My theory is returns to scale are much, much higher. All this whiz-bang shit startups do like AI, machine learning, really even any kind of custom software or

My theory is returns to scale are much, much higher. All this whiz-bang shit startups do like AI, machine learning, really even any kind of custom software or process innovation, just isn't possible when you're small. There's no scope for it. The reason it's a bigger problem now is because we have bigger markets globally and better tools, both of which create winner-take-all effects. 20-30 years ago you might start an auto parts distribution or manufacturing business, or a niche software business, or something else. It's a lot different when you have to compete with the best of the best globally from day 1 without any of the advantages the incumbents (e.g. data, existing channels to market, established brand) can bring to bear.