Chapter
The Power of Local Monopolies
1:23:13 - 1:27:16 (04:03)
A local monopoly can be just as profitable as a national one if a business has a great reputation and be the go-to choice in a particular area, which can be seen in the numbers. This phenomenon is not limited to small businesses, but can also be observed in large corporations such as Google and Facebook.
Clips
UpCounsel, a legal services marketplace, has shifted its revenue model from a large platform fee paid by customers to a new model that offers lower prices and flexible options for its independent attorneys.
1:23:13 - 1:25:00 (01:47)
Summary
UpCounsel, a legal services marketplace, has shifted its revenue model from a large platform fee paid by customers to a new model that offers lower prices and flexible options for its independent attorneys. This change was spurred by a desire for autonomy and a flexible lifestyle among the company's leadership team.
ChapterThe Power of Local Monopolies
Episode#105 with Avlok Kohli and Xavier Helgesen - Leading AngelList Ventures and Buying Businesses Like Berkshire Hathaway
PodcastMy First Million
This episode discusses how having a sterling reputation as the best in your area can lead to a local monopoly and the ability to command premium prices.
1:25:02 - 1:27:16 (02:14)
Summary
This episode discusses how having a sterling reputation as the best in your area can lead to a local monopoly and the ability to command premium prices. It also draws a comparison between local and national monopolies such as Google and Facebook.