Tesla is the first US car manufacturer to mass-produce vehicles without going into bankruptcy in the past 100 years (and now has a larger market cap than the next six largest automakers combined).

Techno-Industrials are addressing larger markets than most software companies can.

They use whichever tools they need to provide better solutions to key bottlenecks with better unit economics than incumbents.

They are more capital efficient than most investors expect.

And they have to be more strategically sound than the average software company.

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