From the course: Pitching to Investors
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Know your competition and your competitive advantage
From the course: Pitching to Investors
Know your competition and your competitive advantage
- Here's where you are today. You've identified a problem in a specific industry or market and you're beginning to build a strong solution. This one's important. You're the only one attacking this problem in this way. You're so sure that you're the first to market. The solution is so good, there's no competition yet. Well, I've heard this plenty of times from earlier first time entrepreneur. Here's a secret. VCs are automatically weary of any company that says they don't have competition, why? Because it's often a sign that there's no market for what you are building. No market for what you're building just simply means that there are no users or buyers. It's not a good thing to say. It puts you on the wrong foot early on. Of course you have competition. It might not be a company that looks like yours. It might be a process or status quo. Either way competition is a good sign that there's a market for what you're…
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