“Nobody bought Snap because of Morgan Stanley's imprimatur. In this world, the underwriters are mostly just service providers. Certainly they have due-diligence obligations -- they really aren't supposed to take companies public if their financials are fraudulent -- but they don't have much leverage to insist on things like voting stock or forward-looking earnings guidance. The market decides stuff like that, not the underwriters. The underwriters just shut up and execute.”
Google: "Test 36 shades of blue and choose the one that performs best"
Apple: "Create beautiful product based on user experience and then convince you that you like it."
I don't think making all product decisions based on data is necessarily good, nor is designing in a vacuum.
"[Evan Spiegel] has dismissed ideas that rely heavily on data, according to people who have worked with him. He prefers to study the experience of users for cues on revisions and new features, some of the people said.
...
One banker involved in the IPO said he thought the lack of voting shares and other decisions could imperil the company’s standing with investors, possibly hurting its stock price. But he said he didn’t articulate that to Snap’s executives for fear of jeopardizing his spot on the prized deal."