Startup CEOs: when framing your competition to investors, recognize that in investors’ eyes, is a hierarchy of competition, from most worrisome to least. (1) Venture funded startup competitors: investors are extremely worried when there are other venture funded startups trying to solve the same problem for the same customer segment as you are. Many will pass until a clear winner emerges. (2) Large tech company’s core product: if you are tackling the same problem as a mega cap tech company, that’s the second most worrisome to investors. You better have a multi year lead and some unique competitive advantage / distribution channel, and even that might not be enough to convince investors. (3) Large tech company’s secondary product: it’s not as worry inducing, bur you’ll still need to have a proactive plan that shows how you will win. (4) Legacy competitors / manual processes: this is the best case scenario. Implication: a crowded venture landscape (> 2 companies) clustered around a problem space is one of the most challenging things to surmount.