incumbents

“If I was a number one or number two in a market and I was a startup, I'd consider merging with the other party if there were the two main startup players, because the real threat will be fighting the incumbents.”

“Usually I think what happens is in the early stage of a startup life, you're competing with other startups. And if you're way ahead, it feels great, but eventually if they're incumbents in your market, they come in and the faster you capture the market and mov…”

“Unless a company truly hits escape velocity and build a network effect or something else that's really defensible, usually incumbents can launch two, three years later and catch up.”