>> Is there any startup that inevitably needs early investment? Yes. In the UK, if you try to make a company which helps people travel overseas and arranges s

>> Is there any startup that inevitably needs early investment? Yes. In the UK, if you try to make a company which helps people travel overseas and arranges somewhere for them to stay then you are caught by all sorts of travel regulation. You'll need a £40K bond as well as all sorts of upfront costs just to get started. So pre-traction you've had to spend huge amounts of money to enter the game. Large regulatory costs are one of the ways big companies keep new entrants out.