But the tech conglomerates don't just copy and kill you, first they ask to acquire you and then when they get rejected they copy and kill you. It costs less to acquire a company with an existing project and team that is successful than it costs to stand up a new team on a new product that is unproven.

VC's like having conglomerates that have lots of cash to throw around and can acquire their investments at nice multiples. Even if the startup sucks, they are almost guaranteed a decent exit as long as it doesn't suck TOO much.