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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More like the path dependency of economies! (But I take your point 😉)