> How do you differentiate a product and a company? Good question. And I think you got it mostly right. Being a product doesn't mean the company has no value

> How do you differentiate a product and a company? Good question. And I think you got it mostly right. Being a product doesn't mean the company has no value, just that its only a matter of time before someone else builds their features into their product. The answer is that its very fluid. Everyone is a product until they are big enough. My rule of thumb is, can I see this companies being a feature for another company, or put another way.... What moat does this company have that ensures another company can't just create a feature to their own product that duplicates them. In the Flip case, it was obvious once the iPhone came out that the average person wasn't going to carry around a separate device just for video. Dropbox was a company that was famously refereed to as a feature, and they've done a great job of becoming more than a generic file syncing company. Cruise automation is a company that I think would have been in trouble if they hand't sold, not necessarily today, but can any one really see a future where most cars produced don't have self driving hardware built into them by the manufacturer?