, ex-Uber growth lead), is the smallest possible network size that can self-sustain — generate enough internal value that users keep returning even without further marketing inputs.

Trojan Horse Strategy

The Trojan Horse strategy is the market-entry pattern where a startup enters a regulated, network-effect-protected, or entrenched market by first offering a non-threatening “Trojan” product that gets the company in, then expanding the offering toward the real strategic target once inside.

Default Alive vs Default Dead

Default alive vs. default dead, Paul Graham’s 2015 essay framework, asks a single question every startup founder should be able to answer: at your current growth rate and burn rate, can you reach profitability before your money runs out?

North Star Metric

A North Star Metric (NSM) is the single quantitative measure that best captures the core value your product delivers to customers.

Build-Measure-Learn

Build-Measure-Learn is the core feedback loop of Eric Ries’s Lean Startup methodology. The cycle: build the smallest viable experiment (MVP), measure customer behaviour against the experiment, learn which hypothesis was validated or invalidated, then loop back into the next iteration.

5 Whys

5 Whys is a root-cause analysis technique developed at the Toyota Production System by Taiichi Ohno. By asking “why” iteratively — typically five times — for any observed problem, the investigator moves past surface symptoms to underlying systemic cause.

Mom Test

The Mom Test, from Rob Fitzpatrick’s book of the same name, is a framework for designing customer interview questions that produce honest signal even when the interviewer’s own mother is the respondent.