THAT COMPETITIVE LANDSCAPE SLIDE !

There is a certain love for the real estate in the top-right corner of that competitive landscape slide, which of course is always sparsely occupied, save one name or if the creator is generous, may be two! 

I know the feeling when you want to say - “Hey, there’s everyone and …..there’s me”! 

I have, in my days as a founder, made at least 50 pitch deck versions for each fund raise! Some of these versions may have had different styles of presentation, however, all carried the same message - there is everyone in one block, but here I am occupying that space where no one else has ventured. 

Every time I talked through this slide, I would constantly look at the VC across the table to take in any cues - body language, eye movement, slightest nod of the head or a sliver of that elusive smile - trying to excavate an ounce of validation or acknowledgement to my earnest appeal of uniqueness! 

Most reactions included a questioning brow raise, a stoic gaze, an almost frown (only visible to the hawk eyes of the “much beaten” founder, me!) and in some cases, the dreaded question - “So, how are you different, again?”

Come on guys, I just poured my heart out through this self explanatory graphic and you still didn't get it?!

There is another famous version as well. I call it the “Feature card” like a menu card - list out all items in your menu, obviously it's your menu and hence (duh!) it won't be on the others. Now run a competition with the other restaurants comparing this menu list with what they serve - clearly they are wiped out at the entree section itself! 

I have, as an investor for the last 2 years, had the opportunity of looking at this slide from the other side of the table. Dare I say that my erstwhile quizzical outlook toward the investor pack has turned into one of empathy!

Before I get into some perspectives on how this slide could be better presented, let me talk about two types of lens in which this slide could be viewed;

Type 1: The investor has an existing thesis on the space and would have mostly covered competition as part of the research (or)

Type 2: The investor is yet to build a thesis and perhaps meeting you as among the first set of founders in the space 

From both these lenses, the competitive landscape slide is still a very crucial data point for the investor as she tries to assess the following - (this is an inclusive and not an exhaustive list)

1. Can the market accommodate more players? 
2. Is the difference between your company and the competitors driven by product, distribution or any other new approach? 
3. How many of your competitors have been funded?
4. Is your moat a picket fence or a potential fortress? 
5. Any local and/or global success stories in similar or allied domains?

Given this context, a Type 1 investor is looking for - a) exclusive insights from you, b) assurance that you know your competition and c) education on newer players. 

A Type 2 investor is using your competitive landscape to quickly educate herself on the players in the space and assess whether this is an opportunity she wants to spend more time on! 

In either case, the narrative, if well presented and thought through, can play significantly to your advantage. Before I get into the ideas, some caveats;

1. It is ok to say “I don't know”
2. It is ok to create a landscape with focused narrower set of players
3. It is ok to put players very similar to you in the landscape  (in fact it is best to do so than avoid it) 

NOW FOR THE IDEAS

You want a conversation not a slide over 

Like I said before, the competitive landscape slide is a crucial data point and can be a great opportunity to have a meaningful conversation. Should an investor have met a few companies in the same profile, a smart set of questions from you to her may draw out insights on what is happening in the ecosystem. 

You don't want to get into the “too good to be true” zone

There is a thin line between showing confidence in the comparative value proposition of your solution and presenting the whole competitive benchmark in a self-serving manner. Just spending time picking the right competitors and demonstrating clarity on each of their value propositions can be a good testimony that you know your space well. 

Story over design:

To me, the narrative behind the slide and how the founder articulates his insights supersede the design of the slide itself. For instance, just a simple listing of local & international players can be powerful enough if it's paired with answers to the questions I had mentioned above. 

Now you may wonder, how does one then deal with presenting a ‘never seen before’ solution?

If your product/solution is the first of its kind, the typical competitive landscape can be replaced with a “value chain” slide. This helps present the current alternatives to the problem thereby helping you to articulate as to why your solution is more relevant and superior. In this context, your market slide should do much of the heavy lifting. 

That competitive landscape slide can be made as potent as you want it to be to make your case! Whether you decide to use a quadrant or a grid or any other style to present your competition, the power, in my humble opinion, lies in the thought-through choice of names and the insights.

Hence, instead of saying “Hey, there’s everyone and …..there’s me”!  you could aim to say “These are my insights on the competition, but would love to have a conversation on this!”