One reality that perhaps should have been touched on in the essay is the effect of increased regulation on a field over time, which overwhelmingly tends to favo

One reality that perhaps should have been touched on in the essay is the effect of increased regulation on a field over time, which overwhelmingly tends to favor mammoth organizations. We're already seeing this, of course. Bad laws have real consequences, and it often becomes politically impossible to repeal them. Sarbanes-Oxley has all but shut down the IPO exit. Consider what the expansion of 'know your customer' laws to online commerce might do to startup SaaS businesses, for example, when you consider the huge compliance costs. And there are a million ways to hamstring online startups in the eternal quest to 'protect the children.'