So what does this mean for entrepreneurs and VCs? Well for one, don’t make a frontal assault on a default service. Build or finance a service that can become a new default function in the Internet operating system. And if you have a shot at becoming one of these fefault functions, invest all of your time and energy attaining and solidifying that default position before working on monetizing it. Because its a very tough position to secure and once you get there it’s pretty hard to knock you out.

An interesting article from Fred Wilson explaining the value of a web service that users goto instinctively (or, by default) in order to execute a particular task.