Time Can Be a Bigger Moat Than Technology.

Not every competitive advantage comes from patents or innovation. Sometimes, it comes from the years required to build customer trust, regulatory approvals and execution capability. A new competitor can build a factory. It can't instantly replicate decades of relationships with global OEMs, hospitals, regulators or financial institutions. That's why companies like

, , , have been able to strengthen their position over time. The market often values what can be built. It rarely values how long it takes to build it.