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  "documentTitle": "Placeholder Thesis Summary",
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  "notes": "The slide describes a cyclical pattern of industry consolidation and decentralization, citing the transistor (1950s) and microprocessor (1970s) as key drivers.",
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      "kind": "paragraph",
      "text": "We’ve seen this pattern play out over the different cycles in information technology. In the 1950’s the transistor collapsed the production cost of electronics by replacing expensive vacuum tubes with smaller, cheaper and more reliable switches, giving birth to the modern computer industry that eventually consolidated around IBM.",
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      "text": "As the hardware layer decentralized and became more competitive (compressing margins, and thus prices), new value creation moved up to the software layer. Cheaper computers attracted more users, which created new demand for software services and in particular a shared operating system. Microsoft took advantage of that opportunity by creating a proprietary operating system and securing a distribution advantage through lock-in contracts with manufacturers. They then leveraged this position to consolidate the industry by building more functionality into Windows",
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      "text": "In the 1970’s, the microprocessor (new platform) collapsed the production cost of computers by reducing expensive, bespoke CPU systems down to a single, small general purpose processor that was easy to mass produce. New firms came to market leveraging the microprocessor to compete with IBM in a movement that brought us the minicomputer, the PC, laptops, mobile phones and all the new “things” on the internet.",
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      "text": "Demand then builds for a low cost, open source alternative to the incumbent platforms, and the cycle repeats itself: the new open standard emerges and gets adopted, the market decentralizes as new firms leverage the cost savings to compete with the old on price, value creation shifts upwards (once more), and so on.",
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      "text": "Those who succeed the most and establish successful platforms “on top” of the open standard later tend to consolidate the industry by leveraging their scale (in assets and distribution) to integrate vertically and expand horizontally at the expense of smaller companies. Competing in this new environment suddenly becomes expensive and startups struggle to create value in the shadow of incumbents, compressing venture returns.",
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