1/ new essay: What's next for marketplace startups? Reinventing the $10 trillion service economy, that's what. Co-authored with @ljin18 https://t.co/fgKbrHTnH5. A short thread ๐Ÿ‘‡

2/ Marketplace startups have done incredibly well over the first few decades of the internet, reinventing the way we shop for goods, but have been less successful services. It's bc services are complex, subjective, fragmented, and often in real life. Makes it hard
3/ There's been 4 major eras at making the service economy work online. The Listings Era, the unbundled Craiglist era, the Uber for X era, and the Managed Marketplace era
4/ Each era has added more value than the last, and utilized technology innovations, from internet to social / "read/write web" to mobile. The "Unbundling Craigslist" era was particularly epic at generating startup ideas
5/ The problem is, all the low-hanging fruit has been picked off. The techniques that got us to here won't get us to the next phase. So we have to do some pretty different things. That's why "Managed Marketplaces" have been a big deal - hire folks as W-2s, certify quality, etc.
6/ All the learnings from the previous generation of marketplaces will be needed - and more! - to unlock the next phase. Which will be focused on regulated, licensed professions. This is everything from teaching, legal work, healthcare, and more. This represents trillions (!!).
7/ Here's a view of what all of these sectors might look like.
8/ Licensing *really* made sense information asymmetries existed all over the place, between consumers and providers. The taxi medallion meant something. But in a world of real-time info, GPS, user reviews, and mapping - don't we trust their rating more than their medallion?
9/ Feel free to argue about the value of licensing. It's not zero. But it holds back a lot of labor supply and makes the services expensive. Here's a view on the % of workers that require certification/licensing, in a world where it's certainly less useful and maybe just obsolete
10/ If you agree with the premise that you can unlock supply in these markets, then there are 5 key strategies to make this happen: A) Making discovery of licensed providers easier B) Hiring and managing existing providers to maintain quality
11/ Also should include: C) Expanding or augmenting the licensed supply pool. D) Utilizing unlicensed supply. E) Automation and AI. Each one deserves a deep-dive.
12/ There are 125 million Americans who work in the service industry. And we're all consumers of this market. This is a big, big opportunity, and we're excited to be digging in.
13/ Here's the essay so you can read it: https://t.co/fgKbrHTnH5. And shoutout to my co-author @ljin18 who drove most of the writing on this one!

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And here they are...

THE WINNERS OF THE 24 HOUR STARTUP CHALLENGE

Remember, this money is just fun. If you launched a product (or even attempted a launch) - you did something worth MUCH more than $1,000.

#24hrstartup

The winners ๐Ÿ‘‡

#10

Lattes For Change - Skip a latte and save a life.

https://t.co/M75RAirZzs

@frantzfries built a platform where you can see how skipping your morning latte could do for the world.

A great product for a great cause.

Congrats Chris on winning $250!


#9

Instaland - Create amazing landing pages for your followers.

https://t.co/5KkveJTAsy

A team project! @bpmct and @BaileyPumfleet built a tool for social media influencers to create simple "swipe up" landing pages for followers.

Really impressive for 24 hours. Congrats!


#8

SayHenlo - Chat without distractions

https://t.co/og0B7gmkW6

Built by @DaltonEdwards, it's a platform for combatting conversation overload. This product was also coded exclusively from an iPad ๐Ÿ˜ฒ

Dalton is a beast. I'm so excited he placed in the top 10.


#7

CoderStory - Learn to code from developers across the globe!

https://t.co/86Ay6nF4AY

Built by @jesswallaceuk, the project is focused on highlighting the experience of developers and people learning to code.

I wish this existed when I learned to code! Congrats on $250!!