Excellent comment. The killer feature of software is that it is utterly delocalized. Theoretically, you can capture the whole market whether you are based in SF

Excellent comment. The killer feature of software is that it is utterly delocalized. Theoretically, you can capture the whole market whether you are based in SF, Berlin, or Calcutta. That has actually probably been somewhat reduced over time as governments have realized the benefits to protectionism (eg you can’t capture the Chinese or Russian market anymore if you’re a search engine), but it’ll likely remain generally true compared to other enterprises. This effect is so powerful that even if your business has a strong physical component (Uber, Airbnb, etc) the scalability of software still puts you at a huge advantage. As a doctor or lawyer, you tend to be limited to a radius around your immediate physical location. Software is a weird beast that we haven’t really seen any equivalents to in human history.