It could be argued that without VisiCalc, 1-2-3 might never have existed. After all, besides the development work, VisiCalc had also done all the hard work of c

It could be argued that without VisiCalc, 1-2-3 might never have existed. After all, besides the development work, VisiCalc had also done all the hard work of creating and validating a new market. If somebody does all that work only to be displaced by someone else who has the benefit of hindsight, what is the incentive for taking big risks?