Learnings from a (failed) social media startup – part 2.0

So, I tried to start up. It failed. I wrote about it all in my last post here. (If you read only of these posts, read that one). I’ve often been asked the questions “Why? Why do you think it failed?” and “What did you learn?” I don’t think our failure or learnings were extraordinary or even very different from the thousands of startups that fail every year. But, I recently learnt that that doesn’t make them less important. So, here goes:

1. Distribution/ Go-to market is EVERYTHING

The Product will fix itself if you find the right customers. Knowing WHO your customer is, defining her NARROWLY, and knowing HOW to get to her, is key. We obsessed over building the most beautiful, intuitive and bug-free product. We built it. What next? We weren’t really sure who our customer was and how to get to her. We didn’t ask ourselves “Who is my user AFTER I’ve exhausted my network of friends and friends of friends?” We thought “if we build it, they will come” “we just need to create buzz on Twitter”. That doesn’t happen for 99.9999% of products, so most likely it won’t happen for yours. In the earliest stages, distribution was far more important than building the perfect product (which will anyway evolve). I’ve since learnt that this is a classic mistake many first-time founders make. Second-time founders know distribution is everything.

2. Picking the right market i.e. User research is dangerous

We sampled on the dependent variable – we interviewed friends, friends of friends, friends of friends of friends – who were all similar to us, and faced the problem we faced. We didn’t think deeply enough about “yes, this problem exists, but how important is it, in the user’s life?” “how badly do they want it fixed?” This was a 1/10 problem for most people – while their current solutions weren’t ideal, they got the job done ‘enough’. That didn’t mean this wasn’t worth solving – in retrospect, I think it meant that we had to do something radically different, not marginally better, to solve it. We picked the wrong market – there’s SO many content aggregation, organization, discovery, and sharing tools – and they all die. We thought we were different, but we didn’t think differently enough. It could be the right market, IF you addressed the problem from an ENTIRELY new lens.

3. MVPs work (for most things)

I think MVPs still work for most web2 consumer stuff. We told ourselves that a beautiful, intuitive, bug-free product was core to solving the problem – that it was a product/ user-experience problem. So, like many first-time founders, we wrote code too soon and obsessed a little too much over getting v1.0 right. In most cases, it isn’t going to be right – so you’d rather get to that conclusion in 1 week than 2 months. This is the best thing I’ve read on thinking about MVPs. Imagine you’ve built your ideal product – think about what the user will do with it. Then MANUALLY do that for your user (e.g. manually build a “curated reads” profile for your user using Notion; manually aggregate article recommendations from a user’s friend and send them over text). See what happens when the end product is delivered – does the user even care enough? Leapfrog the building and live in a world where your product exists. If the user doesn’t care about your manual ‘MVP’, she most likely will not care about your beautiful iOS App.

4. Co-founder issues don’t “work themselves out”

We were in different stages of life, with different risk-taking appetites and different time horizons of commitment. Startups are SO hard anyway, that if the co-founders are not aligned, they’re almost impossible. We told ourselves “we’ll figure it down the line”, “nothing else matters right now”. But the issues just get more complex as time goes on – if one of you needs this to succeed in 1 year vs. the other has 5 years, there will be disagreements. If one of you is burnt out from years of working non-stop, while the other feels refreshed in life, it’s going to be hard. Issues can always crop up, but not addressing them upfront, is setting yourself up for failure.

In general, I’m extremely cynical of dogmatic ‘how-to startup’ posts, and hope this isn’t one of them. Often, it may just be about ‘sticking it out’ – I don’t know where that thin line is – till when do you keep trying vs. accept the market/ user feedback for what it is? Someone I respect told me back then “smart founder-type people know the right time to step back. Don’t let the sunk cost fallacy keep you going.” Sadly (or not), there’s no A/B test here.

Musings from a (failed) social media startup – part 1.0

In 2020, I co-founded Comet. I was a first-time founder – pretty sure I was building the next big social media company because I was ‘solving my own problem’ and ‘doing things that don’t scale’. I was convinced that I was ‘building a 10x better product than existing solutions’, and that I just needed to somehow solve the early chicken-and-egg problem of social networks and marketplaces.

Before Comet became an attempt at a startup, it was a simple quarantine project – a ‘Curated reads’ newsletter, run by two nerds, who gulped down a ton of wide-ranging content for breakfast. Twice every week, we sent out curated lists of links and summaries, of content we’d read that week. When more people started subscribing, we thought – “how cool would it be, for us to also know what friend X, who’s passionate about space, is reading about that space (pun intended) these days?” I’d recently finished reading Zero to One, and had drunk the startups-change-the-world koolaid. So we started with what all startup books and courses tell you to do – user research. We interviewed friends, friends of friends, and friends of friends of friends. In hindsight, I know we were sampling on the dependent variable (picking people similar to us who faced this problem), and didn’t do enough to understand the extent/ importance of this problem in their lives. Yes, they wanted to discover better educational content, but how badly? Were they really unhappy with their current content discovery mechanisms? Who were ‘they’ and what did ‘content’ mean? At the time, we convinced ourselves we knew.

Comet was a labour of love. We tried really hard. We started off trying to build a ‘Goodreads for articles and podcasts’. Books had Goodreads, movies had IMDB, but my favorite content formats – long-form articles and podcasts – had no signal of quality. The problem, though, was that articles are nearly infinite. The marginal cost of creating one is close to zero (unlike books and movies), and rating every article would look like creating another Google. Were we basically creating a Google atop Google that would better index and rank existing content? A verticalized Google for long-form articles and podcasts? Somewhere in this process, we realized.. most people don’t really care about Goodreads or IMDB ratings. We care about recommendations from our friends, and other people we know and respect. So we decided we’d build a Twitter + Reddit-like product, only for long-form ‘educational’ content where you could discover content your friends/ people in your network were reading and recommending. From this, sprung the idea of ‘curators’. Being a creator today is ‘cool’, and gives creators social and financial equity – could we make it cool to be a curator of content rather than a creator? Could we incentivize people to curate and share the content they were anyway reading? Layer this with the buzz around ‘creator economy’ through 2020 (pre-web3 buzz), and we were convinced we were on to something! I thought to myself “I don’t want to necessarily write/ create content, but wouldn’t it be cool if I had a ‘curation profile’ for all the content I recommend, just like I have a LinkedIn for my professional profile and Instagram for my personal life?”

Then began a multi-month building journey – we were obsessed with building a clean, beautiful, bug-free product. I knew all about scrappy MVPs, but I thought the clean, beautiful UX was key to the solution itself. We were fortunate to recruit a small, driven team of A players, who were as excited about the problem as we were! Many, many Zoom calls, WhatsApp chats, Slack messages, and excited conversations later – we launched our iOS app on TestFlight.

You know what they say about social media products? Demand was so high, the website/ app crashed; waitlists were thousands of people; everyone wanted it. That’s the narrative I’d heard and read about, and somewhere in my head, that’s what I was expecting would happen. What they don’t tell you about 99.999% of social media products (or any product for that matter)? Launching your beautiful product is fun and EASY. Finding people (who are not your parents or friends) to use your product, is HARD. Retaining them is HARDER. Nobody’s lining up to use your product, your servers are not crashing. Traction has to be manufactured. We tried hard to manufacture it – badgering friends, promoting on Sub-Reddits, Twitter DMs, trying to recruit ‘niche influencers’, fake Product Hunt launch(es), multiple accounts, and everything that most founders try. We thought adding a Chrome extension would help engagement, since most people read long-form content on their desktop. Building was always the fun part. Selling was hard, frustrating, and demoralizing. It was hard to not see linear input-outcome relationships, unlike my previous banking and investing jobs. It was hard to not take it personally. It still is.

