I like the thrust of your argument, but from my perspective in Singapore/Asia, that's not quite what I see. Big corporates are aggressively moving to dominate

I like the thrust of your argument, but from my perspective in Singapore/Asia, that's not quite what I see. Big corporates are aggressively moving to dominate technology niches, while still dominating their existing verticals. * All the banks have strong deal/shopping apps * Property developers are continuing to build ever larger malls while investing in Amazon-like marketplaces (see Matahari Mall) * Every big corporate is investing in external startups or growing internal startups and innovation divisions * Practically all the big startup successes in Singapore, Indonesia and China are owned, often quite directly, by well-connected families or the state Everyone's aggressively responding to the tech upstarts and trying to control their own turf. The US-educated scions of well-connected families are especially responsible for techologising their behemoth family businesses and launching modern apps. New local players will have difficulty competing with old money's new generation of leaders. In other words, what I see here in Asia is the entrenchment of old money. The market is saturated with new entrants, but the leaders are those who are backed by old money, simply because of the firepower that those connections give them. I think this is fundamentally different from the situation in the Valley, where more disinterested VCs (rather than old money) back the new horses. My assessment is from the gut rather than statistical, so I'd love to be given an alternative view.