Noninflationary acquisition channels only address the most obvious challenge for most fintech companies—growth—but ignore a key factor: differentiation. 👇

Absent sustainable differentiation, even the most attractive channels (inefficient or budgeted) someday tap out, and Hell’s Flywheel starts spinning anew. https://a16z.com/2022/11/10/escaping-hells-flywheel-building-non-inflationary-distribution-channels/

.@joeschmidtiv on the sustainable differentiation that results in a compounding flywheel, with a focus on financial services companies that sell commodity-like, nonphysical world products such as money, insurance, lending, or equity capital: https://a16z.com/2023/05/18/identifying-your-durable-advantage-in-fintech/

Bat Out of Hell: Identifying Your Durable Advantage in Fintech