https://minutesof.com/on/marketplaces/ Everyone on the record about marketplaces: 109 verbatim quotes from 2 people, June 2011 to June 2026, in one chronology, each with a timestamp and a link… en Wed, 09 Sep 2026 00:41:16 +0000 https://minutesof.com/q/306e0e1c-d903-4938-976e-1418feaf4cc8/ https://minutesof.com/q/306e0e1c-d903-4938-976e-1418feaf4cc8/ “I've been involved in a number of businesses I've been on the board of and I see the margin that Amazon takes for seller from sellers and everyone's frustrated about it.” — David Friedberg, All-In Podcast Tue, 23 Jun 2026 20:52:00 +0000 marketplaces https://minutesof.com/q/f6c24726-1992-4b0d-a107-884385704465/ https://minutesof.com/q/f6c24726-1992-4b0d-a107-884385704465/ “I mean, Uber was burning 2,000,000,000 a year and Dara had 10,000,000,000 in free cash flow last year. Being able to make that shift, it's gonna require an innate understanding of your true unit economics.” — Bill Gurley, MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 marketplaces https://minutesof.com/q/69914fbf-8d75-4627-a460-2ade363a1011/ https://minutesof.com/q/69914fbf-8d75-4627-a460-2ade363a1011/ “Dara was able, I mean, Uber was burning 2,000,000,000 a year and Dara had 10,000,000,000 in free cash flow last year.” — Bill Gurley, MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 marketplaces https://minutesof.com/q/c34848ef-383c-4fe7-b0e0-bdac80758327/ https://minutesof.com/q/c34848ef-383c-4fe7-b0e0-bdac80758327/ “If you had 100,000, it doesn't really change the quality of the work that much.” — Bill Gurley, Forbes Tue, 21 Apr 2026 23:11:11 +0000 marketplaces https://minutesof.com/q/248f40ae-860e-4b94-a51a-9e3e53b5b098/ https://minutesof.com/q/248f40ae-860e-4b94-a51a-9e3e53b5b098/ “we invested when there were three restaurants on the network and had a theory that a network effect could take place where it could tip towards winter, take most.” — Bill Gurley, Forbes Tue, 21 Apr 2026 23:11:11 +0000 marketplaces https://minutesof.com/q/79c471c3-6a9b-4308-8e84-6ec9e0315fd8/ https://minutesof.com/q/79c471c3-6a9b-4308-8e84-6ec9e0315fd8/ “The one that had kind of the most intellectual appeal was probably OpenTable because we invested when there were three restaurants on the network and had a theory that a network effect could take place where it could tip towards winter, take most.” — Bill Gurley, Forbes Tue, 21 Apr 2026 23:11:11 +0000 marketplaces https://minutesof.com/q/3beb79f3-3ded-4460-ad76-b4a75d312007/ https://minutesof.com/q/3beb79f3-3ded-4460-ad76-b4a75d312007/ “Part of what I loved about both OpenTable and Uber, it's easier to build a network effect if supply is limited, I can't You know how many people have tilted against Ticketmaster and whatnot?” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 marketplaces https://minutesof.com/q/cf949927-ec97-41f5-aa77-59dc7fdec4a5/ https://minutesof.com/q/cf949927-ec97-41f5-aa77-59dc7fdec4a5/ “I said to my partners, if we ever see a company that's putting a layer on top of the black cars, we should run at it.” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 marketplaces https://minutesof.com/q/9dda9f9d-2235-4f8c-a5b9-ae359e76574c/ https://minutesof.com/q/9dda9f9d-2235-4f8c-a5b9-ae359e76574c/ “I knew that if you wanted to create a digital marketplace, you wanna use price to to cause liquidity, to get encourage drivers to come out at the right time, like you'd hate to give up price in a digital marketplace or auction, like you never would.” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 marketplaces https://minutesof.com/q/73c2c5d8-9bd8-4fba-83e3-6c51a81efd3b/ https://minutesof.com/q/73c2c5d8-9bd8-4fba-83e3-6c51a81efd3b/ “And I knew that if you wanted to create a digital marketplace, you wanna use price to to cause liquidity, to get encourage drivers to come out at the right time, like you'd hate to give up price in a digital marketplace or auction, like you never would.” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 marketplaces https://minutesof.com/q/513c9532-941f-4003-bc8b-99ed9fd817b3/ https://minutesof.com/q/513c9532-941f-4003-bc8b-99ed9fd817b3/ “Before OpenTable, you could not do that. You'd have to call each one of them, and so it unlocked a consumer value proposition that didn't exist.” