A major consequence of the Internet era is the emergence of complex “platforms” that combine technology and process in new ways that often disrupt existing industry structures and blur industry boundaries. These platforms allow easy participation that often strengthens and extends network...

We define long shots as investment projects with four features: (1) low probabilities of success; (2) long gestation lags before any cash flows are realized; (3) large required up-front investments; and (4) very large payoffs (relative to initial investment) in the unlikely event of success....