When it’s not working, you know. Our co-founding team also realized we were at different stages in life, willing to take different levels of risk, and commit for different time periods. I felt tired and burnt out – Comet had started in place of the 6-month vacation I was finally supposed to take before business school. The decision to call it quits, has been one of the toughest decisions I’ve ever taken in life, perhaps the toughest professionally (and I’ve taken some tough ones!). The thing I wasn’t prepared for, was separating the failure of my startup, from the feeling of failure of ME. As a type A personality, and straight A student, ‘failure’ had been a made-up answer for most interviews till then. But this, now – I had failed. I was most sad about disappointing our team – they’d believed in us, and we’d let them down. The hardest part by far, was telling myself that I wasn’t giving up; I was just listening to the market, and myself – it wasn’t the right idea and the right time. Sometimes, I still wonder – what if we’d kept going? But more often than not, I know it was the right decision to stop. Our small, amazing team of 3 are all now founders or early employees at kickass startups!

I learnt so much about starting up, social media, go-to market, selling, and building (learnings in the next post). Most importantly, I learnt so much about myself. Despite all the self-doubt and failure, the highs, fun, camaraderie, excitement, and dreaming made up for everything. I wouldn’t trade that year for anything in my life 🙂

Content roundup (Feb + Mar + Apr 2021)


  1. If Beale Street could talk – Love, loss and hard-hitting everyday reality of what it means to be black in America. I’ve read many books centred on this theme of late – what stood out here was the simple, raw and matter-of-fact reality of the average black person’s life. The simplicity of the everyday narrative is heart-breaking. I personally wanted a longer book and more closure in the end, but that’s the thing – many black lives are hanging in the middle, without closure – so in some ways, it felt apt. – 4/5
  2. Where the Crawdads sing – Such a wildly different book. I lapped it up. This book is about family, love, loneliness, and the price we pay to not be lonely. It is also a book about the wild beauty of nature – the part of nature most of us don’t consider beautiful. The writing is so vivid that I could visualize every word. The protagonist is flawed, and that’s what makes the book magnificent – 4/5
  3. The Little Prince – This is a classic but I personally did not relate to it or like it as much. Overall the characters and the plot were not real enough for me to be invested and internalize the philosophical takeaways 3/5
  4. The Great Alone – This book was such a rollercoaster of emotions – love, solitude, family, domestic violence, and the choices we make that define our lives. I held on to every word and every page. Kristin Hannah’s Nightingale is an all-time favorite and this came close. The portrayal of ‘real’ Alaska is so real, raw, untamed, wild that I spent hours reading about Alaska when this book got over. If you ever want a wholesome read that makes you feel many things, this book is it – 4.5/5
  5. The Three Body Problem – Much has been said about this book. It was my first real foray into sci-fi. While the initial half of the book is somewhat slow and difficult to get through, the overall plot and actual hard science fiction makes up for it. There are so many good scientific concepts explored for the uninitiated, and it does a good job of setting up the plot for the next two books in the series. Overall a little more flow and a little less ‘bunch of independent narratives’ would’ve made it more wholesome, but it’s definitely worth reading, for what follows – 3.5/5
  6. The Dark Forest – Second book in the Three Body Problem series. I could NOT put down this book. The characters, the plot, the science, the fiction, the overarching understanding of the universe – I think this book has it all. The protagonist’s view on a life partner is as old school as it can get, but it’s a minor blip in the overall scheme of things. I was awed and amazed at the scientific concepts throughout and I definitely learnt more through than all the Physics in school – A solid 5/5
  7. Death’s end – Third and final book in the Three Body Problem series. This book made me really think about our universe, space and the Earth in a different light. The scientific concepts were again enthralling and mind-opening, while being largely grounded in the laws of physics. Seeing game theory play out at the scale of the universe was also crazy. Although the book didn’t imply this, I appreciated how truly, truly rare life is and how fortunate we are to have a planet like Earth – 4.5/5
  8. Animal Farm – Another classic. “All animals are equal, but some animals are more equal than others.” Everyone should read this book once in their lifetimes – the journey from being ‘equal’ animals to ‘more equal than others’ animals is intriguing and funny at the same time, and the parallels with our world’s authoritarian regimes today, are uncanny. 4/5


  1. Nobody is perfect, Everything is commensurable – Slate Star Codex – protests, civil activism and other ways to spur change may be overrated; giving even $100 can save many more lives than we can imagine
  2. Contra grant on exaggerated differences – Slate Star Codex – the best piece I’ve read on the gender gap in tech. Despite being a feminist, this article really changed the narrative for me
  3. Why is everything liberal – Richard Hanania – super interesting perspective on why, even though Democrat and Republicans see nearly equal voter support, most of America’s institutions lean liberal
  4. Organized lightning – Greg Isenberg + Mario Gabriele
  5. Moore’s law for everything – Sam Altman
  6. Book review of Why we’re polarized (Ezra Klein) – Slate Star Codex
  7. How Twitter got its groove back – Not Boring by Packy
  8. Why Gamestop didn’t sell any stock during the Twitter rally – Matt Levine
  9. Is Substack the media future we want? – New Yorker

Movies / shows (notable):

  1. The Spy – 4.5/5
  2. Dead Poets Society – 5/5
  3. My Octopus teacher – 3.5/5


  1. The simple economics of saving the Amazon rain forest – Freakonomics Radio – 5/5
  2. The $69 million JPEG – NPR Planet Money – 5/5
  3. A primer on NFTs with Jesse Walden – Invest like the best – 4.5/5
  4. Puzzle Rush – Revisionist History – 4/5
  5. The Basement Tapes – Revisionist History – 3.5/5
  6. Modern Monetary Theory – NPR Planet Money – 3.5/5

Substack – the past, or the future of (social) media?

Newsletters are only marginally different from independent blogs. Blogs have been around as probably the oldest unit of individual content creation on the internet – in all these years, their appeal hasn’t died, but they’re not exactly the hottest thing in media today. And yet, ‘going independent’ through newsletters has been exactly that of late – it’s been heralded as the future of media, and even a cultural revolution. And, leading that revolution, has been Substack. High-profile writers are going independent and everyone is starting a newsletter.

Why is media going back to its past (independent blogging)? What really is special about Substack? Is it just a newsletter platform or a media company? Will it usher in social media 2.0? And what does this mean for readers? Are we really getting better content, now that so much of it is being created? A deep dive, if you will, on Substack…

Substack’s evolution

  1. Creator tool

Substack started as a tool for writers to start their own newsletter in five minutes – complete with a mailing list, payment integration, blogging functionality, and social sharing features – in exchange for 10% share of a writer’s revenue. Till about six months ago, Substack was ‘a place for independent writing‘. This page used to be the website home page.

Andreesen Horowitz, which led a $15M Series A in Substack, said something similar in 2019

Substack is building the leading subscription platform for independent writers to publish newsletters, podcasts, and more. It lets writers — of all kinds — directly connect with their readers.

