Today I want to talk about ’defensible moats’ in startups. This term I heard from Warren Buffett. He said: ‘We invest in huge cash flows that are defended by big moats’ All businesses have their own moat. They can be small or huge. Let’s say you run a service-based business like washing windows. The moat, in this case, is ‘Where to find customers, and where to find people who do it’ I also can run this business in the next 5 minutes because it is easy. If you want to open a restaurant, you need to do more things. Find a place, find people, create concepts, and design. It cost 100K-2M$. The moats are capital and knowledge. For Youtube, the defensible moat is the number of videos on the platform. If you just copy the platform, you will fail. Even 100b bucks won’t help you. So, if you want to run a startup, ask yourself a question: ‘What defensible moats do I and my competitors have?’