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 marketplaces https://minutesof.com/q/61322fad-fe58-4032-b3d6-1b2d655b4bf8/ https://minutesof.com/q/61322fad-fe58-4032-b3d6-1b2d655b4bf8/ “I already knew in San Francisco that Uber was 20 x bigger than the taxi market.” — Bill Gurley, Bloomberg Podcasts Thu, 05 Mar 2026 01:47:37 +0000 marketplaces https://minutesof.com/q/634d2f2e-c752-4b65-8f72-e0eb7b468a28/ https://minutesof.com/q/634d2f2e-c752-4b65-8f72-e0eb7b468a28/ “And those funds that do that turn around and tell the LPs these are the foundations and the endowments that invest in these type of things. You know, these companies aren't going public anymore.” — Bill Gurley, Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 marketplaces https://minutesof.com/q/ae60960c-a694-44bf-b8d8-4994eeaf7e61/ https://minutesof.com/q/ae60960c-a694-44bf-b8d8-4994eeaf7e61/ “Someone thinks you're doing well and knocked on the door and is force feeding you money. And that is currently the way things happen.” — Bill Gurley, Young and Profiting Mon, 23 Feb 2026 11:01:05 +0000 marketplaces https://minutesof.com/q/4297f1a0-74f0-435f-ab4a-629e3773f052/ https://minutesof.com/q/4297f1a0-74f0-435f-ab4a-629e3773f052/ “I've always felt that if you're starting a business, the easiest way you could possibly get a customer, the first way the most ignorant person would assume to go get a customer would be to run a Google ad.” — Bill Gurley, Young and Profiting Mon, 23 Feb 2026 11:01:05 +0000 marketplaces https://minutesof.com/q/1e467aea-35c7-47e2-bbee-e2c6e297a62e/ https://minutesof.com/q/1e467aea-35c7-47e2-bbee-e2c6e297a62e/ “When you're in a bubbly time, and we may be right now with AI, people do silly things, things that don't usually work. They get very speculative.” — Bill Gurley, Young and Profiting Mon, 23 Feb 2026 11:01:05 +0000 marketplaces https://minutesof.com/q/60b72bce-4c3d-4330-a6a9-9d3a307862ce/ https://minutesof.com/q/60b72bce-4c3d-4330-a6a9-9d3a307862ce/ “One of the things that happens any time there's a technology wave is people get rich quick and then a whole bunch of people see people getting rich quick and they rush in.” — Bill Gurley, Young and Profiting Mon, 23 Feb 2026 11:01:05 +0000 marketplaces https://minutesof.com/q/6803df25-a6a8-4d80-9924-ba2cd86f9707/ https://minutesof.com/q/6803df25-a6a8-4d80-9924-ba2cd86f9707/ “There's a reality where a modern venture capitalist does not wanna take a meeting in anything on AI.” — Bill Gurley, Young and Profiting Mon, 23 Feb 2026 11:01:05 +0000 marketplaces https://minutesof.com/q/9b75fa0d-8ad6-42ba-a235-20a9aafeaf1b/ https://minutesof.com/q/9b75fa0d-8ad6-42ba-a235-20a9aafeaf1b/ “The way that an IPO's price is so god awful stupid. They pick who gets the stock and they pick the price.” — Bill Gurley, Tim Ferriss Wed, 17 Dec 2025 16:45:52 +0000 marketplaces https://minutesof.com/q/c1aea3fb-6acf-4f58-8123-7fc7ae1dbefa/ https://minutesof.com/q/c1aea3fb-6acf-4f58-8123-7fc7ae1dbefa/ “And there's another fact that you should know in North America, which is Visa and Mastercard have the two highest operating margin percentages in our markets total. Like, they're over 60%, and something's not right.” — Bill Gurley, BG2 Pod Wed, 27 Nov 2024 19:11:58 +0000 marketplaces https://minutesof.com/q/b2544452-e14d-41e8-b5c6-0c3f63852547/ https://minutesof.com/q/b2544452-e14d-41e8-b5c6-0c3f63852547/ “Every single fucking one of them were running on Oracle and Sun. And five years later, they were all running on Linux and MySQL, like in five years.” — Bill Gurley, BG2 Pod Sun, 13 Oct 2024 10:35:00 +0000 marketplaces https://minutesof.com/q/0fc4cd78-97e8-47f4-8bfb-7bd7d7401803/ https://minutesof.com/q/0fc4cd78-97e8-47f4-8bfb-7bd7d7401803/ “So there's no like Apple's not mad about this deal. They're very positively impacted by it.” — Bill Gurley, BG2 Pod Fri, 09 Aug 2024 00:27:40 +0000 marketplaces https://minutesof.com/q/709fd42c-9df4-4490-99a0-edfa9e399043/ https://minutesof.com/q/709fd42c-9df4-4490-99a0-edfa9e399043/ “Because there's going to be less friction and we're going to be able to use the tools that entrepreneurs know how to use to be successful.” — Bill Gurley, Qualia Wed, 01 May 2024 17:09:06 +0000 marketplaces https://minutesof.com/q/4b0546cc-d591-436e-af1a-910daadb06a6/ https://minutesof.com/q/4b0546cc-d591-436e-af1a-910daadb06a6/ “And I said, look, we just need to be on the lookout for someone doing this on top of black cars.” — Bill Gurley, Qualia Wed, 01 May 2024 17:09:06 +0000 marketplaces https://minutesof.com/q/4cb0be7b-8493-46f0-b365-c3be9a0bdc6c/ https://minutesof.com/q/4cb0be7b-8493-46f0-b365-c3be9a0bdc6c/ “And my my partner, Matt Cola, used to call this the remote control for your life. And we would talk about Uber as a one click ride.” — Bill Gurley, Qualia Wed, 01 May 2024 17:09:06 +0000 marketplaces https://minutesof.com/q/2f6d9efd-07a4-41e2-97c4-e8290a8d6361/ https://minutesof.com/q/2f6d9efd-07a4-41e2-97c4-e8290a8d6361/ “And then and then some of them end up in a place where they're actually reinforcing the bad stuff, you know, and making it worse.” — Bill Gurley, Qualia Wed, 01 May 2024 17:09:06 +0000 marketplaces https://minutesof.com/q/7f9ba262-567e-4b24-8251-3d6506ca9702/ https://minutesof.com/q/7f9ba262-567e-4b24-8251-3d6506ca9702/ “They had the the the kind of detour into home buying or iBuying, which is refreshing. They had exited by the time I came back. So, yeah. So there's a lot going on.” — Bill Gurley, Qualia Wed, 01 May 2024 17:09:06 +0000 marketplaces https://minutesof.com/q/060ae2c0-40b0-4edf-ba65-806ffed62d77/ https://minutesof.com/q/060ae2c0-40b0-4edf-ba65-806ffed62d77/ “It's arguable there are levels of increasing returns. Like, you could come up with some kind of scale or index because some of them are more linear and some of them can go exponential.