I see two factors: 1. 'Big Telecom', has all the problems of publicly traded large companies: Focus on creating shareholder value, complexity, inertia, etc. Th

I see two factors: 1. 'Big Telecom', has all the problems of publicly traded large companies: Focus on creating shareholder value, complexity, inertia, etc. This is inefficiency due to objectives and organization. 2. Payoff horizon. It's easy/cheap to buy technology and set up a network for today, but are they charging enough to update all the hardware in a few years when technology improves? In Canada, even with aggressive government subsidization, multiple attempts to create new independent wireless carriers(Fido, Wind) have failed when they could not afford to grow their network beyond initial investments. It'll be very interesting to see how this develops and find out whether 1 trumps 2: will small community organizations be sufficiently efficient, or will they struggle with faster obsolescence than expected and be forced to acquire more capital.