I think the centralized Bell Labs approach affords long-term research whereas startups are narrowly focused, interested in exit, strapped up and duct-taped unde

I think the centralized Bell Labs approach affords long-term research whereas startups are narrowly focused, interested in exit, strapped up and duct-taped underneath – 'like building an airplane while it is flying', inexperienced, VC-pressured, and less resourceful. Good point though, that's where Big Tech spends cash - acquisition. I was searching a bit more and Big Tech has been doing a bit of stock buybacks as well.