“What other startups have gotten funded in your space?” I asked “Ray” during one of our first meetings.
Ray said, “There are a lot of them. I think there are around 50, the last time I counted.”
“50! That’s a lot,” I said. “What are you going to do different?”
Ray then walked me through a detailed technical explanation of the uniqueness of his product offering. It was inspiring to hear.
“Here, let me show you,” he said. “The other competitors are all brute-forcing incremental improvement. Maybe only 2X to 3X better.”
There can never be too many competitors in a market when you have the right strategy.
“Why is that?” I asked.
“Because they are getting to the limits of what conventional technology can do.”
Ray then went to the white board and showed me the problem conventional methods would have solving the problem. It made complete sense.
“Now, let me show you how we’re solving the problem,” he said. “We’ve moved the problem from the domain our competitors are all pushing to another domain. It simplifies the problem, and, at the same time, allows us to have breakthrough performance.”
