Jockey John Velazquez riding Authentic, wins the 146th running of the Kentucky Derby at Churchill Downs, Saturday, Sept. 5, 2020, in Louisville, Ky. (AP Photo/Jeff Roberson)

Jeff Roberson/Associated Press

Tiz the Law’s run for the Triple Crown is over after a second-place finish at the Kentucky Derby, and Authentic is the new horse to beat heading into the Preakness Stakes. 

Saturday’s stunning upset was the first loss for trainer Barclay Tagg and Tiz the Law since November 2019. Authentic not only notched his second-straight victory after last racing in the Haskell Stakes, but gave trainer Bob Baffert his sixth victory at the Kentucky Derby and his 16th overall win in a Triple Crown race—both records in their own right. 

Of course, glory and fame aren’t the only spoils for the Kentucky Derby victor. There was

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If there was a hall of fame of tech and VC articles, NFX’s “The Next 10 Years Will Be About Market Networks” would certainly make the cut. The prophecy of a new breed of successful startups combining the best of networks (“the strong network effects, defensibility and scalability”) with the best of SaaS and marketplace businesses (“the lucrative revenue models”), is undoubtedly an enticing notion.  

Four years after the original post — and a couple of Market Network investments of my own later — I’ll use this post to explore what we’ve learnt about this business model and its success attributes, and whether investors (including James Currier, partner at NFX and author of the original post)

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