A recent post by a followed SA author (John M. Mason) returned to the ‘ecosystem’ value chain narrative – i remember this from almost 10 years ago as my former employer tried to create “the third mobile ecosystem” behind Google and Apple. We failed miserably, but the learnings and strategy were invaluable. John has a solid way of tilting paradigms for investor evaluation, and I appreciate that. Ecosystems are a type of moat – but way more resiliant. Ecosystems take big money and years to evolve to that strength however, and that was our learning – we tried to make it happen on our timeline. They also seem cemented with differentiated and spectacular user / customer experience – not a ‘thing’.
Actionable take-way will be an increased scrutiny on my T investments.