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Why We Shouldn’t Worry About the Declining Number of Public Companies

Harvard Business Review

Such acquisitions become more lucrative with rising first-mover advantages, pace of technological development, and network externality. Consider Yahoo and Whatsapp, which were acquired by Verizon and Facebook, respectively, in multi-billion-dollar deals.

IPO 11
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Strategic Choices Need to Be Made Simultaneously, Not Sequentially

Harvard Business Review

It turned out that Uber’s How to Win had a lot to do with building a first-mover advantage in markets like the U.S.; when Uber was a late entrant, the Where to Play wasn’t a simple extension, and it exited after losing convincingly to first mover Didi.