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Do Amazon ads bring in more cash than AWS?

There’s an old and common narrative around Amazon that it doesn’t make money, it sells below cost, it’s subsidised by investors and in particular it’s subsidised by AWS. People tend to repeat these to each other as though they’re unquestionable true, but they’re either debatable or objectively false.

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Chandar Lal Chandar Lal

Retail, rent and things that don't scale

I generally think about retail as sitting on a spectrum from logistics to experience. At the logistics end, you know exactly what you want and retail’s job is to provide the most efficient way to get it. At the experience end, you don’t know, and retail’s job is to help you, with ideas, suggestion, curation and service.

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Chandar Lal Chandar Lal

Shopify

Shopify’s 2020 results came out today, and much as expected, it reported that consumers spent a total of $120bn on its platform, almost exactly double the figure from 2019.

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Chandar Lal Chandar Lal

Paying for news

Newspaper revenue really started to collapse well over a decade ago, and we've been discussing what to do about it for almost as long.

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Research Benedict Evans Research Benedict Evans

The Great Unbundling

COVID, China, regulation.. tech is becoming a regulated industry, but what does that actually mean? How will tech look like when entering its second 50 years?

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Future Of Money, Human Empowerment, News Chandar Lal Future Of Money, Human Empowerment, News Chandar Lal

Why we invested in Indeez

Gig workers have been hard hit by COVID. Freelance designers, Uber drivers, chefs and independent consultants alike have little visibility about when pre-pandemic life will return and their careers can resume. They were not protected against such a life-altering event: the crisis has been an awakening to the importance of income protection insurance.

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Chandar Lal Chandar Lal

Online speech and publishing

Facebook has close to 2bn users, posting over 100bn things each day. The global SMS system, at its peak, had 20-25bn messages a day.

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Chandar Lal Chandar Lal

Platforms, bundling and kill zones

In the 1980s, if you installed a word processor or spreadsheet program on your PC, they wouldn’t come with word counts, footnotes or charts. You couldn’t put a comment in a cell. You couldn’t even print in landscape. Those were all separate products from separate companies that you’d have to go out and buy for $50 or $100 each.

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Chandar Lal Chandar Lal

E-commerce growth during lockdown

Lockdowns triggered a huge spike in online sales of every kind, will this stabilise - once things calm down, where will the new level be set? Our Venture Partner Ben Evans looks into it.

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Future Of Money Chandar Lal Future Of Money Chandar Lal

Q&A with Habito's Daniel Hegarty

Daniel Hegarty, founder and CEO of our portfolio company Habito, came up with the idea for the business six years ago, after an eye-opening experience trying to buy his first home when his own mortgage broker made several frustrating mistakes. Dan realised that the mortgage market was rife with manual errors and confusing jargon.

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Future Of Money Chandar Lal Future Of Money Chandar Lal

Crypto protocols: in search of the emerging winners

We continue to witness a Cambrian explosion of public blockchain development. In recent years, the fabric of the decentralised web has begun to be woven, and the social contract of money is being rewritten. Bitcoin and later Ethereum are the two platforms on this movement was catalysed. In this post, we explore what comes next.

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