a) Yeah, that could be. Even if we limit discussion to the software/internet space, we could be ignoring all the small companies that created a new market then

a) Yeah, that could be. Even if we limit discussion to the software/internet space, we could be ignoring all the small companies that created a new market then got crushed by Microsoft. b) <shrug> PG chose the term, not me. The point is that you have a startup and an established company competing in a market that recently didn't exist. PG's point was that very often the startup wins. He may be wrong, but grocery retail is not a counter example.