In non-tech industries big companies actually have a lot of trouble innovating, or driving resources and infrastructure to new initiatives. Startups exist to ov

In non-tech industries big companies actually have a lot of trouble innovating, or driving resources and infrastructure to new initiatives. Startups exist to overcome this lack of maneuverability at big companies. Often the entrepreneurs are seasoned execs from these big companies who can't realize their vision under big company constraints Biopharma is a perfect example. It represents over 20% of venture funding. Most entrepreneurs are 50+ years old. Big companies get orders of magnitude lower return on r&d investment than VC backed companies. And the returns have actually been better than tech startups in the last few years