Right, but my argument is that there are many niches in the market where there is no competition, and startups should try to find that and then creates moats with IP, data, etc. There are many situations where startups don't have direct competition, because they are inventing something radically new. Often true in life sciences, for example. You're right that in those cases they are in a race against time, since someone will eventually come along, but they can go for years without a direct adversary.