Napkin Math

Business breakdowns, by the numbers.

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Napkin Math

My Favorite Company Deep Dives of 2020

Taking a look at the best companies deep dives of the past year, including posts on Fiverr/Upwork, Carta, Tyler Corporation, CostCo and more

Jan 7, 2021 by Adam Keesling

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Gross Margin: An Indicator of Market Power

What America's Oldest Jeweler Can Teach Us About the Value of Bling

1 Apr 29, 2021 by Evan Armstrong

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AI and the Vision Pro Don’t Need a Killer App

Software that drives hardware adoption is rarer than you think

2 Feb 22, 2024 by Evan Armstrong

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Sometimes You’re The Datadog, Sometimes You’re The Hydrant

The history of cloud computing, how DevOps and Observability became so big, and the fate of Datadog

Aug 13, 2020 by Adam Keesling

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Google Goes All In on AI

The company has every possible advantage, but can they use it?

🔒 May 15, 2024 by Evan Armstrong

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The One-person Billion-dollar Company

Can AI agents make you a billionaire?

1 Apr 3, 2024 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.

Jul 28, 2021 by Evan Armstrong

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The AI Wars Have Begun

OpenAI, Meta, and the $120 billion battle for the future of intelligence

🔒 Apr 30, 2024 by Evan Armstrong

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Can Political Betting Markets Predict Election Outcomes?

Polls and pundits don't do a good job of predicting election results. But what about prediction markets? In this post, we discuss what makes a good market and what could cause it to be wrong.

Nov 4, 2020 by Adam Keesling

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The End of Software, Again

The impending doom of horizontal SaaS

Oct 7, 2021 by Evan Armstrong

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

Remora, The Bureaucracy Buster

Aug 20, 2021 by Evan Armstrong

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First Steps to Buy A School Bus Company

Last week I pitched the idea of buying a school bus operator. This week I tell you how to do it.

Sep 9, 2020 by Adam Keesling

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

An examination of the Twitch Hack data

2 Oct 28, 2021 by Evan Armstrong

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3 Thoughts On Justworks

The newest SaaS company to hit the public markets

2 Jan 13, 2022 by Evan Armstrong

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Can the Truly Moral Billionaire Please Stand Up?

My quest to find Jesus Christ with a Gulfstream

5 Apr 11, 2024 by Evan Armstrong

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A Tale Of Two Acquisitions

The Unity Conundrum

Aug 12, 2022 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

Sep 23, 2021 by Evan Armstrong

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Crash: Pitch a Company, Get a Job

Candidates earn jobs by putting in more work than their competition

Jun 10, 2020 by Adam Keesling

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Pricing Strategy is Product Strategy

How Technology Enables Companies to Charge More

Jul 9, 2021 by Evan Armstrong

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Content Moderation Double-Bind Theory

The market failures damning content to ever increasing sensationalism

Sep 2, 2021 by Evan Armstrong

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Who is Making Money in Space?

Exploring the SPAC Frontier

Oct 14, 2021 by Evan Armstrong and Ryan Duffy

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Your Uncle Is Still Your Uncle: Ant Pulls Its IPO

Ant's IPO has been taken down. What happened, what do you need to know and what should we expect to see next?

Nov 6, 2020 by Adam Keesling

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iBuy, iRent, iLose My Investors Money

The Murky Future of American Housing

Nov 19, 2021 by Evan Armstrong

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The Future of Netflix

When everyone’s a streamer, nobody is.

Feb 17, 2022 by Evan Armstrong

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Don’t Dismiss the Apple Vision Pro

Apple has a hit on its hands. Will it seize the opportunity?

2 Apr 18, 2024 by Evan Armstrong