Interesting read. The pithy dismissals of companies that have gone on to amazing success reminds us that no one, even those whose livelihood depend on these judgments, gets it right all the time. Many times the reasons given for not investing were so reasonable! But with time and iteration workarounds to obstacles emerged. In others there is no way to know the kind of demand that would emerge in a new product category. Other opportunities were so early that while demand was apparent for incumbent providers these new teams were unknown and unproven how will they disrupt?