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Ben and David head north of the border to Ottawa, Canada to cover perhaps one of the greatest IPO success stories of the past 5 years, Shopify. From humble beginnings as a \\u201clifestyle business\\u201d hawking hipster snowboard gear online to now routinely mentioned in the same breath as Amazon, the tale of Shopify and its incredible CEO Tobi L\\xfctke\\u2019s ascent is not one to miss!

Sponsors:
Vanta: https://bit.ly/acquiredvanta
Crusoe: https://bit.ly/acquiredcrusoe
Modern Treasury: https://bit.ly/acquiredmoderntreasury

Links:

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• https://www.snowdevil.ca
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• https://www.jadedpixel.com
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• Citron\\u2019s \\u201cresearch\\u201d report: \\xa0https://citronresearch.com/citron-exposes-the-dark-side-of-shopify/\\n
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Carve Outs:

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• Ben: Moment smartphone camera lenses: https://www.shopmoment.com\\n
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• David: Quoteapro engineering and head of product roles \\u2014 DM @david in the Acquired Slack ; Bill Gurley on Invest like the Best: http://investorfieldguide.com/gurley/\\n
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Editor\'s note: Shopify actually powered $41b of sales, not $14b, in 2018, as discussed toward the end of the episode. $14b was the fourth-quarter number. While this changes the analysis of value captured at the end of the episode (Shopify only captures 2.5% of merchant sales as their own revenue, not 7%, which is admittedly very different), it doesn\\u2019t change overall sentiment on the company discussed in the episode.