Napkin Math

Profit and power in technology, every Tuesday and Thursday.

May 13, 2021

In Defense of WeWork’s Community-Adjusted EBITDA

Clarifying the murky middle ground between Gross Profits and Net Income

Aug 28, 2020

Uber and Lyft Live Once Again

What drivers think of AB 5, why it was written, and the pricing differences between services

Jul 28, 2021

Twilio’s Second Act

Twilio rode its API to a $66B valuation. Now it’s trying to become the Universal Switchboard for the internet.

Apr 3, 2024

The One-person Billion-dollar Company

Can AI agents make you a billionaire?

Feb 10, 2022

Is YC the Monopoly It Thinks It Is?

The Pricing Power Flex

Sep 5, 2024

Vibes-based Search

The next big disruption in software is here, and it understands what you’re looking for better than you do

Sep 24, 2024

The One-person Billion-dollar Company

Can AI agents make you a billionaire?

Jun 18, 2020

Explaining the Hertz Situation

A layman’s guide to bankruptcy

Apr 18, 2024

Don’t Dismiss the Apple Vision Pro

Apple has a hit on its hands. Will it seize the opportunity?

Aug 20, 2021

How a Climate Tech Startup Closed 5+ Enterprise Deals Before Even Launching

Remora, The Bureaucracy Buster

Apr 29, 2021

Gross Margin: An Indicator of Market Power

What America's Oldest Jeweler Can Teach Us About the Value of Bling

Nov 4, 2020

Can Political Betting Markets Predict Election Outcomes?

Polls and pundits don't do a good job of predicting election results. But what about prediction markets? In this post, we discuss what makes a good market and what could cause it to be wrong.

Apr 11, 2024

Can the Truly Moral Billionaire Please Stand Up?

My quest to find Jesus Christ with a Gulfstream

Feb 17, 2022

The Future of Netflix

When everyone’s a streamer, nobody is.

Oct 28, 2021

The Creator Power Scale: A Formula to Determine if Platforms are Ripping You Off

An examination of the Twitch Hack data

Sep 23, 2024

What Are AI Agents—And Who Profits From Them?

The newest wave of AI research is changing everything

May 15, 2024

Google Goes All In on AI

The company has every possible advantage, but can they use it?

Jan 7, 2021

My Favorite Company Deep Dives of 2020

Taking a look at the best companies deep dives of the past year, including posts on Fiverr/Upwork, Carta, Tyler Corporation, CostCo and more

Jul 9, 2021

Pricing Strategy is Product Strategy

How Technology Enables Companies to Charge More

Aug 6, 2024

Here’s a Million-dollar Software Idea

Welcoming the dawn of a new era in computing

Aug 12, 2022

A Tale Of Two Acquisitions

The Unity Conundrum

Oct 14, 2021

Who is Making Money in Space?

Exploring the SPAC Frontier

Aug 16, 2024

Feasting at the Trough of AI Slop

AI imagery is more popular, more powerful, and less harmful than you think

Apr 30, 2024

The AI Wars Have Begun

OpenAI, Meta, and the $120 billion battle for the future of intelligence