This is a great comment and a great point, but I'm not sure I fully agree with your conclusion. There are still plenty of great companies that are doing the first two, but there certainly is no shortage of the third way. What would be fascinating to me is to categorize, oh, the top N (where N is 5000 or so) of private, growth tech companies that have taken significant recent rounds of VC financing and see how the investment volume skews along these three categories.