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AI coding has made software cheap and fast to build. So what actually protects a business now? Sabba and Charlie go through every major moat and test it against AI: SEO, distribution, network effects, switching costs, brand, real-world relationships, regulation, hardware and proprietary data. Charlie’s hot take is that AI agents are quietly breaking network effects. Then they run through Hamilton Helmer’s 7 Powers and talk about which moats a startup can realistically build today. Along the way: Tally Forms, Higgsfield, OpenTable, Blockbuster vs Netflix, and a free cleaning service that films your home to train robots.
Timestamps:
00:00 Intro
00:28 Why AI broke the software moat
05:36 SEO and distribution
12:36 Network effects vs AI agents
21:50 Switching costs and brand
28:28 Real-world moats: relationships, regulation, hardware
37:00 Data and scarce resources
40:50 Hamilton Helmer’s 7 Powers
51:48 Which moats survive AI
Timestamps:
00:00 Intro
00:28 Why AI broke the software moat
05:36 SEO and distribution
12:36 Network effects vs AI agents
21:50 Switching costs and brand
28:28 Real-world moats: relationships, regulation, hardware
37:00 Data and scarce resources
40:50 Hamilton Helmer’s 7 Powers
51:48 Which moats survive AI
Creators and Guests
What is Napkin Math?
Join Sabba Keynejad (co-founder of VEED.io) and Charlie Ward (founder of Ramen Club, Ramen Space & Cosy) as they dive deep into the world of startups, AI, and the latest tech trends. These two legends of the London indie scene bring their no-nonsense, real-world insights to help founders, builders, and indie hackers navigate the highs and lows of entrepreneurship. Expect candid conversations, actionable takeaways, and the occasional hot take on where the future of business is headed.
Whether you're bootstrapping your way to success or scaling your next big idea, Napkin Math is your go-to podcast for unfiltered discussions on what it really takes to win in the startup game.