Because when the recipe is open and public, the product's success depends on Distribution (which has been cornered by MS, Google, Apple). This is good for the ecosystem but not sure how those particular VCs will get exits.
Very few startup products depend on distribution by Microsoft / Google / Apple. You're really just talking about a limited set of mobile or desktop apps there. Everything else is wide open. Kailera Therapeutics isn't going to live or die based on what the tech giants do.
nradov|3 months ago