> people... underestimate the benefits of agglomeration, underestimate the negatives of remote work

Absolutely. If you're trying to solve hard problems and don't have incredibly talented people who have 5 or 10 years of experience working on teams, know how to execute tactically and how to develop high level strategies, etc, etc, 100% remote isn't going to work well. You'll get some things done, but the next company over that can develop a new grad into a highly performing engineer/product person/[insert other position here] in a little over a year is probably going to outperform you in almost every aspect of the business.