“We don’t have competitors,” some founders say. Or they might downplay how big a threat their competition is, assuming that talking about competition at all will ruin the magic spell they’re trying to cast over investors. But talking about competition won’t ruin the magic you’re trying to cast. After all, nobody thinks that you’re starting a company in a vacuum.
There’s no such thing as a startup without competitors, but you need to know how to talk about them, including how you plan to exist alongside the competition. Until you wipe them off the face of the planet with your brilliance, of course.