I remember 20 years ago I worked for an air ambulance outfit. 2 new companies started- the first with expensive airplanes, big investors, free boxed lunches for crews, etc. The second flew old PC-12, and operated on a shoe string. We were all sitting around the crew room talking about how the first company was going to be setting the standard for air ambulance operations and the second would be out of business within a year.
Well, the first company was out of business in a year, and the plucky upstart is still around 20 years later.