"ability to make new stuff", ha! Let's actually see the new stuff, then I'll believe it. I've seen too many first movers fail to differentiate themselves and e

"ability to make new stuff", ha! Let's actually see the new stuff, then I'll believe it. I've seen too many first movers fail to differentiate themselves and eventually fall behind their competition to really believe that resources and talent alone constitute a viable moat. Some would argue they can even be a hindrance, if they render the company complacent and risk-averse.