The evolution of technology from 1998 to 2005 drastically reduced the costs of starting a company, allowing entrepreneurs to validate ideas with minimal investment. This shift created a significant capital gap, as traditional venture firms struggled to adapt to the new landscape where startups required less funding and dilution. The emergence of pioneering firms during this golden era led to the birth of iconic companies like Uber and Fitbit, showcasing the power of hypothesis testing in real-time.
