I think another problem today is that startups do not truly differentiate. They try to be a mini Google. Startups in the 90s were much more brash. Look at Apple

I think another problem today is that startups do not truly differentiate. They try to be a mini Google. Startups in the 90s were much more brash. Look at Apple's ads against IBM for example. Everything has become far more tame these days. So why join a mini Google when you can join the real Google instead.