Executive Summary
Lyft released the filing for its public offering today, and in the section on risk factors it emphasized network effects Just how big of a competitive moat do those network effects create? Lyft’s localized network is more vulnerable to competition than a global network like the one that powers Google’s search business. And Lyft’s business is vulnerable to multi-homing, where users and drivers keep multiple apps on their phone. From a competitive standpoint, the market for autonomous vehicles looks more like the market for search engines than the one for…
