Kyle Murphy is a technology CEO and investor. In this video he describes some of the major mistakes of the competitor slide in a pitch deck.
- Error of no competition
- Error of too many competitors
The competitor slide in a pitch deck is probably the slide that has the most common mistakes or is incorrectly used.
The first error I see often is that you list no competition. Someone says, “We have such a great idea. There’s no competitor for it.”
Really? No. There’s always a competitor that could enter the market even if they’re not in it now. So tell me who might enter it and why they would enter it or maybe why they wouldn’t but at least I know they’re there, that you’ve looked at the market.
On the other side is the error of listing too many competitors and yeah, there are some industries that may have hundreds of competitors but the market is so big that you can handle that but don’t tell me that many, then this blows me away and says I’m not sure how you’re actually going to fit in here.
Just list the major categories of competitors and tell me how you are going to differentiate from them.
So the trick is getting a blend in between not listing no competition thinking that you’re better than that and having too many and leading me to thinking there’s not an opportunity for your company.