Evan Spiegel: Software Is Not a Moat, Build Moats Elsewhere
Snap CEO Evan Spiegel explains why software features are poor competitive moats. Discover his method for building durable businesses with ecosystems and hard-to-copy assets.
Software is not a moat
With Lenny Rachitsky, Evan Spiegel · Sunday, April 26, 2026
In this segment, Evan Spiegel discusses the realization that software features alone do not provide a durable competitive advantage, as they are easily copied. He outlines a strategy for building more resilient businesses by focusing on creating robust ecosystems and investing in hard-to-replicate areas like vertically integrated hardware.