The competitors might be individual identified companies, or a generic competitor such as ‘fast food restaurants’.
In the example below, the key benefits of the product are compared against three main competitors.
Underneath the comparison to the competition is made using Harvey balls on a rating of zero (blank circle) to four (completed circle).
The investor will want to understand that your product has the potential to take a major share of the chosen target market by being shown that it is sufficiently competitive for a number of key customer benefits.
You can also assess any threats posed by both new entrants to your market and current competitors.
This knowledge will help you to be realistic about how successful you can be.
Teams are challenged to conceive of a new service or product offering, and then create a business plan and concept pitch video aimed at convincing potential investors to finance the business.
Each year, the three best submissions are selected by a four-person jury of business professionals and academics to compete in the Final Round.
Indeed, you could find yourself competing with businesses from other countries.
Your competitor could be a new business offering a substitute or similar product that makes your own redundant.