[porknubbins]

Ideas being cheap and execution being everything applies mostly to businesses that laypeople people can think up and start. Because they are not usually in a position to do new research, but great execution is always scarce. In pharma (which I’ve worked in) and I guess other industries like semiconductors, materials etc good ideas are everything and competitors could copy the invention that took years to decades for just single or double digit millions so patents arguably drive a lot of research there.