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In the myth we like to tell ourselves about the internet economy, the archetypal hero is usually a brilliant engineer coding away in a dorm room or garage, coming up with a world-changing innovation that launches a billion-dollar business. The internet as the ultimate meritocracy: a revolutionary platform that lets every idea compete on equal terms for customers across the globe. Perhaps the internet once worked that way, but I can tell you firsthand that it certainly doesn’t anymore.

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