That traditional Silicon Valley VC models won’t work here. Identifying 1 or 2 market winners early and pouring insane cash in to them to accelerate user growth is futile when you don’t have a walled garden to contain them and their cost of switching is basically free.

Also the userbase is monetisable from day dot which changes the incentives both for devs and users; no need to build something that makes money from 1M users when 100 could pay the bills.

That’s going to put off a lot of investors who were comfortable with that paradigm because all of the growth hacks become ineffective. Suddenly it’s a world of quality over quantity where the market decides what thrives rather than the VCs backing them.