I like the thrust of your argument, but from my perspective in Singapore&#x2F;Asia, that&#x27;s not quite what I see.<p>Big corporates are aggressively moving to dominate technology niches, while still dominating their existing verticals.<p>* All the banks have strong deal&#x2F;shopping apps<p>* Property developers are continuing to build ever larger malls while investing in Amazon-like marketplaces (see Matahari Mall)<p>* Every big corporate is investing in external startups or growing internal startups and innovation divisions<p>* Practically all the big startup successes in Singapore, Indonesia and China are owned, often quite directly, by well-connected families or the state<p>Everyone&#x27;s aggressively responding to the tech upstarts and trying to control their own turf.<p>The US-educated scions of well-connected families are especially responsible for techologising their behemoth family businesses and launching modern apps. New local players will have difficulty competing with old money&#x27;s new generation of leaders.<p>In other words, what I see here in Asia is the <i>entrenchment of old money</i>. The market is saturated with new entrants, but the leaders are those who are backed by old money, simply because of the firepower that those connections give them. I think this is fundamentally different from the situation in the Valley, where more disinterested VCs (rather than old money) back the new horses.<p>My assessment is from the gut rather than statistical, so I&#x27;d love to be given an alternative view.