Chapter 2 · Startups as Investments

Business Models 101

SaaS, marketplaces, consumer apps, fintech. Each has its own shape. Different metrics matter, different risks turn up, different kinds of moat are even possible. Evaluate a marketplace with SaaS metrics and you'll get the answer wrong. So this one runs through the four models you'll see most often in venture and what 'good' actually looks like in each.