[mjevans]

I think you're dismissing the competitors too early. It can be viewed more broadly as well.

You are not just competing with similar businesses, but also the potential that customers literally 'do nothing'.

In addition to that, there could also be legacy solutions or alternative ways of avoiding the issue that your company seeks to solve.

Another important spin on this might be if you /should/ have had competition but they no longer exist. That's something that the search here can turn up and provide further input for the other thought points.

[greglindahl]

A great way to look like an idiot is to get up in front of VCs and say there's no competition. The points that you bring up are all much better things to talk about than a flat "we have no competition" claim.