So, working theory: businesses reflect the capital structure of their ecosystems (like how animals evolve to fit their environments), and judging an ecosystem for not having enough startups is a bit like saying there aren’t enough polar bears in a tropical rainforest.
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Silicon Valley is set up to spit out venture-funded startups, the same way that South East Asia is set up to create family-run conglomerates that expand via JVs.
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SV investors are primed to look for the next Stripe; SEA investors are primed to look for the next Wilmar International.
(Not entirely accurate; because an existing conglomerate might want to get in on the action by doing a JV with the small business; but directionally right).
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Capital structures *and culture*
I read somewhere probably from daniel gross that California with the sunny optimism tends to create the social media startups we are familiar with
Whereas survival mode Israel tends to create startups heavy in security and defense
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Good point — they probably emerged together. (Though, interesting question: which comes first: the capital structure or the culture? 🧐)
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