…nd and significantly increased R&D spend even above and beyond the rate at which revenue has grown. Interestingly, that 2 percentage point increase in R&D spend is roughly equal to the 2 percentage point drop in margins during the Tim Cook era.
In the earlier versions of our pitch deck, we focused a lot on empowerment. We were targeting software developers, as we believed we could offer them an entirely new outlet for their creative efforts. But this narrative wasn’t big enough. Investors want to hear a story about changing the world. Large ambitions, with a meaningful impact on the market, resulting in massive sales. We just didn’t tell a big enough story.