For at least a year, I’ve had an ongoing debate with folks in the Valley about why Lyft doesn’t just go public already.

People bring up LinkedIn, who went public before Facebook; Box who went public before Dropbox… there’s a decent case to be made for the smaller #2 company in a market going first.

The opposite case-- as articulated to me by more than one Lyft investor-- was that unlike those other categories Lyft and Uber are commodity products. I feel like I make this point in every article about why Lyft and Uber can’t follow the same playbook as a Google or a Facebook, but it still gets lost on folks. They have the same product, same price, similar experience, same delivery, and literally the same drivers doing the driving in major cities. There is almost no differentiation, except one acts pretty evil in its corporate dealings. But the drivers are basically the same, so if you don’t care about voting with your wallet, that doesn’t even matter.

That means whoever has the most money in the bank at any given time will win market share...