Please pass the keys

The "greatest generation" never wanted to give the Woodstock generation the keys.

The boomers don't want to give Gen X the keys.

The same will be true for Gen Y and all that follow each generation seems to believe the next has slightly off views and perspectives.  This is expected given that each successive generation has different social, racial, technical and global experiences during their formative years.

Is the same thing true with companies themselves?  It is easy to see the difference between legacy companies like Ford and AT&T compared to Apple and Dell. The same is true between Apple and Dell, compared to Facebook and Twitter.

But what about new compared to legacy companies in the same industry?  General Motors to Tesla? Lockheed Martin to Space X? 

Do the legacy companies have a chance or will the start-ups take over like each generation does?