[ayh2]

When I started my current company a few years ago, there were a few competitors in the space. Currently, the space is mostly dominated by us and another new entrant and we have expanded the market beyond what it encompassed before.

There are many reasons behind this outcome. The other new entrant and us definitely have better products. However, in addition, some incumbents just didn't innovate as fast while others just lost focus. There are also companies that ran out of money.

Both Dropbox and Hipmunk demonstrated how it is possible to enter a competitive space and win.