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 marketplaces https://minutesof.com/q/80dca9f5-e119-4b87-9c83-6d615716b0b0/ https://minutesof.com/q/80dca9f5-e119-4b87-9c83-6d615716b0b0/ “When I push entrepreneurs to think about this and it gets to your increasing marginal utility, but I just say, as you penetrate a supplier base, one side of a marketplace, whatever, is the value proposition to the other side going up? And ideally, it would be going up exponentially, which is super hard.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 marketplaces https://minutesof.com/q/62b24a0f-0e61-4bda-a8c4-365eb2aef45c/ https://minutesof.com/q/62b24a0f-0e61-4bda-a8c4-365eb2aef45c/ “When I push entrepreneurs to think about this and it gets to your increasing marginal utility, but I just say, as you penetrate a supplier base, one side of a marketplace, whatever, is the value proposition to the other side going up?” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 marketplaces https://minutesof.com/q/3d5ca838-dbb0-4407-8b34-18ee9abb14f9/ https://minutesof.com/q/3d5ca838-dbb0-4407-8b34-18ee9abb14f9/ “And if you build it to peak, you're gonna have a bunch of very, very, very expensive CapEx sitting around doing nothing mostly.” — Bill Gurley, BG2 Pod Thu, 18 Apr 2024 17:23:12 +0000 marketplaces https://minutesof.com/q/9ea355ed-5fb5-484a-aa0d-ae69776d8aaa/ https://minutesof.com/q/9ea355ed-5fb5-484a-aa0d-ae69776d8aaa/ “If you build it to average, you're not gonna be able to serve your customers during the peak at all. Like, they're only gonna be disappointed.” — Bill Gurley, BG2 Pod Thu, 18 Apr 2024 17:23:12 +0000 marketplaces https://minutesof.com/q/8c3bb54f-001d-40cd-b503-d91e6aa4bf9d/ https://minutesof.com/q/8c3bb54f-001d-40cd-b503-d91e6aa4bf9d/ “You're not going to get to the same revenue per visit with a transaction model that you do with the ad model, because you already mentioned CAC TV.” — Bill Gurley, BG2 Pod Thu, 08 Feb 2024 19:35:00 +0000 marketplaces https://minutesof.com/q/0b2cf90f-177f-42e1-89ce-6875dffa6e4f/ https://minutesof.com/q/0b2cf90f-177f-42e1-89ce-6875dffa6e4f/ “And one day I showed up early for a board meeting and and the CFO comes to me and he says, Bill, I'm I'm gonna quit.” — Bill Gurley, Tim Ferriss Thu, 26 Jan 2023 19:45:00 +0000 marketplaces https://minutesof.com/q/5834e02b-5116-49b3-8aec-6e2d797860c7/ https://minutesof.com/q/5834e02b-5116-49b3-8aec-6e2d797860c7/ “Like, night and day, like, 20 to one. Wasn't even close. And in fact, it was so ridiculous.” — Bill Gurley, Tim Ferriss Thu, 26 Jan 2023 19:45:00 +0000 marketplaces https://minutesof.com/q/e3e37f10-6b7e-427a-893d-62e6ea783818/ https://minutesof.com/q/e3e37f10-6b7e-427a-893d-62e6ea783818/ “I think it's a fundamental question if that term weren't in the DAO or if instead it said the community will never rake a transaction, what would that do to the value of Uniswap?” — Bill Gurley, Invest Like the Best Tue, 07 Dec 2021 09:00:00 +0000 marketplaces https://minutesof.com/q/de31649a-67d7-4397-a2f4-9c8a48648cec/ https://minutesof.com/q/de31649a-67d7-4397-a2f4-9c8a48648cec/ “And so if you build the right incentive structure around your tokenization, that could be a massive advantage to an on ramp, especially if you're able to get your currency to appreciate over time.” — Bill Gurley, Invest Like the Best Tue, 07 Dec 2021 09:00:00 +0000 marketplaces https://minutesof.com/q/979f3803-4c5b-4227-af40-53d57a53a667/ https://minutesof.com/q/979f3803-4c5b-4227-af40-53d57a53a667/ “There's a ton of people that are thinking about tokenization and how that intersects with a marketplace company or a UGC company and a game company.” — Bill Gurley, Invest Like the Best Tue, 07 Dec 2021 09:00:00 +0000 marketplaces https://minutesof.com/q/a407ae36-8674-4b5a-9480-5c6893f9ef43/ https://minutesof.com/q/a407ae36-8674-4b5a-9480-5c6893f9ef43/ “The creators were cashing out a 100,000,000 a year last time I had access to the number. So Philip gave the GMV, but they were taking out a 100,000,000.” — Bill Gurley, Invest Like the Best Tue, 07 Dec 2021 09:00:00 +0000 marketplaces https://minutesof.com/q/f5ca9abd-574e-4071-88d1-8e874d30f95a/ https://minutesof.com/q/f5ca9abd-574e-4071-88d1-8e874d30f95a/ “If I made a list of 25 things that I think inhibited us from getting to a higher place, I don't think I'd put decentralization on that list.” — Bill Gurley, Invest Like the Best Tue, 07 Dec 2021 09:00:00 +0000 marketplaces https://minutesof.com/q/ab9ae27d-de5b-413e-b639-e412df314ecf/ https://minutesof.com/q/ab9ae27d-de5b-413e-b639-e412df314ecf/ “One, primitives are simpler. And so the creator tools at Second Life, you could do amazing rich things, but they were a little harder to use.” — Bill Gurley, Invest Like the Best Tue, 07 Dec 2021 09:00:00 +0000 marketplaces https://minutesof.com/q/83098a01-2198-4e9a-b875-b25fbc1963e5/ https://minutesof.com/q/83098a01-2198-4e9a-b875-b25fbc1963e5/ “I think the company went from 0 to 70,000,000 in revenue in less than eighteen months. And so you had this vision and excitement about what was possible.” — Bill Gurley, Invest Like the Best Tue, 07 Dec 2021 09:00:00 +0000 marketplaces https://minutesof.com/q/89241e59-4356-4bd2-9765-883dcb35bb15/ https://minutesof.com/q/89241e59-4356-4bd2-9765-883dcb35bb15/ “The the ability to match as I was talking about earlier like the ability to match skill type with need goes up, you know, two orders of magnitude when you just open it up to everyone on the planet which is is a really good thing actually.” — Bill Gurley, Bloomberg Tech Wed, 25 Aug 2021 23:40:05 +0000 marketplaces https://minutesof.com/q/30ef34d0-0226-4622-a1e0-3c439c3fc688/ https://minutesof.com/q/30ef34d0-0226-4622-a1e0-3c439c3fc688/ “Freelance work is gonna explode because the Internet's allowing people with any passion, any special interest to to be able to monetize that on their own time, on their own will.” — Bill Gurley, Bloomberg Tech Wed, 25 Aug 2021 23:40:05 +0000 marketplaces https://minutesof.com/q/b133d436-bc43-4c3a-8081-9a146e010e1c/ https://minutesof.com/q/b133d436-bc43-4c3a-8081-9a146e010e1c/ “You can't be a stay at home parent with shift work. You can't try and be an artist and meet supplemental income. You can't pay that.” — Bill Gurley, Bloomberg Tech Wed, 25 Aug 2021 23:40:05 +0000 marketplaces https://minutesof.com/q/ca221d99-2f8a-40c8-a203-309ca55e191c/ https://minutesof.com/q/ca221d99-2f8a-40c8-a203-309ca55e191c/ “if if if these writer drivers wanted shift work, there's unbelievable opportunity out there right now. Amazon's paying $3,000 for you to become a shift worker.” — Bill Gurley, Bloomberg Tech Wed, 25 Aug 2021 23:40:05 +0000 marketplaces https://minutesof.com/q/119cebc1-d2df-4d7b-a60e-9e4af73c108a/ https://minutesof.com/q/119cebc1-d2df-4d7b-a60e-9e4af73c108a/ “Uber also competes with DD internationally. And so whether or not this affects DD's ability to be competitive is a different force that could impact Uber's valuation.” — Bill Gurley, CNBC Television Fri, 09 Jul 2021 16:31:30 +0000 marketplaces https://minutesof.com/q/b56c148f-94f7-44cf-9677-28185484eb9a/ https://minutesof.com/q/b56c148f-94f7-44cf-9677-28185484eb9a/ “We have about eight investments in different verticals with these type of talent marketplaces. And so I I think a rising tide's gonna lift all the boats here.” — Bill Gurley, CNBC Television Fri, 09 Jul 2021 16:31:30 +0000 marketplaces https://minutesof.com/q/b56c148f-94f7-44cf-9677-28185484eb9a/ https://minutesof.com/q/b56c148f-94f7-44cf-9677-28185484eb9a/ “We have about eight investments in different verticals with these type of talent marketplaces. And so I I think a rising tide's gonna lift all the boats here.” — Bill Gurley, CNBC Television Fri, 09 Jul 2021 16:31:30 +0000 marketplaces https://minutesof.com/q/7480a580-edb6-4f35-adce-4ae831130de2/ https://minutesof.com/q/7480a580-edb6-4f35-adce-4ae831130de2/ “The the the app tells you exactly where to go. The app teaches you how to do the job better before you actually show up. Quality goes up.” — Bill Gurley, CNBC Television Fri, 09 Jul 2021 16:31:30 +0000 marketplaces https://minutesof.com/q/27bcda42-4fc6-4702-b4a1-22aeb2bca405/ https://minutesof.com/q/27bcda42-4fc6-4702-b4a1-22aeb2bca405/ “The the the app tells you exactly where to go. The app teaches you how to do the job better before you actually show up.” — Bill Gurley, CNBC Television Fri, 09 Jul 2021 16:31:30 +0000 marketplaces https://minutesof.com/q/ea43ecd9-3c10-467a-a69a-398a8b9c1251/ https://minutesof.com/q/ea43ecd9-3c10-467a-a69a-398a8b9c1251/ “People have talked about kind of, you know, the opening up of LinkedIn where people go into more specific verticals and are able to drive better outcomes, real work opportunities right away.” — Bill Gurley, CNBC Television Fri, 09 Jul 2021 16:31:30 +0000 marketplaces https://minutesof.com/q/5e82bc0b-b35a-4329-9037-428df27d8267/ https://minutesof.com/q/5e82bc0b-b35a-4329-9037-428df27d8267/ “We are actually a lead investor in Upwork. Hayden Brown's done an amazing job there the past couple of years. And we see this as a big, big opportunity.” — Bill Gurley, CNBC Television Fri, 09 Jul 2021 16:31:30 +0000 marketplaces https://minutesof.com/q/1ec9e916-f03e-4fa1-98e7-41fa7464dd40/ https://minutesof.com/q/1ec9e916-f03e-4fa1-98e7-41fa7464dd40/ “We are actually a lead investor in Upwork. Hayden Brown's done an amazing job there the past couple of years.” — Bill Gurley, CNBC Television Fri, 09 Jul 2021 16:31:30 +0000 marketplaces https://minutesof.com/q/34a66b21-08cd-4cb8-b5b6-80047409236f/ https://minutesof.com/q/34a66b21-08cd-4cb8-b5b6-80047409236f/ “I think over the past three or four years, mainly because of the power of Google and Facebook that a lot of people have come to tell themselves that consumers over.” — Bill Gurley, CNBC Television