Comment by amsilprotag

Any time you use the word startup you are already ceding ground. Startup as a term solves the problem of the VC: given technology is inherently risky, how do I get good returns? Answer: make sure the winner keeps doubling down. Create a culture around valorizing the few big, big winners and writing off-- financially and mentally-- the losers.

14 years ago now: https://www.paulgraham.com/growth.html

Of course, this culture is less helpful for individuals and cities, who have to live with the volatility.