A classic creator tool – helping writers go independent, without having to worry about the technology and all the boring administrative tasks of setting up a newsletter. You could set up a newsletter in 5 minutes, albeit sacrificing some customization in terms of the look, feel, and branding of your newsletter – but, for the vast majority of writers and potential writers, it’s a tradeoff worth making. Substack’s focus was solely on writers – attracting them, building for them, and retaining them.

In the newsletter-platform space, Substack has also had competition, such as i) TinyLetter, now owned by Mailchimp ii) Revue, which charges 5% of revenue and was recently acquired by Twitter and iii) Ghost, which has a flat-fee model, starting from $29 per month. All these platforms are very similar in terms of functionality, and nearly all are cheaper than Substack for a writer running a paid newsletter.

The big question is – what really is Substack’s value proposition? Surely, it’s not the actual software solution for writers, essentially WordPress + Mailchimp + Stripe. When the top writers’ revenue grows, they will shift to cheaper alternatives such as Ghost, like The Browser did, or even string up their own newsletter, like this writer did. When Substack does not help a writer find and grow audience, why will she continue to share 10% of a growing revenue base with the company? Early adopters may not mind, but as Substack becomes more mainstream, writers outside of Silicon Valley will struggle to part with 10% of their revenue for a fairly replicable tool. That’s why consumer SaaS companies like Shopify and Teachable charge a fixed dollar price every month, irrespective of how much their customers’ revenue grows. Because the customer is the one working hard to attract users and grow her business.

In the newsletter world, writers have many options. Ghost, for instance, charges a fixed dollar amount, starting from $29 per month – its most powerful plan costs $199 a month, or $2,400 a year. So, at $24K+ revenue per year, a writer would be better off moving away from Substack. This roughly translates to 200 subscribers paying $10 a month, far lower than what the top paid newsletters on Substack are making today. Alexey Guzey did an interesting estimation of Substack’s top 25 paid newsletter’s earnings, and the lowest bound of those earnings is $130K. If everyone making $24K+ left, Substack will be left with the long tail of newsletters making no to minimal revenue. It therefore needs a longer-term moat, and a way to retain its top writers until it figures out the moat.

Enter, Substack, the media company…

2. Media company

Over the last few months, a slew of high-profile writers quit their full-time jobs and started their own Substacks (yes, it’s a common noun now!). Casey Newton, a renowned Silicon Valley tech writer at the Verge, left in September to launch a paid Substack, charging $10 a month. Matthew Yglesias, a co-founder of Vox, left Vox in November. And Scott Alexander (one of my favorite online writers) moved Slate Star Codex to Substack after the New York Time’s doxxing controversy. Scott himself said this

Substack has made me an extremely generous offer. Many people gave me good advice about how I could monetize my blog without Substack – I took these suggestions very seriously, and without violating a confidentiality agreement all I can answer is that Substack’s offer was extremely generous.

Substack has been paying heavy upfront advances, as high as $250-500K, to attract brand-name writers, locking them in for at least a year, taking 85% of what the writer makes in year one. After the first year, it reverts to the standard model of sharing 10% of the newsletter revenue. It has also been offering (select) writers, benefits like health-care stipends, a legal-defense fund, design help, and even money to hire freelance editors. This is Substack’s interim solution to retain its top writers and attract new ones. In doing this, it is becoming a new kind of media company – offering writers the best of both worlds – financial safety and job benefits, without the trappings of an institution. It’s ironical that writers ‘going independent’ are accepting advances and ‘locking’ themselves in, but it’s understandable – Substack represents a new media alternative; one where they can have editorial independence, with job-like safety. The New Yorker said it better –

Substack, like Facebook, insists that it is not a media company; it is, instead, “a platform that enables writers and readers.” But other newsletter platforms, such as Revue, Lede, or TinyLetter, have never offered incentives to attract writers. By piloting programs, like the legal-defense fund, that “re-create some of the value provided by newsrooms,” as McKenzie (the founder) put it, Substack has made itself difficult to categorize: it’s a software company with the trappings of a digital-media concern.

Interestingly, Facebook and Twitter, as social networks, have the protection of Section 230,  meaning they are not held responsible for any type of third-party or user-generated content on their platform, since they are only a ‘medium of transmission’ and not creating the content themselves. While Substack largely has positive content today, it will be interesting to see what happens if there ever is objectionable content – Substack is clearly not just a ‘medium of transmission’. In paying writers upfront and providing them benefits, it may not be able to distance itself from the creator of the content and seek the protection of Section 230. Will Substack therefore have editorial oversight and moderation over its independent writers, thereby becoming more and more a media company, than a newsletter platform? This is an important point as we think about the future of media and content moderation online.

Now that Substack has found ways of retaining top writers for the time-being, on to figuring out its longer-term moat. Enter, Substack, the content marketplace…

3. Marketplace

This is where Substack goes from the ‘Shopify’ model to the ‘Amazon’ model. It goes from being a newsletter platform for independent writers, to aggregating and intermediating both writers and readers on its platform.

It could have continued being a platform for independent writers, by building more powerful tools, services and third-party offerings for them, and by moving to a fixed-dollar-per-month revenue model. These offerings could include growth and marketing tools for writers, community features, audio rooms, integrations with Roam and Notion – similar to Shopify’s platform of services for its customers (independent businesses).

But it looks like Substack is instead choosing to go the Amazon route, attracting and aggregating demand i.e., readers, on its platform. It has started becoming an intermediary, like Amazon, providing writers a place to showcase their offering, and providing a wide selection of content, to its readers. This is the long-term moat Substack is trying to build – if it can aggregate readers and help writers grow, then it can also justify sharing in the writers’ revenue.  Though if Substack truly does dis-intermediate the reading and writing relationship, then it goes away from its mission – it is no more a place where writers can nurture personal relationships with their fans and audience.

Substack has taken early steps to build the readers’ side: it rebranded the website recently – the primary messaging has evolved from ‘A place for independent writing‘ to ‘Take back your mind‘, and the primary call-to-action text changed from ‘Write on Substack‘ to ‘Start reading‘. From showing ‘Who writes on Substack‘ to attract writers, the home page now shows top newsletters, by categories, to help readers discover newsletters.

Source: Substack website

This is perhaps the most important point in its evolution yet. The first step in building for readers has been Discovery. Work on this front has been preliminary – leaderboards and Twitter-led discovery.

Leaderboards – categorized by topic, and by paid vs. free

Source: Substack website

Twitter – Find Substacks by people you follow on Twitter

Source: Substack website

Alongside discovery, the second step has been to build a native experience for readers, so Substack can start building its own ‘captive audience’. To this end, the Reader dashboard was rolled out in public beta, as a place to aggregate your newsletter subscriptions and discover newsletters by topic.

Source: Substack website

In building this discovery and reading experience on Substack itself, it is moving away from its own ‘email is intimate and the best way to deliver and read newsletters’ messaging. But an attempt at RSS readers 2.0 is not a bad place to start, and we never really recovered from Google Reader being shut down. Anyhow, Substack’s marketplace plan is simple: Readers go to discover a vast collection of content they wouldn’t find elsewhere, and writers come to grow their audience and business, because the readers are all there. Classic Amazon model.

The difference, however, is that, in Amazon’s case, its product catalogue was simply not available elsewhere – customers had to buy from Amazon. In Substack’s case, readers can discover newsletters through several other channels – Twitter, LinkedIn, Instagram, 1:1 sharing among friends. So, they have much less incentive to discover and read on Substack – the value proposition is not much more superior than their current alternatives.