Wed, 12 May 2021 16:26:01 +0000 marketplaces https://minutesof.com/q/dd503956-1576-48c7-905f-de3208660ae4/ https://minutesof.com/q/dd503956-1576-48c7-905f-de3208660ae4/ “And I said, well, what does Airbnb have to accomplish to earn out this valuation that it has?” — Bill Gurley, CNBC Television Wed, 12 May 2021 16:26:01 +0000 marketplaces https://minutesof.com/q/f4d0930f-5e4c-4e26-8bfa-0539525e3f87/ https://minutesof.com/q/f4d0930f-5e4c-4e26-8bfa-0539525e3f87/ “it's now known that 64% of their revenue comes from options trading. And so the company wants you to believe and and goes on public television and claims that their mission is to democratize investing.” — Bill Gurley, Bloomberg Tech Sat, 06 Feb 2021 00:47:45 +0000 marketplaces https://minutesof.com/q/602fa280-7fae-47de-9b0b-a6ed3e61c7d9/ https://minutesof.com/q/602fa280-7fae-47de-9b0b-a6ed3e61c7d9/ “They sell that order to six different companies that they work with who are really their customers.” — Bill Gurley, Bloomberg Tech Sat, 06 Feb 2021 00:47:45 +0000 marketplaces https://minutesof.com/q/8ca7d641-97de-45b4-b1e8-0c8f29be3965/ https://minutesof.com/q/8ca7d641-97de-45b4-b1e8-0c8f29be3965/ “Let's let supply and demand matching, which, you know, unfortunately have been available order matching systems for for over twenty years.” — Bill Gurley, CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 marketplaces https://minutesof.com/q/6fc63c29-d900-4e0e-8fc6-7887dfe6caa3/ https://minutesof.com/q/6fc63c29-d900-4e0e-8fc6-7887dfe6caa3/ “One is, you know, 5,000,000 people committed to being drivers during the lowest unemployment in our lifetime.” — Bill Gurley, Bloomberg Tech Fri, 16 Oct 2020 00:08:57 +0000 marketplaces https://minutesof.com/q/b649059b-4589-4b5e-b7ef-eace447aca98/ https://minutesof.com/q/b649059b-4589-4b5e-b7ef-eace447aca98/ “We have a wonderful new age alternative called the direct listing that just matches supply and demand.” — Bill Gurley, Bloomberg Tech Fri, 16 Oct 2020 00:08:57 +0000 marketplaces https://minutesof.com/q/90c31104-2ec8-4b22-83e5-34db4f08d12c/ https://minutesof.com/q/90c31104-2ec8-4b22-83e5-34db4f08d12c/ “And I don't remember the exact number, but he said something like 90. And having worked with Nordstrom at nordstrom.com, I knew the industry standard was like half that, like 45.” — Bill Gurley, Invest Like the Best Fri, 13 Mar 2020 09:30:00 +0000 marketplaces https://minutesof.com/q/ff56711a-346e-4bbd-86a0-abe33e996a33/ https://minutesof.com/q/ff56711a-346e-4bbd-86a0-abe33e996a33/ “And as a result, you know, I think there were network effects, but nowhere in the history of OpenTable success story does anyone read two companies went out of business, but that's what happened.” — Bill Gurley, Invest Like the Best Fri, 13 Mar 2020 09:30:00 +0000 marketplaces https://minutesof.com/q/feb9c1b1-ad2e-49d6-aec1-12412cc95c0a/ https://minutesof.com/q/feb9c1b1-ad2e-49d6-aec1-12412cc95c0a/ “If you put in a bid at $380.01 from a Robinhood account and they open at 38, you're filled. That is absolutely not true in the IPO process.” — Bill Gurley, CNBC Television Wed, 02 Oct 2019 17:35:22 +0000 marketplaces https://minutesof.com/q/63af2351-00a9-43a5-9a0f-9d2578277d46/ https://minutesof.com/q/63af2351-00a9-43a5-9a0f-9d2578277d46/ “Yeah, the flow of cash and the competition and how that money is being used.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 marketplaces https://minutesof.com/q/38b115fe-c11a-473c-a864-6d6791272a27/ https://minutesof.com/q/38b115fe-c11a-473c-a864-6d6791272a27/ “It turns out that if you get just 5% of the supply, the value you provide in customer is no different than if you get 95% of the supply.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 marketplaces https://minutesof.com/q/f3c1ba3f-c333-420c-87fa-540b058ae842/ https://minutesof.com/q/f3c1ba3f-c333-420c-87fa-540b058ae842/ “Rather than say don't work, let's say didn't show signs of a network effect was Mechanical Turk that Amazon built, which was a labor marketplace for perfunctory work that could be pushed over the internet.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 marketplaces https://minutesof.com/q/49377f0b-d375-4389-9007-0ff0cdb18b25/ https://minutesof.com/q/49377f0b-d375-4389-9007-0ff0cdb18b25/ “So I one day I'll have to write a definition of it, but I call it liquidity quality. And I tell entrepreneurs I care way more about that than I do how broad you are.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 marketplaces https://minutesof.com/q/e7b7f852-b373-4c1e-9b6c-a4da6fb14935/ https://minutesof.com/q/e7b7f852-b373-4c1e-9b6c-a4da6fb14935/ “And I've come up with this phrase I use internally that I made up. So I one day I'll have to write a definition of it, but I call it liquidity quality.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 marketplaces https://minutesof.com/q/07becb42-0cc5-4f1f-8a17-9e9b93b04269/ https://minutesof.com/q/07becb42-0cc5-4f1f-8a17-9e9b93b04269/ “And if you took 90% of the entrepreneurs that have been to business school and understand scaling, it drives them nuts.