Competition + wedge
Acknowledge the real alternatives honestly, then show the one specific axis where you win that the incumbents structurally cannot copy.
First Round Review's pitch deck guidance treats competitive positioning as a single, fast slide; on stage this runs 12-18 seconds, just enough to name the field and the one axis you win on.
- Named real competitors or alternatives, not 'no one else does this'
- A 2x2 or simple comparison naming the one axis you win on
- Why the wedge is structurally hard for incumbents to copy
- A claim of having 'no competition'
- A comparison table with 10 rows of features
- Trashing competitors by name instead of stating your wedge
- The founder claims no competitors exist
- The comparison slide has more than 2 axes
- There's no explanation of why the wedge is durable, not just current
- Saying 'we have no real competition' in a room full of investors who know the space
- Choosing a comparison axis that isn't the one customers actually care about
- Failing to say why incumbents can't just copy the wedge in a quarter
- · Have I named at least one real, credible alternative by name?
- · Can I explain in one sentence why the incumbent can't just copy this?
Unlike [named alternative], we win on [specific axis] because [structural reason incumbents can't copy it].
"We have no real competitors, honestly no one else is doing this."
"Unlike Deel and Remote, which need a local entity in each country, Nimbus Payroll pays out through Slack with no entity setup, because we hold a money transmitter license across 96 countries directly."
Names two real competitors, states one clear axis (no entity setup), and gives a structural reason (direct licensing) they can't just copy overnight.
Quick quiz
1. What is the biggest red flag on a competition slide?
- ○ Naming two real competitors by name
- ✓ Claiming there is no competition at all
- ○ Showing a simple 2x2 comparison
- ○ Explaining a structural wedge
Claiming no competition signals the founder hasn't researched the market or is being dishonest about known alternatives.
2. What should the wedge explanation include?
- ○ A list of every feature difference
- ✓ A structural reason incumbents can't easily copy your advantage
- ○ A comparison of company logos
- ○ Founder opinions about competitors' culture
A durable wedge needs a structural reason (licensing, data, network effects), not just a current feature gap.