@geoffreyamoore iconic theory ‘Crossing the Chasm’ is great but incomplete. He effectively describes the ‘1st chasm’ - but there exists an even more challenging ‘2nd Chasm’ that many successful founders fall into. A thread 👇

Tech cos built in the last decade were built in an environment where capital was free. Most of these cos have been structured in a way that they’ll always lose money — and most won’t be able to change. There will be a lot of orphan software public cos in the near future.