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Not exactly the same but this reminds me of Joel's Strategy Letter I [0] regarding knowing what kind of business you operate, and consequently how you should grow it.

[0] https://www.joelonsoftware.com/2000/05/12/strategy-letter-i-...

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He references Amazon as a land grab play - sure - but it was also a cash generation machine - I don't think Amazon raised a huge amount of capital - didn't it mostly funded growth via revenue?

At first, Amazon was exactly the kind of Equity business OP is writing about. And it was hugely criticized about it [1, for example]

[1]:https://www.computerworld.com/article/1377261/bezos-says-ama...

But funding that equity growth organically from revenue, rather than raising external capital.

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