Which brings me to what I expect is Substack’s long term play…

4. Substack, the new-age Social network – The Bull Case

Come for the tool, stay for the network.

Substack can build a truly differentiated business by building a social network for writers and readers. Rather than being Amazon, it could be Facebook. Writing, publishing, sharing, discovery and reading could all happen on the same platform. If writers get access to a captive and differentiated audience to grow, Substack can justifiably share in their revenue.

Hamish McKenzie, one of Substack’s co-founders, said that he sees the company as an alternative to social-media platforms like Facebook and Twitter.

As a reader, Substack becomes a place where you can discover content, annotate it, rate it, share it with friends, know what content friends and influencers are reading and recommending, and engage meaningfully with your favorite writers. Writers can write and publish, find audiences, grow subscribers and connect with them on Substack. For all this, Substack only captures 10% of the value. That doesn’t seem too bad now!

Imagine you love reading about sports. Today, you get your content from Twitter, email newsletters, sports blogs, and from friends. With Substack’s social network, your friends, the sports blogs you follow, and the email newsletters you like, could all be in one place. You could see what content your friends and top sports writers are reading and rating, get social signals on what content is likely worth your time, share content you enjoy, make notes for yourself, and even write occasionally. If you’re also passionate about climate change, you can ‘flip over’ to the climate section, where you access an entirely different set of newsletters, follow different friends and influencers, and share different content. Interest-based micro social networks. This could be Substack’s path to becoming a billion-dollar company.

Substack’s journey would then mimic several social networks’. Presumably, the writers themselves will form the first cohort of readers, as we saw with Instagram and Tik Tok as well – initially, those creating on the platforms became the consumers too – and soon, creators and consumers were all the same.

Source: Me

This could also be what social 2.0 and media 2.0 look like. Social media fatigue exists today less because it’s social and more because we’re tired of being the ‘product’ that advertisers sell to, and we want some control back. A content-only social network where you control what you see and read, have privacy, have a community of like-minded individuals, and get content recommendations from people you trust, could be a new type of non-anxiety-inducing social network. There is also no denying that Substack has ushered in a media revolution. Newsletter platforms and independent writing/ blogging have been around for a while, but Substack is really taking it mainstream. It’s made writing more accessible and given people a medium of expression that doesn’t feel sales-y or click bait-y. It’s also made readers feel in control and part of an intimate connection with the writer, in a time where most things feel out of control and people are craving authentic human connection.

The Bear Case

Building a new social network is hard. It’s harder when your audience already exists on another platform and you’re not building for a niche interest. It’s even harder when you’re up against Twitter and Facebook.

  • Substack has the same social graph as other social networks: Readers currently discover newsletters through other social media – Twitter for technology content, LinkedIn for business, and Instagram for lifestyle. New social networks of late have emerged because of new demographics (e.g. Snapchat and TikTok for teenagers), very niche interests (e.g. Discord, Twitch for gamers) or a new medium within the same demographic (e.g. Clubhouse is the Twitter equivalent for audio, Tik Tok made video accessible). Substack overlaps with other social networks’ demographics, interests, and mediums (text) – it is a horizontal network and will find it challenging to build a new social graph. There is little incentive for someone to switch to Substack’s social network when the same set of people are on another platform, where you already have a following.
Source: Me
  • Twitter’s acquisition of Revue and Facebook’s newsletter offering: Twitter recently announced its acquisition of Revue, a newsletter tool, very similar to Substack. This is a game-changer, given so much writing, sharing and discovering of newsletters, happens on Twitter. Writers will be able to write, share, and grow their newsletters from within Twitter, as opposed to writing on Substack, and then sharing externally on Twitter. Twitter’s experiments with Spaces, its Clubhouse-like audio-chat product, will further allow writers to host real-time audio conversations with subscribers within Twitter. Readers will be able to discover newsletters from people they follow, read them within Twitter, share the content they find compelling, and engage with their favourite writers right there. Packy McCormick, who writes a popular newsletter called Not Boring on Substack, said –

I’m watching closely and would love to switch to Twitter Newsletter as I learn more about the company’s plans for the product. It’s where I promote Not Boring anyway, and connecting with Twitter would allow me to find new readers more easily, and connect with and learn more about all of you.

The ‘Newsletters’ option, nested under ‘More’ on Twitter; Source: Twitter desktop

Facebook also recently announced that it is planning to offer newsletter tools for independent writers and journalists. If Facebook and Twitter, the major text-based networks, offer similar newsletter tools for writers, with the added benefit of sharing to an existing social network, it will be difficult for Substack to build a new social network with little differentiated value prop. Micro interest-based-social networks are promising, but Twitter’s tried doing that with ‘Topics’ and Facebook tried doing it in the past too, in Australia for instance, but it didn’t work. Substack will need to give readers an ‘aha’ moment – a reading or discovery or content sharing experience they simply cannot get elsewhere. That is the only way it fights off network effects at Twitter and Facebook. Or it gets acquired J

So, if Substack struggles to become a social network for content, what are its options? It can go back to being Shopify for writers – a newsletter platform providing best-in-class functionality, infrastructure, and customization to writers. To keep writers from moving to more economical alternatives, it can pivot from a revenue-sharing to a tiered flat-fee model, for instance $25 per month for a basic plan, $45 for intermediate, $100 for advanced. The market size remains to be seen, but it may not be as lucrative as the social network future.

Outside of the company’s future, I personally have a fundamental question about the dynamics of a paid newsletter: How many writers actually have that much insightful to say about the same topic week-on-week? And how many writers who churn out content consistently every week or two, are actually high-quality enough to charge for their writing?

Most Substack newsletters are focused on one topic. It makes sense – one person’s area of expertise is usually limited, and people only want to hear from the best in every field. They don’t want to hear from the same person about ed-tech, healthcare, philosophy, gender, and China. The problem, however, is that how much insightful content can one say about the same topic week-on-week? For instance, if you are a great product manager who writes about product management, do you really have 52 or even 26 very unique and very insightful things to write about? They have to be very unique and very insightful because people are paying to read them. On the reader side, even if you’re an aspiring product manager, do you care enough to read a long article every week that you pay for? The reality is that there really isn’t that much truly unique and insightful stuff to say about most topics every week. And even if there is, there are probably only a handful of writers who can make it worth your while. There’s a reason there’s only one Ben Thompson. Most of Substack’s top paid writers today are also people who’ve been expert full-time writers for several years, and just migrated to Substack. When you have to churn out content every week or two, are you writing because you have something meaningful to say, or are you writing just because you started a newsletter? Personally, I’ve seen the signal to noise ratio of most newsletters has ended up being average at best.

Nintil’s How Substack became milquetoast, captured it well:

If you have to publish a newsletter every week, you don’t have the room or incentive to take risks.

In financial terms, blog posts have asymmetric returns with capped downside but unlimited upside. If you write a bad post it won’t get shared and no one will see it. If you write a great post and it goes viral, everyone on the internet thinks you’re a genius. Since content is shared organically, your best work gets way more exposure than your worst. The incentive in these situations is to ramp up variance and do the most interesting writing you can muster. This (issue) is aggravated by the one way valve on subscribers: once someone churns out, they’re unlikely to give you a second try. So the ensuing incentive is not to take any bold risks, avoid alienating readers, and write whatever will appeal to your current audience.

