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7 years ago, when Facebook and Twitter were just getting started, the primary magic trick to high growth rates involved creating a product that connected people to people and people to content. Back then this type of network effect gave the Mark Zuckerbergs of the world unexpected primacy over old-fashioned tech titans like AOL and Microsoft. For the first time, the power to build a large user base was given to people who had very small budgets, and the ability to instantly generate billions in market value trumped the comparatively slow process of building a tech company one customer at a time.