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 marketplaces https://minutesof.com/q/a56186b6-d462-43bd-b39f-ac47e9b1e825/ https://minutesof.com/q/a56186b6-d462-43bd-b39f-ac47e9b1e825/ “If it's a two sided network, you could build one for the value to the supplier, one for the value to the consumer. On the x axis is your penetration into the market.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 marketplaces https://minutesof.com/q/c6d4077e-f762-4852-bb54-2b5c7d030bf7/ https://minutesof.com/q/c6d4077e-f762-4852-bb54-2b5c7d030bf7/ “Like what's the value of an incremental member joining LinkedIn? It's probably less than what the value of the 10,000 person that joined LinkedIn. And so there are many, many, many nuances.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 marketplaces https://minutesof.com/q/0a37b963-304d-4359-a925-0b2554335b04/ https://minutesof.com/q/0a37b963-304d-4359-a925-0b2554335b04/ “Like what's the value of an incremental member joining LinkedIn? It's probably less than what the value of the 10,000 person that joined LinkedIn.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 marketplaces https://minutesof.com/q/bb2f76dd-5ef0-47c1-bee6-293a75393251/ https://minutesof.com/q/bb2f76dd-5ef0-47c1-bee6-293a75393251/ “So you can put us up against anyone, Nordstrom's, Macy's, any of these players, and I am certain that we know 10 x more about our customers and even 10 x more about the merchandise.” — Bill Gurley, Bloomberg Television Fri, 17 Nov 2017 19:47:21 +0000 marketplaces https://minutesof.com/q/598ea86e-f9de-4415-81e7-39e72f773907/ https://minutesof.com/q/598ea86e-f9de-4415-81e7-39e72f773907/ “Our head of algorithm says it's the ultimate recommendation engine because we don't even let you look at the choices. And that level of curation is something that's highly unique,” — Bill Gurley, Bloomberg Television Fri, 17 Nov 2017 19:47:21 +0000 marketplaces https://minutesof.com/q/92c4b837-2d20-40ea-b1ac-886831d8c170/ https://minutesof.com/q/92c4b837-2d20-40ea-b1ac-886831d8c170/ “We try and learn as much as we can about the individual, and then we use machine learning and collaborative filtering, a whole bunch of algorithms that helps of our stylists, and we deliver something to you that you haven't even seen yet.” — Bill Gurley, Bloomberg Television Fri, 17 Nov 2017 19:47:21 +0000 marketplaces https://minutesof.com/q/9a9943e8-12c5-4f8e-b1ed-627e337b5305/ https://minutesof.com/q/9a9943e8-12c5-4f8e-b1ed-627e337b5305/ “It's extremely dangerous because the the laws of most, marketplaces doesn't exist. You know, there's not a simple gravity. There's forces in five different directions.” — Bill Gurley, CNBC Fri, 17 Nov 2017 18:49:28 +0000 marketplaces https://minutesof.com/q/9a9943e8-12c5-4f8e-b1ed-627e337b5305/ https://minutesof.com/q/9a9943e8-12c5-4f8e-b1ed-627e337b5305/ “It's extremely dangerous because the the laws of most, marketplaces doesn't exist. You know, there's not a simple gravity. There's forces in five different directions.” — Bill Gurley, CNBC Fri, 17 Nov 2017 18:49:28 +0000 marketplaces https://minutesof.com/q/93677467-c4c2-4543-b430-573e0f7bc154/ https://minutesof.com/q/93677467-c4c2-4543-b430-573e0f7bc154/ “looking at health care, and it's extremely dangerous. It's extremely dangerous because the the laws of most, marketplaces doesn't exist. You know, there's not a simple gravity.” — Bill Gurley, CNBC Fri, 17 Nov 2017 18:49:28 +0000 marketplaces https://minutesof.com/q/93677467-c4c2-4543-b430-573e0f7bc154/ https://minutesof.com/q/93677467-c4c2-4543-b430-573e0f7bc154/ “looking at health care, and it's extremely dangerous. It's extremely dangerous because the the laws of most, marketplaces doesn't exist. You know, there's not a simple gravity.” — Bill Gurley, CNBC Fri, 17 Nov 2017 18:49:28 +0000 marketplaces https://minutesof.com/q/cfdb898a-cf36-4f85-92f2-d3c406a2f12b/ https://minutesof.com/q/cfdb898a-cf36-4f85-92f2-d3c406a2f12b/ “In order to be successful and powerful in these types of areas, you need huge datasets, and you need them on both sides so that you can do the matching.” — Bill Gurley, CNBC Fri, 17 Nov 2017 18:49:28 +0000 marketplaces https://minutesof.com/q/9cc2263c-07af-4d63-8f3d-c4d9a64cca09/ https://minutesof.com/q/9cc2263c-07af-4d63-8f3d-c4d9a64cca09/ “So regulation protects the incumbent, it makes it very hard for an entrepreneur to break in, and some of the stuff like Uber saw in Miami, there was a rule that, in several governments they had written rules that you couldn't have a car show up within a two hour window of when it was ordered.” — Bill Gurley, This Week in Startups Fri, 07 Apr 2017 23:27:51 +0000 marketplaces https://minutesof.com/q/e55bf501-13f5-4c22-8822-a701173976cc/ https://minutesof.com/q/e55bf501-13f5-4c22-8822-a701173976cc/ “Our product required Yeah, PO and approval of the CEO for a less strategic function