MOMENTUM != MOAT

Summary from the TLDR Founders newsletter

An a16z partner just claimed momentum is the only moat that matters - get to $2M ARR in ten days or you're not interesting. Sounds exciting until you notice this mindset is poisoning an entire generation of companies. When billion-dollar funds only care about triple-digit growth rates, they're effectively declaring that 95% of successful business outcomes shouldn't exist. Wealthfront took 17 years to hit $308M revenue and $123M profit - that's a fantastic business, but to momentum investors it's a failure. The worse problem is that momentum attracts competition like blood in water. Legal AI, code gen, AI copywriters - every hot category now has five companies racing to $100M ARR while burning unsustainable amounts on compute and customer acquisition.