table stakes are much higher now. You'll find similar numbers and a similar winnowing out in PCs, from a time anyone could bang together a PC from standard parts. Michael Dell sold them out of his car trunk. That hasn't entirely disappeared but now it's a narrow space between gaming rig builders and big OEMs.

Phones will be even less forgiving of niche business models. If you can't design a titanium case, or try (and fail, and absorb the loss) to monopolize the supply of very large sapphire crystals, you can't play in phones.