There are lots of creative people in the world. You have to assume that someone else has the same idea as you do. So what advantage do you have that convinces you (and that might convince prospective team members and investors) that you and your team will win?
We're not talking about product features. Product features are easy to copy. We're talking about sustainable, competitive advantage - advantages that are not easy to copy.
Technical Advantage
Investors will be looking for your protectable technology advantage. If you have patentable technology, how broadly you believe your patents will apply? If your technology is not patented (or patentable) then discuss the technical advantages you believe you do have.
(And just between us -keep in mind that in most markets, patents don't really keep competitors out that effectively. In biotech, patents are essential. In most other markets, investors may like that you have a patent, but in fact it may not offer much protection.)
Other Advantages
Intellectual property isn't the only sustainable competitive advantage. Advantages can come from many areas, including:
- Strategic partnerships
- Established relationships with major customers
- The strength of your team
- Your head-start in the market
- Validation by industry gurus who like your solution
Barriers to Entry
- What else will make it difficult for another company to compete directly with you?
- What can you do to increase the size of those barriers to entry?