Software is not a moat Over the last 15+ years, nearly every innovation @EvanSpiegel and his team shipped got copied. Stories. AR glasses. Swipe-based navigation. The camera-first interface. And yet @Snapchat is the only independent consumer social app that has lasted. Nearly 1 billion MAUs. ~$6B in annual revenue. Over 8 billion AI photos shared on Snapchat *every day*. In our in-depth conversation, we discuss: 🔸 Why distribution—not product—is now the biggest challenge for startups 🔸 How…