Still building from scratch in 2025? That's the real risk.
When a16z published
Full-Stack Startups in American Dynamism back in 2023, the thesis landed hard for a lot of us building and scaling modern software platforms — whether at startups, venture-backed rollups, or multi-product organizations.
The core idea: in entrenched industries — healthcare, education, energy — it's not enough to build a tool. To drive real outcomes, companies must own the full customer experience. That often means vertically integrating across layers incumbents have long separated.
That argument still holds. In fact, we'd say it's even more relevant now.