![[99%tech]](https://substackcdn.com/image/fetch/$s_!vl72!,w_120,h_120,c_fill,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcae24093-688e-4321-a6fa-ee9385f8979c_1024x1024.png)
![[99%tech]](https://substackcdn.com/image/fetch/$s_!Sljl!,e_trim:10:white/e_trim:10:transparent/h_72,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F02f85460-45dd-47b2-a64c-f9e2bf0372af_1500x1000.png)
![[99%tech]](https://substackcdn.com/image/fetch/$s_!fyuD!,w_144,h_144,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_auto/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa8b87cef-a6f1-4d39-94a3-8464b4e7fb89_1500x1500.png)
Peter Thiel said competition is for losers. Here’s where the escape hatch is: the two structural advantages of building fintech outside the SF-NY axis that the AI rebuild moment amplifies, the hundred-versus-three math, and why compound startups are the natural shape of the opportunity outside the US.
Read the full essay, with links and sources here.
This piece first ran in my Forbes column. Narrated with my AI voice.
[99%tech] · Tech’s other 99%. From Silicon Valley to the other 99% of the world. And back.
![[99%tech]](https://substackcdn.com/image/fetch/$s_!fyuD!,w_96,h_96,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_auto/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa8b87cef-a6f1-4d39-94a3-8464b4e7fb89_1500x1500.png){kind=small}