in his company, right? And so, know, learning learning moment.” — Bill Gurley, This Week in Startups Fri, 07 Apr 2017 23:27:51 +0000 marketplaces https://minutesof.com/q/3bcf1ebf-e587-4ada-8508-f356465c2082/ https://minutesof.com/q/3bcf1ebf-e587-4ada-8508-f356465c2082/ “the sales executive has a green light on any purchase in a company. The HR executive does not. They had a product where you could put it on a credit card.” — Bill Gurley, This Week in Startups Fri, 07 Apr 2017 23:27:51 +0000 marketplaces https://minutesof.com/q/13d6311d-9294-4d95-b6f0-f6474e46141a/ https://minutesof.com/q/13d6311d-9294-4d95-b6f0-f6474e46141a/ “It's also highly likely that three of them are going be in the Silicon Valley. And then the rest are in China.” — Bill Gurley, VivaTech Wed, 13 Jul 2016 11:33:12 +0000 marketplaces https://minutesof.com/q/332060d1-81ce-42c9-ae1d-0903a2aea65d/ https://minutesof.com/q/332060d1-81ce-42c9-ae1d-0903a2aea65d/ “And so the single biggest indicator for us is that the capital being burned in the market so this is usually on headcount, mostly people, not hard assets is breaking all the prior records of 'ninety nine, two thousand.” — Bill Gurley, VivaTech Wed, 13 Jul 2016 11:33:12 +0000 marketplaces https://minutesof.com/q/b996fa00-4361-4706-bdc8-b3caac4b4df4/ https://minutesof.com/q/b996fa00-4361-4706-bdc8-b3caac4b4df4/ “And the gap that's been widening between the money that's been given versus the money that's been returned in liquidity is record levels.” — Bill Gurley, VivaTech Wed, 13 Jul 2016 11:33:12 +0000 marketplaces https://minutesof.com/q/3b4c0cef-76e9-4b41-8ded-aaf68614ba96/ https://minutesof.com/q/3b4c0cef-76e9-4b41-8ded-aaf68614ba96/ “So we have 140 companies, 150 companies that have valuations that I think wouldn't sustain in the public market.” — Bill Gurley, VivaTech Wed, 13 Jul 2016 11:33:12 +0000 marketplaces https://minutesof.com/q/49b9f2d0-945d-4f92-b10b-b4fdd4b867a6/ https://minutesof.com/q/49b9f2d0-945d-4f92-b10b-b4fdd4b867a6/ “And I think what we see right now is a almost Bernie Madoff like dynamic where capital comes in, it gets marked up without any public scrutiny, unaudited financials.” — Bill Gurley, VivaTech Wed, 13 Jul 2016 11:33:12 +0000 marketplaces https://minutesof.com/q/e71e6958-d091-42e8-8dfa-4e4e94589810/ https://minutesof.com/q/e71e6958-d091-42e8-8dfa-4e4e94589810/ “The most fascinating thing for me is that for basically eighty years, we grossly underestimated the demand for transportation services. And we limited it at a city government level with the taxi medallion.” — Bill Gurley, SXSW Fri, 20 Mar 2015 17:13:49 +0000 marketplaces https://minutesof.com/q/1c69ece4-c7bd-48ec-bbf1-91cf622cf4d9/ https://minutesof.com/q/1c69ece4-c7bd-48ec-bbf1-91cf622cf4d9/ “There's about 300,000 Uber drivers right now and they're adding it right now at a pace of 50,000 a month. That's on a global basis.” — Bill Gurley, SXSW Fri, 20 Mar 2015 17:13:49 +0000 marketplaces https://minutesof.com/q/c774fb6a-9cf3-42f1-a242-8317d78829f1/ https://minutesof.com/q/c774fb6a-9cf3-42f1-a242-8317d78829f1/ “Lifetime value model, where people say, as long as we're paying below our lifetime value, cost of capital. But the numbers can be run-in a whole bunch of different ways.” — Bill Gurley, TechCrunch Mon, 29 Apr 2013 15:27:35 +0000 marketplaces https://minutesof.com/q/4eee559f-d4d7-4378-97da-714fab56e7c9/ https://minutesof.com/q/4eee559f-d4d7-4378-97da-714fab56e7c9/ “I would say the majority of our companies that serve some type of local marketplace are spending half of their R and D dollars on the B2B side of equation, the stuff you wouldn't see on the consumer side.” — Bill Gurley, SVTV Mon, 17 Dec 2012 16:59:38 +0000 marketplaces https://minutesof.com/q/6af5c231-e059-4373-89f4-6e5faf77f4e4/ https://minutesof.com/q/6af5c231-e059-4373-89f4-6e5faf77f4e4/ “If you go back ten years and you want to do something that touches all the suppliers or all the workers in a given industry, you have to basically build, spec build embedded devices, right?” — Bill Gurley, SVTV Mon, 17 Dec 2012 16:59:38 +0000 marketplaces https://minutesof.com/q/e552184b-0985-4b3c-b7fc-66ebf5bba2da/ https://minutesof.com/q/e552184b-0985-4b3c-b7fc-66ebf5bba2da/ “One guy, one founder and Amazon reported, you know, no one knows the exact number but I've heard anywhere from 40 to $70,000,000 for a single guy.” — Bill Gurley, GigaOm Fri, 14 Dec 2012 18:03:42 +0000 marketplaces https://minutesof.com/q/e62c07e2-423e-4543-9cbb-49b9043a05f6/ https://minutesof.com/q/e62c07e2-423e-4543-9cbb-49b9043a05f6/ “You're not going to go install 700 embedded systems designs in every car and the wireless and build the contracts. You're not going to do all that.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 18:06:49 +0000 marketplaces https://minutesof.com/q/c030be65-a045-42b2-8550-bd812dfa21ee/ https://minutesof.com/q/c030be65-a045-42b2-8550-bd812dfa21ee/ “Lot of my marketplace companies that I'm working with are spending as much R and D money on systems, workflow systems for the supplier side as they are on the consumer side.