Organic sharing, growth and virality exposes readers to a wide variety of authors, serving up the best of each one’s writing. On Substack, instead of getting the best 1% of posts from 100 authors, you get 100% from each one. Instead of getting the cream of the crop, you’re left with low fat milk, mostly water.

It’s better for authors to think persistently and write occasionally than the other way around. But on Substack, you’re paid monthly, creating pressure to churn out regular updates. Since it’s impossible to have interesting novel thoughts twice a week every week, this also means writers skew heavily towards summarizing the news, pumping out quick takes, or riffing on whatever they read on Twitter.

This is bad for intellectual biodiversity, but it’s also just bad for quality. A blogger known for their long-form content said:

“If you’re writing a substack, you can’t go on a creative vacation! You can’t spend 3 months writing something epic! you have to churn out content week after week after week preferably many times per week.”

Since there’s always something to read, increasing output is not intrinsically good. What matters is quality-density. In the past, you might have spent 10 hours reading a book that took 4 years to research and write, a 3500x multiple on time! Today, a newsletter that publishes M-F and takes 30 minutes to read only provides a 67x multiple.

Lastly, I fully understand and accept the argument that writing is more for the self, than for others; to clarify one’s own thinking – and if that’s the case, then your newsletter is probably free, and you write when you have something meaningful to say. If not, well, time will tell – I’m hearing newsletter fatigue is already a real thing!

Additional reading:

New Yorker – Is Substack the media future we want?

Nintil – How Substack became milquetoast

Alexey Guzey – Estimating the earnings of top Substack writers

Stratechery – Platforms vs. Aggregators

The case for, and against, under-represented minorities hiring

I know, I know.. this is a touchy topic, and the proponents on both sides usually have had deep personal experiences, warranting their strong emotions on this subject. I am not a researcher or diversity specialist. I’m a woman, a feminist, and I have often debated this, with people on both sides. I write this more to clarify my own thinking, than anything else.

First, a disclaimer. I’m not politically correct, so please read at your own discretion.

Let me start with the case against diversity, women, and URM (under represented minorities) hiring (also referred to as ‘affirmative action’). I start with the case against, because, as a feminist, this has been the more challenging perspective to internalize. But, having now personally counted towards ‘diversity quotas’ at several companies, I am beginning to fully understand the negative repercussions –

  • First, the candidates hired from ‘diversity categories’ often suffer imposter syndrome. Since they know their organization has a diversity hiring target, they sometimes feel they ‘made it’ because of this target. This has severe implications on that individual’s self worth and sense of self. Even if this individual believes in her/ himself, it can create a ‘pinch’ in their sub-conscious mind, particularly in situations where s/he makes a mistake at work (for instance ‘I was hired because I am a woman, but I am not good enough, and that’s why I made this mistake’). Nobody wants to feel that their background had any role to play in their hiring – everyone deserves to feel that they were hired solely based on their competence and merit
  • The other oft-quoted negative consequence is ‘mismatch‘ – when someone who isn’t at the same academic or professional level is accepted to a university or hired into an organization that is in fact a ‘mismatch’ for that individual’s current competency levels. This results in alienation. Students and employees start doubting themselves – they drop out, or quit, and suffer terrible mental health consequences
  • Thirdly, the non-URM majority may be ‘resentful’ of those hired from URM categories. This could foster a negative culture and create preconceived notions of the URM individual not being as competent as the others. This is not only a burden for the person who’s been hired, but also, for the non-URM majority who constantly feel they work with others ‘not as good as them’
  • Lastly, many of those who benefit from such policies, have in fact themselves been privileged. For instance, a black girl born to rich parents, went to private schools and had access to the best resources and equal opportunity

It feels unfair that this individual now gets a preference in hiring. The non-URM majority feels that this particular URM individual basically had the same life as everyone else – so, why should s/he get an unfair advantage now?

On the other hand, most of us fundamentally understand the need and reasons for these policies –

  • Those from under-represented backgrounds have historically not had access to equal opportunities. Traditionally, those from URM backgrounds have also been on an unequal financial footing – for instance, been unable to go to a good school. It therefore becomes important to pursue ‘equity over equality‘.

Equality focuses on creating the same starting line for everyone. Equity has the goal of providing everyone with opportunities and benefits based on their unique starting point – i.e. move towards the same finish line.

  • Having diverse view points at the table, makes everyone better – different perspectives are considered, and decision-making is more empathetic and holistic
  • It makes those from under-represented backgrounds feel more ‘at home’. For instance, if I am the only woman in the room, I feel alienated and unable to blend into the ‘boys’ club’. If there are several others like me, I feel I have more allies and I ‘belong’
  • Perhaps most important, is the long-term implication. When young girls and children from other under-represented backgrounds, see someone like themselves – at the best universities, in lucrative jobs, leading others, they start to believe in themselves. They think ‘I can, too’. The importance of having someone from your gender or race who you can look up to, cannot be overstated

According to this study, students who reported having at least one race- and gender-matched role model at the beginning of the study performed better academically up to 24 months later, reported more achievement-oriented goals, enjoyed achievement-relevant activities to a greater degree, thought more about their futures, and looked up to adults rather than peers more often than did students without a race- and gender-matched role model

As I write this, I’m beginning to form a perspective: for the ‘individual‘ as a unit, affirmative action is painful. The individual from a URM background suffers self-doubt, coupled with isolation and unfair judgement from others. The individual from a majority background feels resentful, and has a feeling of unfairness and ‘superiority complex’ regarding her/ his peers. On the other hand, for society as a whole, affirmative action is the long-term path towards equality. If there are under-represented minorities in important positions, they raise their communities with them. Children from their communities believe they can do it too. Every child can dream big.

The individual pain, both for those from URM backgrounds and from majority backgrounds, is the cost we pay in the short term, to undo past damage, and move towards equality in the long term. The feelings of alienation, imposter syndrome, resentment, unfairness for both sides of the table – represent the sacrifice each of us makes – it is an imperfect ‘means’ for the hope of a perfect ‘end’, in the long term.

Naturally, the ones (including me) who believe in pure meritocratic systems, believe that there is a mid-way: a way to lessen the short-term pain. That is – the bar for every individual, irrespective of background, should be equal. Meaning, even if I decide to hire 20% URMs, everyone is evaluated against the same benchmark. The problem is that there are often not enough qualified candidates from URM backgounds (we all understand why!). This essentially means more efforts in increasing the ‘top of the funnel’ from under-represented communities, rather than making concessions in evaluation of under-represented individuals. Rather than interview 100 URM individuals for a position, you may have to interview 500. And if, after ‘reasonable and honest tries’, you’re unable to find a URM candidate who fits the bill, you still don’t change the benchmark. In that case, you hire a non-URM candidate. But then you send a message – to both the majority and URM categories, that everyone who ‘makes it’, is equally competent. This can significantly reduce the personal emotional and psychological costs both sides have to pay.

Lastly, in reality, and as organizations scale, this could become tougher and tougher to execute, because the universe of qualified candidates from URM categories, by definition, may be more limited. Also, evaluating ‘reasonable and honest tries’ is subjective and could lead to gaming the system. Therefore, I do not have a perfect antidote. But, I do have hope and a somewhat-imperfect and perhaps idealistic idea, to keep moving towards the long-term objective we all agree on, while lessening the short-term pain.

