Why some are undisruptable

WE live in an age of rapid technological change and disruption. Launching revolutionary startups is cheaper and easier than ever. No established company is safe. Except for, you know, Apple, Amazon, Facebook and Google (Alphabet, if you prefer). Oh, and maybe Microsoft.

The notion that the biggest tech companies have an insurmountable advantage is in fashion. "The period where tech startups can readily disrupt larger tech companies is ending," Jessica Lessin wrote last week at The Information. Twitter co- founder and Medium chief executive officer Ev Williams chimed in, arguing that while "it's easier to start a company than ever before, it's harder to compete".

And last month, New York Times tech columnist Farhad Manjoo anointed the companies I listed above "the Frightful Five": "By just about every measure worth collecting, these five American consumer technology companies are getting larger, more entrenched in their own sectors, more powerful in new sectors and better insulated against surprising competition from upstarts."