I actually don't think so. A few points: (1) We are in an era of massive investments, much more so than when Amazon started. The billion dollar plus fundraisin

I actually don't think so. A few points: (1) We are in an era of massive investments, much more so than when Amazon started. The billion dollar plus fundraising round is increasingly common over time. (2) An entrant does not need to operate the same as Amazon. The sharing economy provides a lot of alternative models. To give a fictitious example, connecting with existing rideshare vendors for delivery and a network of local stores for fulfilment could give a lot of the same product without the same investment. Ditto for existing logistics players like FedEx (who do a lot more than delivery). (3) It's possible to start in different markets, and especially foreign markets. A company which could do this play easily might be something like Aliexpress which already has a leg in. There are many more models possible too, but the point is that building Amazon today does not need to the same as building Amazon in the nineties. Even building the same Amazon would be cheaper today, since we can learn the lessons of the existing Amazon.