If you read about tech investments you are likely to read about things like lock-in and moats. These describe the competitive advantage a company can create to prevent competitors from occupying the same market. Josh Marshall's argument in this post is that there was nothing similar to a lock-in or moat in online journalism. Probably the same is true of online learning (except, perhaps, the lock-in that having a monopoly over certification provides). As a result, investments in online journalism (and online learning) wouldn't have the same shape. "You're never going to invest in the right news start up and it totally explodes and suddenly it owns news like Google owns search or Stripe owns credit card payments." Related: What made blogging different?
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