That's not contemporary. Elevator pitches have been a thing for long time. Those companies , at least first three, didn't start out with complex apps. On top

That's not contemporary. Elevator pitches have been a thing for long time. Those companies , at least first three, didn't start out with complex apps. On top of all that, internet software companies exist in market, where customer ability to switch to competitor is so high and barriers to competitor entry are so low. There are exceptions, but for most the have to be The Best at one thing or see their market share evaporate.