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 18:06:49 +0000 marketplaces https://minutesof.com/q/fbce7284-ad6a-49c6-bef3-66646ce7e74f/ https://minutesof.com/q/fbce7284-ad6a-49c6-bef3-66646ce7e74f/ “You'd never done it before. And then a few weeks ago, we released a product called track your grub.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 18:06:49 +0000 marketplaces https://minutesof.com/q/39503d34-75bd-4036-935e-bc7aa258cce7/ https://minutesof.com/q/39503d34-75bd-4036-935e-bc7aa258cce7/ “I think that creates, I think it should create a rather healthy M and A market, but I also think it helps create opportunities because you know, you look at the Yelp and OpenTable integration with Apple, you know, if there were only one monolith and there weren't five, that probably doesn't happen.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 18:06:49 +0000 marketplaces https://minutesof.com/q/1019a4c5-9f84-48ca-8310-4140a5e5cffc/ https://minutesof.com/q/1019a4c5-9f84-48ca-8310-4140a5e5cffc/ “we have a number of investments from Yelp to OpenTable to Zillow to Grubhub to UberCab, where all these companies build this technology to connect these small businesses, and we're seeing unbelievable interest from these small businesses in in being online and having an online presence.” — Bill Gurley, Bloomberg Originals Fri, 23 Mar 2012 16:15:50 +0000 marketplaces https://minutesof.com/q/27bf88ff-f7f6-4f53-be44-230ed6cfa76a/ https://minutesof.com/q/27bf88ff-f7f6-4f53-be44-230ed6cfa76a/ “Once it's in the cloud, they connect to Zillow, they connect to rent.com, they push the listings out, they communicate with the end user of the apartment, and so this workflow that starts to be connected from the cloud to the small business, to the consumer, to the smartphone app, that's all white space in a bunch of different verticals.” — Bill Gurley, Bloomberg Originals Fri, 23 Mar 2012 16:15:50 +0000 marketplaces https://minutesof.com/q/5cf50bae-8dce-47e1-835a-ee420499c119/ https://minutesof.com/q/5cf50bae-8dce-47e1-835a-ee420499c119/ “Grubhub is a great example. Grubhub? You probably haven't heard of this company. It's one of our investments.” — Bill Gurley, Bloomberg Originals Fri, 23 Mar 2012 16:15:50 +0000 marketplaces https://minutesof.com/q/3cea8659-1720-4c1c-8fc9-7f66bdb3aa49/ https://minutesof.com/q/3cea8659-1720-4c1c-8fc9-7f66bdb3aa49/ “So if we see a Facebook or a Google offering a much lower rake to participate, I think it's inevitable that they have better offers.” — Bill Gurley, Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 marketplaces https://minutesof.com/q/81072470-5f7d-4010-825d-69979c0b10fc/ https://minutesof.com/q/81072470-5f7d-4010-825d-69979c0b10fc/ “In other words if you had a casino on one side of the street that took a 50% rake and another one on the other that took a 10% rake, eventually all the customers are gonna go to where the rake's 10%. Right?” — Bill Gurley, Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 marketplaces https://minutesof.com/q/e31d75c1-2b6a-42a0-948e-2888eed41196/ https://minutesof.com/q/e31d75c1-2b6a-42a0-948e-2888eed41196/ “The thing that strikes me about the deal business is that the value to the customer is a direct function of the rake of the platform or the margin the platform maker takes.” — Bill Gurley, Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 marketplaces https://minutesof.com/q/b368dffc-4628-48d5-823f-b0c5ebcefd80/ https://minutesof.com/q/b368dffc-4628-48d5-823f-b0c5ebcefd80/ “Skype never ran ads. OpenTable never ran ads. Linkedin doesn't run ads. People that are having to spend heavily on marketing are basically renting or borrowing customers.” — Bill Gurley, Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 marketplaces https://minutesof.com/q/6739783b-4e15-4875-bc06-8b7bdf592788/ https://minutesof.com/q/6739783b-4e15-4875-bc06-8b7bdf592788/ “Google never ran marketing ads, you know, in its day to get to get big. Skype never ran ads. OpenTable never ran ads. Linkedin doesn't run ads.” — Bill Gurley, Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 marketplaces https://minutesof.com/q/f8cc7cc3-b22e-41dd-b39d-38c99d6d7e62/ https://minutesof.com/q/f8cc7cc3-b22e-41dd-b39d-38c99d6d7e62/ “Any company that's spending heavily on marketing to drive people in, that's just a far different value proposition than someone who has a product that's so good that everyone comes to it.” — Bill Gurley, Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 marketplaces https://minutesof.com/q/be64aa0b-ac89-425a-98c8-c96afd8fb140/ https://minutesof.com/q/be64aa0b-ac89-425a-98c8-c96afd8fb140/ “One that one that I think people really should focus on is where, especially for these Internet businesses, is whether traffic is organic or bought.” — Bill Gurley, Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 marketplaces