Some 17 years and $60+ billion in market cap later, that idea would blossom into the foundation of an online store builder for any merchant wanting to run a business. What started as a singular dedication to remove snowboard purchase friction has transformed into a core mission to tear down the barriers to entrepreneurship for businesses of all sizes.

Lütke set out to trail-blaze a means to “arm the rebels” with all needed commerce tools -- all under one roof, all with one interface and all hassle-free. This work gave way to the birth of what he hopes will be a “1,000-year company” and what he calls “the best idea he’ll ever have.” It gave way to Shopify.

Here, we will explore all there is to know about Shopify’s business model and investment case -- the good and the bad. After finishing this article, you will be an expert on the company and will be able to answer virtually any question thrown your way. More importantly, you’ll be able to assess new developments from an informed position. We’ve read every report, every earnings call, every transcript, every leadership interview and every single piece of relevant information that we could find. We’ve condensed it down into an intricately synopsized view of Shopify’s business, prospects and risks. This is a real deep dive. We hope you appreciate it as much as we enjoyed creating it and we encourage you to share it far and wide. Let’s begin.