A Quote by Aaron Patzer
Kevin Systrom of Instagram used to work for us as a consultant in the early days of Mint. I knew him a long time ago. Maybe I could have gotten in there. But with photo sharing, I don't know if there's an obvious business model. I don't think there's a competitive, sustainable advantage.
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If you think about photo sharing sites, the mobile photo sharing and social, there's no competitive advantage, there's no obvious business model, so I never play with anything like that. I avoid it like the plague.
I understood early on that I was not the best-looking girl in the room. But I knew my advantage was a hard work ethic and I was ambitious: I knew I could be a great model.
I didn't know how to check other people's feeds. When I started Instagram, it was just me posting! But then at some point, like eight months ago, I realized I could see what other people were sharing. It was so exciting and so fun, but it was like I'd already gotten into the rhythm of sharing and not worrying about what it was like compared to other accounts. I think that was kind of protective, in a way.
It's not a long-term business model to take advantage of your consumers in ways that are not sustainable.
In May of 2010, I joined Kevin Systrom, my co-founder, and we created 'Instagram', a mobile social network that today has over 15 million users.
Not long ago, the term 'business model' was not exactly on the tip of everyone's tongue. Then, in the early to mid-1990s, 'business model' became a catchphrase that described how a company makes money or saves money.
Calling 'Instagram' a photo-sharing app is like calling a newspaper a letter-sharing book, or a Mozart grand era symphony a series of notes. 'Instagram' is less about the medium and more about the network.
I like Daniel Craig. I worked with him on 'Sharpe,' one of the very early ones, maybe the second one we did - 'Sharpe's Revenge?' A long, long time ago, and he was good in that then.
The fundamental basis of above-average performance in the long run is sustainable competitive advantage.
I've never changed my approach to acting. I've always felt like I've gotten better. I think that all of us can get better. I feel like, in my acting, I'm better than I was three pictures ago. I think about it. I'm a slow study. It takes me a long time to grasp the material, in order to perform it. But when I come to the set, on the first day, I know the whole movie. That's why I have to start early.
I think, cumulatively, I probably have done more photo sessions than just about everyone. Maybe as much as a supermodel. I know they model all the time, but have they done it for 35 years? I don't think so.
Way back in 2008, when the iPhone was new and Instagram was a gleam in Kevin Systrom's eye, I was involved in creating a service called CrowdFire. It was a way for fans at a festival (the first was Outside Lands) to share photos, tweets, and texts in a location and event specific way.
HAPA was like mint. You could rip it up, and six months later, it was back, healthier than ever. Mint smelled better, though, and you could make juleps out of it. I don’t know what I could make out of HAPA. Compost, maybe.
Mint's business model became, 'We'll go for free, and then we'll find these savings opportunities for you.' You know, better interest rate on your credit cards, when should you consolidate your student loans, when does it mathematically make sense to refinance your mortgage, and Mint figures all that stuff out for you.
[In picking stocks] You really have to know a lot about business. You have to know a lot about competitive advantage. You have to know a lot about the maintainability of competitive advantage. You have to have a mind that quantifies things in terms of value. And you have to be able to compare those values with other values available in the stock market.
It's extremely hard to build a company with a product that everyone loves, is free and has no business model, and then to innovate a business model. I did that with Kazaa, had half a billion downloads but that wasn't a sustainable business.
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