[gamble]

Most of the software-based 'hard problem' niches that are accessible to programmers without specialized domain knowledge outside software were filled by startups in the 70s and 80s that are now the establishment. Nobody is going to fund another word processor, operating system, or DBMS.

Web startups are attractive because they have low capital requirements, don't need much domain knowledge, and are more closely tied to changes in culture than technology, so there are always a few open niches.