Bret Taylor: belief

Transcript context

…It's not relevant. Obviously, I see most of those comments were incorrect, but if you think about all the work you've done in compliance or the relationships you have with large financial services institutions, the work you do on fraud, the things under the surface that aren't the forms and fields in the web browser are actually incredibly valuable. If you think about a large software company, they'll have thousands of quota-carrying account executives that represent sales capacity, which is basically a channel, and distribution turns out to be a very important part of software. There's social proof. There's the old saying, "No one gets fired for buying IBM," which few people say right now, though IBM is actually doing really well under Arvind. You want to be maybe the first healthcare insurance company to adopt something. There's another healthcare insurer who says, "I want to be the fifth. I want other people to prove it." There's all these network effects around these businesses and scale and moats and Silicon Valley speak around them. I think the big risk is where is value in the software industry n years from now? One risk is that more people will build than they do now versus buy because the marginal cost of writing software goes down. I think that'll be true for some software, particularly developer platforms and things like that that are already being consumed and purchased by other engineers. Little libraries or— Things that already were part of a build-versus-buy calculus, it shifts the balance of power.…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.