I think you're walking over some of the arguments here. Too much competition?: A bubble is when too much investment (the incubators here) chases too few good

I think you're walking over some of the arguments here. Too much competition?: A bubble is when too much investment (the incubators here) chases too few good deals (the "meh" startups). The question is what the distribution looks like - do most of the most successful startups come out of the top incubators? I'm not sure, but it's probable. If so, this means that the playing field is more of an oligarchy my market share and the also rans are just getting the scraps. Levchin's incubator: He thinks they're all clones of YC/TechStars - so he's starting one on a new model to make hardcore startups (in his opinion) that solve big problem. Given this - how doesn't that make sense?