[guywithahat]

> Startups can have a more or less differentiated value proposition from their competitors. For example, a company that sells iPhone cases is not very differentiated. One that sells iPhone cases with a built-in earbud holder is more differentiated.

I mean this makes sense, although I worry this is much too broad of a definition to glean data off of, especially when looking in hindsight when it's not as obvious how "differentiated" the company was when they first pitched compared to the rest of the market