I generally agree with your statement but personally I'd pull back on calling start-ups as R&D replacements. There are certainly a few start-ups taking big R&D

I generally agree with your statement but personally I'd pull back on calling start-ups as R&D replacements. There are certainly a few start-ups taking big R&D-type gambles, but I think most people are working in some sort of technology-applied-to-old-industry role. Therefore I'd liken start-ups to product team replacements or consulting + validation as seen from a big company's perspective.