Is Management/Culture a Moat?

One camp says:

Despite how amazing the management is, the industry and business model comes first and foremost. Because if the business operates in a cyclical industry or a very competitive industry, no matter how good the management is, he or she is unable to overcome the inherent problems with the industry.

However, I do hold a different view as I invest in small-cap stocks. In the earlier days of the business, it is the management who designs the business model and set the culture for the firm. There are several studies that point that a highly-motivated workforce could work wonders.

Often, I asked myself, would Facebook be Facebook without Mark Zuckerberg? Would JD.com be JD.com without Richard Liu? Would Amazon be Amazon without Jeff Bezos?