Substack: Chris Best and Hamish McKenzie
Chris Best, former CTO of Kik Interactive, and Hamish McKenzie, a journalist and author, co-founded Substack to create a direct monetization platform for writers, moving away from the ad-supported models of Facebook and Twitter. They discuss the skepticism they faced when pitching the idea that people would pay for newsletters, the strategic decision to take a low 10% cut to align incentives, and how a free-speech stance helped them attract prominent journalists during the pandemic. The episode also covers their refusal of an acquisition offer from Elon Musk and their strategy to maintain financial independence by avoiding excessive fundraising.