summarize this "The race to a $1bn market cap for startup companies has been getting faster and faster over time. It took the average S&P 500 company 20 years to reach a billion-dollar valuation. It took Google eight years, Facebook six years and NAME_1 just three years to surpass this level. It would appear that there are two basic approaches to growing a company. The first more old fashioned approach is to come up with a good way of making money and then, try to do more of it. The second – more innovative - approach is to find something that loses money, scale it up as much as possible and then eventually try to find a way of making it profitable – I’m not sure if that last step is always necessary though. If you can grow the business quickly enough, your company might become really valuable long before you ever flip to profitability. The first model is of course boring, and the second model has become the dominant Silicon Valley business model over the last twenty years or so, in fact it was given the name “blitzscaling,” by NAME_2 – the founder of LinkedIn. The blitzscaling approach is not applied to every type of business, but mainly to network-effects businesses where you aim to become the dominant player in your industry and then pivot to profitability. A network effect business is one where the value of the product or service increases when the number of people who use that product or service increases. The big idea is that user acquisition costs should decline as you achieve scale and network effec Provide your reponse without using the word blitzscaling.
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