Startups in order of of lowest risk & reward to highest: 1. B2B, Existing Market (Rippling) 2. B2B, New Market (Carta) 3. B2C, Existing Market (TikTok) 4. B2C, New Market (OpenAI, @RewindAI) B2C > B2B: distribution is harder but larger TAM New > Existing: first mover advantage