Marketplaces connect buyers and sellers, often referred to as two-sided marketplaces, and they can dominate their industries.

Startups should target markets that are either starting to experience or are about to experience exponential growth, as this is crucial for long-term success.

Startups should initially focus on narrow markets to gain momentum, but eventually need to identify and build towards infinite markets to achieve significant growth.

Payment networks function as marketplaces, and while they are challenging to establish due to the chicken-and-egg problem, once solved, they can create very sticky businesses, as seen with successful companies like Airbnb and DoorDash.

We were patient in the first three years, focusing on creating a strong business model to support small to medium-sized merchants rather than copying models from Amazon or eBay.

As competition increases, navigating the market becomes tougher, especially after five years.

Trust in exponential growth and momentum, as startups that are growing tend to continue growing if they maintain that momentum.

After a couple of weeks, it became clear that we were onto something significant with Groupon, and we began making projections about its potential growth.

Surround yourself with people who have lived through the challenges of building a marketplace; their experience is invaluable.