Additional reading:

Content roundup (Jan 2021)


  1. The courage to be disliked (290 pg.) – As much as I dislike self help, I couldn’t help but appreciate a few actionable ‘mental models’. I liked the ease of understanding and implementing things we all know internally. The writing style and the first 75 pgs. are a big turn-off though. 3.5/5
  2. Memoirs of a geisha (420 pg.) – I nearly lapped up this one. It’s a beautiful and heart-breaking portrayal of geishas in Japan before and during the World War. The rawness of words and emotions kept me glued till the end. 4.5/5

Articles: (Fewer articles than usual because I committed to start reading books again!)

  1. Platforms, Bundling, and Kill Zones – Benedict Evans
  2. Still Alive – Slate Star Codex, Scott Alexander
  3. Opportunities in education – Erik Torenberg
  4. How free speech leads to moral progress – Erik Torenberg

Movies / shows:

  1. The Dissident – Everyone needs to watch this. Eye-opening, terrifying, and heart-breaking documentary (by the maker of Icarus) on the murder of Jamal Khashoggi, the famous Saudi journalist. 4.5/5
  2. For Sama – A look into Syria’s civil war from 2012-16 from a civilian’s perspective. What makes this movie special is the blend of facts and emotions. What it meant to live, love and survive during the war. The protagonist filmed the entire Syrian uprising as an ode to her daughter – (Academy Award nominee). 5/5
  3. All the President’s men – I love investigative journalism, which is why I enjoyed this movie. How two Washington Post reporters unearthed the entire Watergate scandal. 4/5
  4. The Crown – Hooked me like many others. Since then, I watch YouTube videos about Princess Diana. 4/5

No podcasts because I was stuck indoors!

Big tech & Parler

What is the purpose of social media platforms like Facebook and Twitter, of platforms/ app stores like Apple and Google, and of services powering the web like Amazon (AWS)?

The purposes are many and wide-ranging, but taking on the role of the judiciary, is definitely not one of them. As is not, deciding what content deserves to be distributed, or being an arbiter of lawful vs. unlawful speech. There is little grey here – the United States is a democracy with institutions like the Congress, the judiciary, and our elected representatives, responsible for upholding the law and acting against unconstitutional behaviour. If, hypothetically, these institutions or representatives are not doing their job well, does that mean other powerful forces can seek power that’s not theirs, and take on the role of the judiciary?

If, the above is given and accepted, what must follow, is shock and discomfort with Facebook’s and Twitter’s decision to ban Trump, and Apple’s, Google’s, and Amazon’s decision to ban Parler, the social media app that is said to have been used to coordinate the US Capitol riots, and is generally used by Trump supporters and right-wing conservationists. Firstly, to clarify, I identify as a libertarian. However, this issue has little to do with anyone’s political and social beliefs, and more to do with the separation of powers between the state and big technology firms.

It has everything to do with the question – who decides what is, and is not, acceptable speech?

The ground for all these bans has been unanimous – to prevent Trump’s account or the Parler app from inciting further violence, and to protect the country’s safety. But, since when did big tech get to decide what is acceptable speech? The point is not whether the Capitol riots were actually coordinated on Parler and if it should exist; rather, the point is, who is making that decision? Big tech doesn’t get to decide others’ guilt and punish them – we have democratic institutions for that. Disagreement or generally accepted public opinion, is not grounds for a ban.

This is similar to Trial by media – i.e. the media assuming the role of the judiciary and pronouncing judgements before the actual verdict. This is a dangerous place to be in, for a democracy.

As long as the content is not unlawful (as governed by US law), it has to stay. As Ben Thompson argued last year, the job of social media platforms is not to decide what content gets published, but to distribute the content that’s published. Limiting the spread of information that is legally disputed, seems like a reasonable thing to do. Deleting or banning it outrightly, does not.

There is a thin line between the accuracy of a statement, and deleting it because you disagree or you ‘think’ that it is not acceptable. You are not the law – that is the whole point.

The other problem is competition. Today, blocking the app that helped plan the Capitol riots, seems like a reasonable and safe thing to do. But the thing with such power is, it doesn’t stop there. It becomes the norm rather than the exception. Yuval Noah Harari said the same of state surveillance last year – it’s impossible to go back. Tomorrow, this power could mean banning other operating systems on privacy grounds, cryptocurrency on safety grounds, and any competition on any reasonable-sounding ground. Competition is dead.

But, here is the devil’s advocate argument. Trump not accepting the election results, or his supporters storming the US Capitol is unconstitutional itself; it violates the principles of liberalism and democracy itself. Therefore, given that the President and his supporters have taken matters into their own hands, which has also resulted in loss of life, it makes sense to stem such unconstitutional activities from the root. ‘You are entitled to your political beliefs but not at the cost of anyone else’s safety or life’, is the argument from all tech firms. It sounds right – your beliefs or actions cannot endanger or harm others. That IS correct by all means, the problem is that tech firms cannot be deciding this. It is akin to taking the law in your own hands. If someone steals from you, you do not harm them yourself – you believe in the judiciary to give you justice.

Impeachment exists for presidents, trials exist for rioters. These systems may not be perfect, but they are what we have. And we cannot independently make parallel systems because we don’t like the existing ones.

Of course, there are parts of this that are not black and white – they are grey. Inciting violence, the loss of lives, a breach of safety at the highest levels of the Government – not everyday occurrences. If we know the platforms or people responsible for them, banning them seems like the right thing to do, in the short term. However, it breaks down in the long-term, when this precedence is applied to everything else, at the whims of powerful executives. Ben Thompson has beautifully argued that upholding liberalism is more important than upholding democracy because liberalism is the foundation of democracy. He says liberalism also includes the freedom of tech companies to act for themselves, especially when they feel nobody else will act, particularly to preserve democracy. However, this is a rare occasion where I will have to disagree with him. The absence of the state’s or judiciary’s or Congress’ actions on unconstitutional activities, does not give any company the power to assume that role. We have the next elections or an impeachment to change who we want this power to rest with. Our institutions may not be doing what they should, but that does not mean a handful of individuals do what they should.

Additional reading:

Ed-tech is hot, but 85% of India’s children are feeling the heat of no education

Meet Gudiya. She’s an eighth grade student in a public school in Hisar, a small town in
Haryana, India. The state of her school is dismal (absent or unqualified teachers, no
accountability, no infrastructure), but it’s her best and only choice. Since the
pandemic, her school has been shut. There are no classes – none offline and none
online. The teachers didn’t have the infrastructure to prepare and deliver instruction
online. Independent online education is impractical because Gudiya’s family has no
laptop or desktop and her father is the only one with a smartphone, which her two
elder sisters share for studying. Her education is at a standstill, and she’s being left
behind every single day.

Ed-tech’s 2020 promise has evaded her. Venture money has not put a tablet or phone in
her hand, there are no regular Zoom classes to attend, and personalized, gamified
learning is a wishful dream of the distant future. She does not lack ambition, a desire
to learn or hustle; she lacks access.

Gudiya’s story is one of over 225 million students in India who attend public schools
and low-fee private schools
. Not only has ed-tech not improved education outcomes
for them, it has widened the gap between them and the 25 million others, fortunate to
have access to virtual education. Ed-tech startups are catering to the small population
of middle to high income students only (i.e. 10% of India’s school-going children), and
with good reason. Gudiya’s family does not have INR 25,000 (US $350) to spare every
year. They don’t even have INR 2,500 (US $35).

