When pitching investors how do u non-defensively anser Qs related to competition
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Re: When pitching investors how do u non-defensively anser Qs related to competition
#2That comment about "we have no competition" is spot on in my book, with one addendum: it either means the company saying it is in a bad market, or that the person saying it hasn't done their research.
It's quite an easy psychological trap to fall into, as well. If you've come up with a neat technical trick, or had a bright spark of an idea, if you get too attached to it then you won't want to research it. There's this nagging fear at the back of your mind that if you do, you'll find that your glistening pearl of a retirement plan has been done to death by companies better positioned and funded than you can ever be, but you never heard about them because your bright idea wasn't on your home turf to begin with.
It's ironic, because finding that you have competition is one of the very best things that can happen to your idea: it forces it to morph and improve.
Re: When pitching investors how do u non-defensively anser Qs related to competition
#3There are two types of markets. There are markets with demand and markets without demand. If you're entering in a market without demand with a stellar product or service, you need to educate the market to create that demand, and that can take years. When you enter a market with demand, all you have to do is build attention, improve your product, and make sales. Much much easier.
Re: When pitching investors how do u non-defensively anser Qs related to competition
#4Without reading the article, I'm going to guess.... Honestly.
Now I'll read the article.