I recently listened to a podcast with Jason Furman and he made an interesting distinction. He distinguished between companies that grow to be very large through

I recently listened to a podcast with Jason Furman and he made an interesting distinction. He distinguished between companies that grow to be very large through organic growth vs companies that grow very large through acquisitions. He used Walmart as an example of the former. They grew by being really good at logistics and having a really efficient supply chain, so they could offer lower prices and ultimately open a lot of stores. He used Google as an example of the latter. Obviously the search tech was their own but basically all of the ad tech (what they actually generate revenue with) was cobbled together through acquisitions.