It’s systematic

“6-12 mo to shaky profitability + ability to quickly iterate” is a business that has a good chance of surviving while “However long it takes to be fully secure” is a business that is not only rigid but needs massive up-front capital to get there and even then there’s no guarantee that the market fit is right

And after that is something we could call the “Pareto spiral”: if a company find market fit and builds an excellent product, competitors can survive at 80% of that quality. If the “100%” fails for any reason, the competitors become the new ceiling and now their competitors can survive at 80% of that (now 64%)

And only one round in, how secure could that 64% company be?