https://lotan.vc/ Essays and field notes on enterprise AI, data moats, software infrastructure, and how companies get formed. en https://lotan.vc/essays/show-me-the-flywheel.html https://lotan.vc/essays/show-me-the-flywheel.html Wed, 08 Jul 2026 09:00:00 +0300 Proprietary data is a head start, not a moat. A moat is proprietary data that compounds. Five ways real companies built compounding datasets, and the one question to ask any AI company: does it compound.