In the long run, I think you're going to see less innovation in autocracies like China. Big companies can be innovative when they don't innovate in their core but it is always a new entrant that will change an industry. There was no better time for Tesla to launch its competitive assault than when all the automotive companies were struggling with debt defaults and the possibility of bankruptcy. Those kind of opportunities are a form of disruption but you can't necessarily bet on it as a venture investor or an angel investor.

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