Ben Evans 는 지속적으로 Is that a tech company? 라는 질문을 던집니다. 넷플릭스는 테크 기업인가, 아니면 미디어 기업인가? 위워크는 테크 기업인가? 아니면 부동산 기업인가? 배달의 민족은 테크 기업인가, 아니면 유통 기업인가? 네이버 웹툰은 테크 기업인가? 아니면 컨텐츠 기업인가? - ‘is that a tech company?’ That question can mean lots of different things, but sometimes it’s really asking whether this should be valued as a tech company - or rather a software company. Does it have the scope to grow at a scale and a margin the way a certain kind of tech company grows? Can it reach millions or hundreds of hundreds of millions of people, and in years, not decades? Does it have low capital-intensity, and sustainably high margins, which probably means a network effect, that means it can have dominant share of some kind of market? Does it have leverage? Do you have very high growth at very high gross margins? And of course, there are lots of companies doing hardcore software engineering or photolithography that aren’t low-capital, high-growth, high gross margin companies. Not all tech companies are rocket ships. - 뉴스레터 중 발췌