[JumpCrisscross]

> they can be revenue funded and still hard to catch up to by just copying them

Capital financing can provide five to twenty years’ operational cash flows in a single go. It takes deep moats to outgrow someone copying you and simultaneously expanding into every market you would have taken the coming decade.

This is a standard scale playbook by the way. When your competitor can scale faster, but refuses to for political (control) or ideological reasons, it leaves a strategic opening.