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So this is a question that I’ve been investigating for the past 3 years, and that I only have contingent answers to.

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Mar 5, 2021

It is so interesting that in the west, focused technology companies have tended to dominate. "swiss army knife" is a pejorative, usually. But Sea, Tencent, etc have won being "all things to all people." Trying to figure out all the reasons why this is the case.

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what are your contingent answers? Might be interesting to riff on here

Cedric Chin

@ejames_c

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@Dollar_Stearn

I don't feel comfortable talking about them in public :P I will say that all 3 of the reasons you've proposed don't ring true to me, nor do many of the proposed answers in

@patrick_oshag

's original thread. Right now, the state of my research is still a bit of a mess.

6:51 AM · Mar 7, 2021TweetDeck

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and

The good news is that I've run some of my theories past those working in/adjacent to these SEA conglomerates, and they've said that it explains some of the things they've noticed while working in those contexts. So I think I'm on the right path.

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and

Related: twitter.com/ejames_c/statu Investigate the history of the use of the JV structure, and many things will follow.

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Cedric Chin

@ejames_c

Jan 16, 2021

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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