Steve, your breakdown of Bill Gurley's insights on regulated markets is invaluable for startups navigating this complex terrain. The concept of regulatory capture and rent-seeking sheds light on the challenges posed by incumbents. Your practical advice on understanding the regulatory ecosystem, creating a lobbying strategy from day one, and choosing VCs experienced in regulated markets is spot-on. Navigating this game requires a keen understanding of the stakeholders, relationships, and political landscape. Thanks for sharing this comprehensive guide, shedding light on a critical aspect of startup strategy. 👏🚀