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Facebook is maybe the best example of this (not the first social media co by a long shot!). Nevertheless now ~30% of humans use it monthly! A reasonably good set of question to ask is: why did those other co's fail...or what do we know they didn't know / is why now compelling / our team better suited etc...I think the key is probably to be explicit about this. It's easy to just hand wave it away and that's probably the wrong answer :).

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