As a case in point, Blue Origin started before SpaceX. They have put more money into development than SpaceX. But they have yet to launch a single rocket into orbit.
And yet, Blue Origin is not bad. They appear to be in the same ballpark of costs as NASA originally estimated for development on the Falcon 1. They are just failing to rewrite the rules the way that SpaceX has consistently done.
That said, if SpaceX ever fails as a business because Elon takes one risk too many, I'm sure that Blue Origin will happily buy the technology...