I mean, the strategy has created all of the biggest winners: Amazon, Google, Facebook, Spotify, eBay, PayPal, (maybe) Airbnb, etc.

Each of them effectively monopolized something for close to a decade.

It’s not a failed proposition; it just might be harder to pull off in some spheres than others, and harder as more money gets funneled into startups, and harder as the giants jump into your newly minted market, or acquire that new market.