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(1) 1 year ago - there was a lot of fear that the labs will win and startups will lose. The data today suggests - labs are winning and startups are also winning. The labs did not kill Harvey, Legora, Cursor, Supabase, Clickhouse, Sierra, Vapi, Decagon, Opencode, Fireworks, Blacksmith - all of them are winning. It turns out when markets are so large - maybe some win more than others - but everybody can win. (2) Companies are still built by great people and those are the only moats that matter in the long-term. Post PMF, hiring and retaining great talent is the hardest thing. Even if the labs have the resources to do everything, they cannot retain all the great people for all the products, offer the same equity upside for the missionaries at trillion-$ valuations and therefore cannot win every market. The history of incumbents proves this.
arnavsahu341 ↗