End markets require tailored strategies, as a one-size-fits-all approach is inadequate. It is vital to assess unique characteristics and frameworks related to these markets. The experience of transitioning from investing to operating in media highlights the importance of understanding these dynamics. Notably, the concept of 'low barrier to entry, high barrier to scale' serves as a crucial framework for evaluating products and opportunities, suggesting that many offerings could be better developed or acquired in-house instead of being viewed through traditional investment lenses.

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