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I think it depends on what you count as "survival".

Group 1's long-term success/survival is contingent on timely exits and timely access to future funding, which historically (i.e. during all times + places, except 2008-2021 in SV) is a pretty volatile commodity. Group 2 develops fairly portable skills that they can "sell" to the market whenever they want to give up on building by themselves. They can compound in a way that's uncorrelated from LPs' appetites for risky allocations.

It's like comparing a firecracker and a candle. Although they both depend on combustion, the goals of the two groups are almost disjoint.



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