perhaps a competitor could emerge and steal their thunder? you may say they don't exist now but that isn't necessarily true looking out into the future...
I keep thinking that can't happen, right now it seems to be because there's not a good competitor. That's a scenario we've seen play out enough in the past, I'm personally waiting for something and have been on reddit since 05/06 time.
Current competitors may go out of business. If there really is a niche, however, seeing off current competitors won't be the end of it. There's always someone else, who may not have burned so much VC.
The other option is that there will never be a sustainable business here.
How can something be compared as a competitor to spmething else that hasn't even been invented yet? It's difficult arguing the point when you keep regressing back to historically impossible what-ifs.
Agreed. They wouldn't even need to be overtaken. It seems that a lot of the valuation is based on the premise that this is a global winner takes all market. If it turns out that's not true and there is in fact space for multiple competitors then the valuation could turn out to be a lot less.
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