This. It's also worth remembering that the cost to bring products to market - particularly in the software/technology industry, continues to rise. As larger players continue to expand their portfolio of offerings with years of engineering effort behind them, it's significantly more difficult for a small startup to produce something compelling enough for customers to use it over the other options on the market.

In other words, the bar for quality and capability in all products we use on a daily basis continues to rise. That has the direct effect of raising the expectations that consumers and businesses have for new products they want to purchase, and thus the cost to build them. That translates to more time needed to deliver something meaningful to market, which is also likely correlated with higher amounts of VC funding concentrated in a smaller number of companies (pre-COVID)