THIS is the dichotomy facing India’s ed-tech. It’s sobering to imagine >85% of India’s
students being left behind with no virtual (or offline) education today. However, to
merely lament on how poor the situation is, would be a dis-service. Institutional,
structural change of the public system is long and hard, but in the meantime, there IS
something we can do.

Bring ed-tech innovation to the public school system, i.e. the Government could give
grants to startups, for them to provide their infrastructure and solution to public
school students (~40% of India’s 250 million students). Imagine every such student
having a Byju’s or a Vedantu subscription and infrastructure. It would cost
approximately INR 100,000 Crore (US $13.5 billion) to provide every public school
student a Byju’s or Vedantu subscription for a year. This represents 16% of the yearly
education spend by the Indian Government.

Startups will have to customize their content and pedagogy to suit the context and
learning levels of public school students, and the Government’s funding will help spur
this innovation. The public system gains by enabling access to cutting-edge content for
its students, and startups gain because they now count millions and millions of new
students as customers, customers they could have never been able to acquire
otherwise. This further strengthens their product through more and wide-ranging data,
and improves efficiency and outcomes of the entire system.

It all sounds fairly straightforward and logical, but let’s go one level deeper and think
through the challenges.

  1. The first fairly obvious one would be – why can’t the Government system develop
    its own content and infrastructure to educate its students? The answer lies in the
    public system’s DNA. It’s not built to innovate and ship rapidly, and every day counts. Developing content, training teachers, procuring and distributing infrastructure, and instituting accountability is all possible – but not in the time frame we’re thinking about. It’s long term change, often affected across decades. Further, for every state Government to initiate its own such process will be overwhelming and time-consuming (since education is a concurrent subject i.e. one governed by both the Central and State governments).
  1. Second, where will the Government get these funds from? An outlay of INR
    100,000 Crore (US$ 13.5 billion) represents 16% of India’s yearly education
    budget. Even though there are some operating expense savings as schools are shut,
    nearly 80% of the Government’s budget actually goes towards teacher salaries,
    which are still being paid. There are two funding ideas here: i) Leverage and
    incentivize the private sector’s CSR (Corporate Social Responsibility) spend and
    private foundations’ existing spend on education, towards this large-scale
    initiative, or ii) Increase the Government’s education budget for this year. It
    sounds like a tough sell, but here are some fun facts. India’s national education
    spend is a dismal 3% of the GDP, and has, in fact reduced as a percentage of the
    GDP in the last few years. Compare this with a global average of 4.7%. In fact, India
    ranks 144 among 191 countries in education spend as a percentage of GDP. India’s
    National Education Commission recommended a spend of 6%, which has never
    been achieved. If the Government did in fact increase budget to accommodate this
    proposed solution, education spend would increase by 0.5% of GDP, to 3.5% of the
    GDP, still well below targets.

  2. Third, securing buy-in from the public school teachers and staff i.e. will their jobs be obsolete? Change in public education systems has been held back traditionally due to unaligned incentives within the system – teachers often don’t have an incentive to support change, and have traditionally viewed technology as an enemy seeking to replace them. Teacher pay, retention or promotions are not linked to outcomes or even performance, and they’ve usually shown the highest resistance to change. This resistance has also usually politicized any large-scale overhaul of the teacher recruitment process. Under the proposed model, Government school teachers could still: a) Focus on the long-term roadmap of developing infrastructure, resource and content capability within the public system; b) Partner with startups to develop contextualized content and assessments for their students’ learning needs; c) Some teachers could also teach on live-class platforms like Vedantu, thereby helping these startups scale their capacity; d) Enable and support their students to adopt and understand this new way of learning, example via assessments and extra classes.
  1. Fourth, a working capital challenge for startups. Indian startups have always
    struggled to receive revenue from the Government on time, resulting in a risky
    working capital situation, even resulting in a few startups being shut down. This
    problem is, however, relatively easier to mitigate and will require accountability
    measures at every level of the Government’s payment machinery, along with
    creative structuring of contracts for upfront payment to cover the startups’ content
    development costs (capital expenses).

Make no mistake, these challenges and potential mitigants are also theoretical in
nature, and the biggest issue at the heart of this debate, is the Government’s incentive
and willingness to change, and startups’ willingness to build for real India’s ed-tech.
Traditionally, education has been the one sector where public system change has been
the slowest and most difficult. This is because any changes in QUALITY (not access) of
education take a significant time to reap results, and most Governments in power have
to focus on quick wins and optimize for the next elections. This is why India has nearly
achieved universal primary education for several years now, because access is easier to
improve and measure in a short time period. Quality, however, is not. If investments
are made in grades VI through VIII today, you have to wait for at least 7 years when a
VI grader takes her grade XII exams (school passing-out exams), to measure any real
progress. Private-public partnerships have moved education outcomes further in the
last several years, but a more concerted effort is required, particularly during the

While 2020 was the year of ed-tech for both entrepreneurs and investors, it wasn’t the
year of education for an overwhelming majority of children in India, who were left
behind, more than ever before. We must constantly think how we can flatten the
pyramid further – we don’t need to start a social enterprise or a non-profit or an impact
investing fund. Arguably, Google (and YouTube) did more to democratize education
than any ed-tech startup or social enterprise or non-profit. It’s clear that massive
commercial upside awaits those who can flatten the education inequality pyramid –
and as entrepreneurs, operators and investors in ed-tech, while we celebrate our recent
wins and covid tailwinds, we must constantly remind ourselves of this.

Favourite books, articles, podcasts, and movies of 2020


  1. Born a Crime – Trevor Noah’s story of growing up in South Africa. This book lives up to all its hype, and then some – it’s difficult to write about racism without victimization and pity, and Trevor did exactly that. Recommend very, very highly
  2. An American Marriage – I laughed, cried, and smiled with the characters – real race issues in America and what prison does to innocent people. Incredibly beautiful
  3. Zero to One – Needs no introduction. This book changed my world view on creating large-scale impact and what it means to really change the world
  4. The Three Body Problem – Was one of my first scientific fiction books, and I got through it slowly, but surely – it’s mind-opening. Set against the backdrop of China’s cultural revolution makes it even more interesting
  5. 1984 (re-read) – My favourites: ‘if both the past and the external world exist only in the mind, and if the mind itself is controllable – what then?’ and ‘freedom is the freedom to say two plus two make four. If that is granted, all else follows.’ 1984 is a book for the ages


