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Why we picked it Blank pushes back on easy optimism and lays out why regulated markets are genuinely hard, which is the counterweight you need before betting the company on a policy shift. He explains how incumbents and regulators actually behave, so your opportunity read stays grounded. Read it alongside the Gurley talk to hold both the opening and the difficulty in view.
Even the Smartest VCs Sometimes Get it Wrong: Bill Gurley and Regulated Markets
From Medium (Steve Blank) by Steve Blank
- Regulated markets move slowly and punish naive timing.
- Incumbents and regulators are often more entangled than they look.
- Weigh the opening against how hard the market is to actually enter.
