https://minutesof.com/on/network-effects/ Everyone on the record about network effects: 26 verbatim quotes from 2 people, April 2013 to August 2026, in one chronology, each with a timestamp and a… en Mon, 31 Aug 2026 13:18:08 +0000 https://minutesof.com/q/1eb4b408-38eb-4bf1-8e61-01bdef163820/ https://minutesof.com/q/1eb4b408-38eb-4bf1-8e61-01bdef163820/ “And he said, oh, no one gets more than 17% market share, all the businesses I've worked with. Because I believed in network effects, I was like, we're gonna get 99.” — Bill Gurley, BlackNova Productions Tue, 04 Aug 2026 07:34:54 +0000 network effects https://minutesof.com/q/1dad726e-c24d-496f-b737-c89aaf4ad012/ https://minutesof.com/q/1dad726e-c24d-496f-b737-c89aaf4ad012/ “value just means that the asset is underpriced relative to what you think it will be worth in the future.” — Bill Gurley, The Knowledge Project Podcast Tue, 09 Jun 2026 10:00:30 +0000 network effects 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 network effects 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 network effects 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 network effects 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 network effects 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 network effects https://minutesof.com/q/05dcc843-49c1-4ceb-baf7-17332adaebd0/ https://minutesof.com/q/05dcc843-49c1-4ceb-baf7-17332adaebd0/ “Then it's a competitive dynamic. Like once your company raises, you know, 200,000,000, 1,000,000,000, if you're in that market, you raise it too. And it does create chaos.” — Bill Gurley, BG2 Pod Mon, 29 Apr 2024 21:09:39 +0000 network effects https://minutesof.com/q/e7c90608-1736-448a-be2e-268cfcae2151/ https://minutesof.com/q/e7c90608-1736-448a-be2e-268cfcae2151/ “maybe the reason the magnificent seven exists, maybe the reason why those price wars went to where they did is just everyone got educated.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 network effects https://minutesof.com/q/0f693abc-7efe-457e-9260-6af19f3a948e/ https://minutesof.com/q/0f693abc-7efe-457e-9260-6af19f3a948e/ “I said to Michael one time, what if there were multiple players in an increasing returns game and they knew what the outcome was gonna look like? How would it affect their behavior?” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 network effects https://minutesof.com/q/d4a70966-50f8-49df-8b77-5537c0a1ec75/ https://minutesof.com/q/d4a70966-50f8-49df-8b77-5537c0a1ec75/ “the way that it worked for them and the way that the marginal customer ends up with more utility is if the threats are shared across a network, then if you belong to the biggest network, then you get the shared learning of everyone in that network, which lowers your threat exposure.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 network effects https://minutesof.com/q/961e648a-662c-46eb-8613-54c7bf600ac8/ https://minutesof.com/q/961e648a-662c-46eb-8613-54c7bf600ac8/ “But they posted a memo four years ago titled the CrowdStrike Security Cloud Network Effect.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 network effects 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 network effects 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 network effects 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 network effects 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 network effects 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 network effects https://minutesof.com/q/7521fcd3-90e3-4e74-9e69-15a5796b5ca9/ https://minutesof.com/q/7521fcd3-90e3-4e74-9e69-15a5796b5ca9/ “if I had to place a bet on whether someone that had 500,000,000 users on a digital place platform where people are communicating and that they might add avatars or some digital thing that makes it more immersive versus someone that built the perfect digital three d avatar immersive system but doesn't have the users yet?” — Bill Gurley, Invest Like the Best Tue, 07 Dec 2021 09:00:00 +0000 network effects https://minutesof.com/q/9141f9f1-6a64-4488-a667-afe5f1398d84/ https://minutesof.com/q/9141f9f1-6a64-4488-a667-afe5f1398d84/ “And if those jobs opportunities are now available via Zoom and you can be doing them from anywhere, are people still gonna choose to live in San Francisco?” — David Sacks, All-In Podcast Thu, 21 May 2020 05:17:29 +0000 network effects 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 network effects 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 network effects 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 network effects 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 network effects 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 network effects https://minutesof.com/q/f071c0a2-70e5-4597-a726-4bdd0f651f08/ https://minutesof.com/q/f071c0a2-70e5-4597-a726-4bdd0f651f08/ “And it turns out the majority of people don't know how, including really large companies like Apple and Google because it's really hard and it requires a lot of hand holding and hand stitching and building in place a network effect where the atoms start to bounce into one another.” — Bill Gurley, TechCrunch Mon, 29 Apr 2013 15:27:35 +0000 network effects https://minutesof.com/q/8935308d-6f2c-488f-b180-c89c9db67f49/ https://minutesof.com/q/8935308d-6f2c-488f-b180-c89c9db67f49/ “And it turns out the majority of people don't know how, including really large companies like Apple and Google” — Bill Gurley, TechCrunch Mon, 29 Apr 2013 15:27:35 +0000 network effects