The Platform Shift®The Industry’s Stage
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Issue No. 047 · Week of 6 July 2026

The Rail Thesis

Editor’s Note

This week, a founder who stopped selling software and started running a rail. It is the clearest example yet of the shift this publication exists to document — and a preview of a decision most of the industry has not realised it faces.

The Lead
Watch52 min
Edition 047
“We stopped selling software the day we became a platform.”
With Elena Cho, Founder & CEO at Ledgerbase
52 min
In this issue
Watch52 min
Edition 047
“We stopped selling software the day we became a platform.”
Elena Cho · Ledgerbase
Watch44 min
Edition 046
The margin case for embedded finance.
Priya Anand · Northwind