Venture capital in the USA reached $235 billion in 2022, a 35% drop relative to 2021. However, the investment rate has been fairly consistent over the last ten years when we exclude 2021.

Major metropolitan areas such as the Bay Area, Greater Boston, and New York City continue to make up much of the venture capital investment activity, driving roughly half of total investment in 2022.

A ranking of the largest consumer-facing marketplace startups and private companies. 

A moat is a seemingly unsurmountable competitive advantage. e.g., a business with the cash to scale or reinforce itself to get past the Innovators Dilemma with a flywheel effect. In short, a better investor than any competitor, masterful at execution, operation and therefore having a high likely of sustainability.

A business has network effects when its users gain more value as the number of users in the ecosystem increases. Typically, the CAC, COGs, and WACC improve exponentially as the business scales.