I'm not exactly sure how to classify it. Would you consider early institutional investors in Microsoft, Amazon, or Facebook? Anecdotally I've heard that lots o

I'm not exactly sure how to classify it. Would you consider early institutional investors in Microsoft, Amazon, or Facebook? Anecdotally I've heard that lots of VC firms passed on all three during their very early days, but I'm not convinced that those are good examples of completely new markets.