A moat isn't a patent or a feature. It's the thing that makes it economically irrational for a competitor to catch up, even when they can see exactly what you're doing and have the money to try.
Scale that shows up in unit economics
The most durable advantages are ones where scale lowers your cost per unit while simultaneously raising a competitor's cost of entry. Warehouses near everyone. Ad targeting that gets smarter with every impression. Switching costs that accumulate as your customer builds on top of you.
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