If you're an entrepreneur about to make a pitch to raise investment, you should first read through this short, interesting blog written by a venture capitalist [1].
He discusses how entrepreneurs often don't take enough time to really study their competitors. Too many new ventures concentrate entirely on their own strategy, giving little or no thought to the market they're entering. But the author contests that a great entrepreneur is someone who'd make a better job of running the competition than the competition itself. This is achieved by knowing your strategy is the best and also how your competitors have left the door open for you to enter.
So, before pitching your idea, make sure you research the competition. If you're not sure how to get started, or you'd rather concentrate on other aspects of your business plan, contact us [2] at Monaco IQ to discuss how we can help.
Links:
[1] http://ventureblog.com/articles/2008/06/know_your_competition.php
[2] http://monaco-iq.com/contact