>> “A lot of entrepreneurs are motivated to understand how to make their success repeatable,” says Prof. Williams. “But what they have to recognize is there’s a lot of luck involved in entrepreneurship, and most entrepreneurs in the tech sector might only get lucky once.”

This actually seems like a good reason to start a studio or accelerator. Even YC understands that half of their companies will fail. In many cases this not because the founders are lazy or untalented but because there's a good deal of luck involved in creating a product that sticks. Consumer products in particular are extremely hit-based so it kind of makes sense to make a "record company" rather than put all your eggs into a single band.