Harry Stebbings: "Moats" are BS — defensibility is built in increments
nikvassev · x · 2026-09-22
Investor Harry Stebbings argues "moats" are the most BS concept in startups: no moat exists at the start, and giants like Google, Apple and Meta can always "just build it." Defensibility is built in increments, and small, immensely focused teams can outpace the biggest companies. He tells investors to get over the moat obsession.
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