Where a software company sits relative to its customers is a pure identity choice -- nothing in the economics forces it to be anywhere in particular. A physical-goods company doesn't get that choice: real shipping-distance economics can force a second location no matter how rooted or committed the founder is. That's not a smaller version of the same problem. It's a second, independent force pulling on physical-goods anchors that software anchors never face -- and conflating the two is a real diligence error.