Great points. I would add that during the "unicorn boom", we also had the belief that proprietary tech would protect the market position of a large, low-profit

Great points. I would add that during the "unicorn boom", we also had the belief that proprietary tech would protect the market position of a large, low-profit companies, giving them time to monetize. It now seems that we may have overvalued this effect. In fact, startups can grow quickly because new tech makes the first mover advantage tenuous; why should the effect that allowed us to climb the mountain now prevent others from doing the same?