  1. The categories were made for man, not man for the categories – Slate Star Codex. My all time favourite article ever. Period.
  2. Questions – Patrick Collison. Incredibly thought provoking questions about the past, present, and future of the world we live in
  3. The future of America’s contest with China – New Yorker. Long read but worth it. I enjoyed understanding Chinese students’ perspectives of the US, and the experience of the author in China
  4. Content, cars and comparisons in the streaming wars – Matthew Ball. Deep dive on the OTT space – how streaming and television have evolved, and the current landscape (Netflix, HBO, Disney)
  5. Masa Madness: an analysis of Softbank – Not Boring by Packy. Very well researched, genuinely not boring, and insightful deep dive on Softbank
  6. Legal systems very different from ours, because I just made them up – Slate Star Codex. Yes, SSC is my favourite blog. Another mind-opening read of what different (theoretical) legal systems could look like
  7. This is water – David Foster Wallace. This speech deserves to be widely read. How to keep from going through your comfortable, prosperous, respectable adult life, dead and unconscious – highly recommend
  8. Targeting meritocracy – Slate Star Codex. SSC is my favourite – even though I don’t fully agree with all the arguments in this piece, it’s a logical and non-polarized opinion on meritocratic systems
  9. New erotica for feminists (an excerpt from the book) – Short and fun read on what a feminist’s fantasies look like
  10. How to build curation businesses – Erik Torenberg. Harvard, Stanford and YC are essentially curation businesses, where it comes down to brand and signal value
  11. Stop trying to try and try – Minding our way. I’m not a self-help/ inspirational reading type of person. But this is very legit advice that I often think of. We need to stop telling ourselves we need to try our best, and actually try
  12. The three sides of risk – Collaborative Fund. What really matters and we don’t think enough about, is, the tail-end outcome of any decision or situation. I often think about this now, while taking risky decisions
  13. Twitter, responsibility & accountability – Stratechery. Brilliant arguments on whether Twitter and Facebook are accountable for everything that’s published on their platforms or are they only distributors of content. I don’t fully agree with everything, but this is my favourite read on this topic
  14. Social cooling – This is not a piece but a new concept. Scary. I re-read 1984 recently, and there were eery similarities with this concept. What happens when all our data is being recorded and we are being watched all the time?
  15. The case against kids – New Yorker. Good piece on why having kids is not actually a selfless decision
  16. Why Figma wins – Timeless piece on what makes Figma tick: growth loops and how Figma has made design not only a designer’s thing, but everyone’s thing
  17. If I ruled the Tweets – Not Boring by Packy. Fun piece that resonated a lot of my thinking about Twitter
  18. How the Kremlin uses and abuses history – Carnegie Moscow Centre. Intrigued, but not surprised to read how the Kremlin has used and abused history to its benefit (another 1984 reference!)


  1. McDonald’s broke my heart – Revisionist History. My favorite podcast episode ever. The McDonald’s fry we all know today is not the OG fry, and for an utterly unbelievable reason. Highly recommend
  2. Ben Thompson on platforms and aggregators – Invest like the best. Even though Ben Thompson pioneered this topic, but this podcast revisited it with newer perspectives and examples, making it more interesting than ever before
  3. Negative oil – Planet money. Good explanation of what really happened when the oil futures went negative. I love Planet Money for fun explanations of seemingly complex topics
  4. Spanx: Sara Blakely – How I built this. Usually not a fan of listening to entrepreneurial stories, but this one’s an exception. Sara Blakely didn’t know what a venture exit was, sold her product to Neiman Marcus in the ladies’ room, and more
  5. Shishir Malhotra on bundling – Invest like the best. Great mental model of how bundling works (and should work) in the real world


  1. Hamilton – I think this movie will go on to have a deep and rich legacy. This is an experience and made me feel so many different emotions – definitely my top 3 movies of all time
  2. The Trial of the Chicago 7 – An absolute gem. I didn’t want this to end. Great court room drama about a civilian protest in Chicago against the Vietnam War
  3. The Post (rewatched) – Yes, I love movies based on historical events AND I love journalism. This covers how the NYT and The Washington Post finally broke the reality behind US’ involvement in the Vietnam War
  4. Icarus – It is mind-boggling to imagine doping at the Olympics. Icarus tells the story of consistent state-sponsored doping. Bone chilling

All these movies are true stories and the first three based on historical events.

Why feminism is for you, me, and everyone else

“Ah Kalki is back with one of her videos”
“Oh is she? All these girls will share it and give her, her two minutes of fame”
“Haan, acting nahi hui toh ab yehi karti hai”
“What’s wrong with Emma Watson man? Why can’t she just concentrate on looking hot?”
“Yeah what’s with all her namesake (read fake) feminism? All the UN Women shit. Nothing really comes out of it, does it?”

And there they were, at it again
Lunch table conversations, dinner too
What’s wrong, you might say
All in good humour, another would pitch in
Learn to take a joke, they’d all say in unison

And yet, we never joked about men making rotis all day
Even in jest, “how did you step out of the kitchen?” to a man, no one would ever say
What could be a better reflection of our mindset than a light-hearted joke
Of stereotypes, the fire you stoke

The stay-at-home dad is laughed upon
The working mother, chided
‘Don’t raise your voice to your husband” the daughter indoctrinated

“I allowed my wife to work after marriage” he proclaims
Expects the society to hold him in high regard for the same
Excuse me, you ‘allowed’ her, you say?
Like your parents allowed you to live and get married?
Like your dog allowed you to go to work every morning?
You own your wife much like your parents and your dog own you
Hold them in high regard for letting you live, won’t you?

You think a woman is your property, like clay is to a potter
To suit your every need, she can be shaped and even slaughtered
What do we do with technological progress
when our women still live in duress?

You say “India raped Pakistan in the match yesterday”
I retort, you just glorified rape as a victory and filled the rapist with pride
“It’s a joke, can you chill”, I get in reply
But how do I take it easy, I ask
How can I expect an uneducated farmer to send his daughter to school
when my educated friends think that cracking rape jokes is cool?

What was she doing out so late at night?
Why didn’t she put up a fight?
As the public, to judge her character, you think is your birth right
On your own moral standards, why don’t you try shining a light?

She was raped; her body violated, honour lost
She was left there to die in the frost
I thought honour was about being respectable and holding one’s head high
Oh girl, they’d rather see you rot and die, than hold your head up and fly high

Who is to blame for all of this? Society, we all say

But, who is society and what is it?
Is it not you and me and others living in mediocrity?
We couldn’t set our daughters free
So we judge others who let their daughters dream
Society thrives on conformance
The judgemental aunty is scared
Your daughter refused to settle, she dared
 The neighbourhood uncle disapproves
‘Patriarchy is for my benefit’, his mind rues

We all want to help and change the way ‘society’ treats women
But what do we do?
We wait around for an epiphany to strike us like a flash of light?
To show us the way and tell us what’s right?
Or we wait for the government to launch a grand scheme?
A country for women, we all like to dream
But we?
We sit and wait
While we wait, we crack a joke or two about rape
While we wait, 9 on 10 that girl we rate
While we wait, a jibe or two at feminism we take
But we?
We like to think we believe in equality at heart
We tell ourselves a joke can cause no harm
We laugh that feminism is just another storm that’ll soon be calm
But we will still think we believe in equality at heart
We teach our daughters to be submissive and ‘sanskari’
To cook, clean and become an ideal ‘bhaartiya naari’
We tell them rape is a result of their ‘skin show’
If raped, we tell them to protect their honour and lie low
But we still think we believe in equality at heart

We forget equality is not a privilege, it is a right
We think feminism is a fight for the feminists to fight
We think we’re too small a fish in the pond, to exert any might
But we forget, all we need to change is ourselves and what’s in our sight
We don’t need to launch protests and take on the law
We don’t need to sign petitions and highlight the system’s flaws
If we could make feminism our own fight,
support a rape victim to walk with her head held high
If we could raise our daughters and sons right,
not joke about feminism and the fight for equality in everyday life
If we could each do this every day of our lives,
We could probably show the path of equality, a ray of light.