Napkin Math

Business breakdowns, by the numbers.

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Napkin Math

What the hell is going on with Lambda School?

The complicated business of selling social good

44 🔒 Jan 6, 2022 by Evan Armstrong

Napkin Math

The primary trends I’m investing in next year

Inflation, web3, embedded fintech, investing in people, and the newsletter winter that is coming

101 Dec 16, 2021 by Evan Armstrong

Napkin Math

Investing on Instinct

Why the best deals are done with no data at all

47 🔒 Dec 1, 2021 by Evan Armstrong

Napkin Math

How Do You Compete with Free?

Notion: The Embattled Artist

48 🔒 Nov 24, 2021 by Evan Armstrong

Napkin Math

iBuy, iRent, iLose My Investors Money

The Murky Future of American Housing

15 🔒 Nov 19, 2021 by Evan Armstrong

Napkin Math

Top 12 Creator Platforms—Ranked

Who has the brawn to capture creator’s profit?

5 🔒 Nov 13, 2021 by Evan Armstrong

Napkin Math

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

An examination of the Twitch Hack data

16 🔒 Oct 28, 2021 by Evan Armstrong

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Who is Making Money in Space?

Exploring the SPAC Frontier

7 🔒 Oct 14, 2021 by Evan Armstrong and Ryan Duffy

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The End of Software, Again

The impending doom of horizontal SaaS

8 🔒 Oct 7, 2021 by Evan Armstrong

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NFT Projects are just MLMs for Tech Elites

A somewhat impartial review of current NFT business models

50 Sep 30, 2021 by Evan Armstrong

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Toast—a Vision of Software’s Future

Hints to why their shares popped 60% in their first day

13 Sep 23, 2021 by Evan Armstrong

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Tech stocks’ favorite lie to investors

How the LTV/CAC ratio is manipulated to take advantage of retail investors

41 🔒 Sep 9, 2021 by Evan Armstrong

Napkin Math

Content Moderation Double-Bind Theory

The market failures damning content to ever increasing sensationalism

5 🔒 Sep 2, 2021 by Evan Armstrong

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

Remora, The Bureaucracy Buster

20 Aug 20, 2021 by Evan Armstrong

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The Rise of the Content Capitalist

In Practice Beta V2

8 🔒 Aug 15, 2021 by Evan Armstrong

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Is Facebook Fixable

A Review of An Ugly Truth

23 Aug 13, 2021 by Evan Armstrong

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Twilio’s Second Act

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

14 🔒 Jul 28, 2021 by Evan Armstrong

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Snowflake: How a Revenue Retention Behemoth was Built

TL;DRThis is the second post on a deep dive in GTM metrics with a focus today on Revenue RetentionSnowflake is a software Dracula. It latche

29 Jul 22, 2021 by Evan Armstrong

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How Free to Play Video Games are Forced to Make Addicts

A Case Study on Market Structures and Harm

15 Jul 16, 2021 by Evan Armstrong

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Pricing Strategy is Product Strategy

How Technology Enables Companies to Charge More

13 🔒 Jul 9, 2021 by Evan Armstrong

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In Practice: My Newest Beta Product

Come take an early peak at the future

🔒 Jul 2, 2021 by Evan Armstrong

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Finance is Broken But Don’t Worry, This Has Happened Before

Net Income and the Refactoring of Our Financial Ideology

7 🔒 Jun 17, 2021 by Evan Armstrong

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Product-Led Growth’s Failure

How a Scrappy Utah Software Company Ignored Every Silicon Valley Heuristic and Won Anyway

150 Jun 3, 2021 by Evan Armstrong

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ITDA: The Gamification of Financial Statements

How governments and companies are engaged in mutual manipulation

23 🔒 May 28, 2021 by Evan Armstrong

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You Probably Shouldn’t Work at a Startup

It’s overrated—both financially and emotionally

176 May 20, 2021 by Evan Armstrong