Show you understand the landscape deeply. Superficial competitor slides erode credibility. This entire section is pre-termsheet.

Competitor Overview and Clustering 🟢

Map competitors by cluster. Include both startups and incumbents.

Competitor Cluster Stage or Size Key Strength Key Weakness Your company differentiation
[Company] Cluster 1 [Series X / Y revenue] [What they do well] [Where they fall short]
[Company] Cluster 2 [Incumbent / Y revenue] [What they do well] [Where they fall short]
[Company] Cluster 3 [Series X] [What they do well] [Where they fall short]

[Upload competitive landscape map, 2x2 matrix or list in Excel / Sheets]

Differentiation 🟢

Explain your sustainable competitive moats. For deep tech, focus on: technical barriers, IP protection, data advantages, team expertise, and time-to-replicate.

[Your differentiation narrative - why can't a well-funded competitor replicate what you have built?]

Barriers to Entry 🟢

Differentiation explains why you are better than existing players. Barriers to entry explain why new entrants — including well-funded Big Tech or incumbents — would struggle to replicate your position. Address each dimension that applies to your business.

Barrier Type (examples) Your Position Strength
Scientific / technical complexity [What fundamental R&D or scientific breakthroughs underpin your tech? How long would it take to replicate from scratch?] [Low / Med / High]
IP and patent protection [Granted patents, pending filings, trade secrets. Could a competitor design around your IP?] [Low / Med / High]
Proprietary data / training data [Unique datasets, sensor data, or training corpora you have accumulated. How long / costly to recreate?] [Low / Med / High]
Regulatory and certification [Approvals, certifications, or compliance milestones already achieved. How long would a new entrant need?] [Low / Med / High]
Talent scarcity [How niche is the expertise required? Do you have key hires that would be extremely difficult to poach or replace?] [Low / Med / High]