Posted by on Mar 4, 2012 in Tips, Venture Realities & Myths | 1 comment

Entrepreneurs, especially technical ones, often claim that “we have no competition.” In addition to being a red flag for investors, this statement raises a more fundamental concern…

If you don’t have any competition, you don’t have a market! Either the customers is using an indirect competitive solution or they have decided that it is not a problem worth solving.

Entrepreneurs need to focus on the problem (from the customer’s perspective), and far less on the technology or intellectual property.

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