The "I'll pass" at the end was pretty negative but I agree with the rest of their sentiment.
Advertising is just as much about showing people they have a problem as it is about telling them you have a solution. But by positioning the product as an "open-source Loom" you've immediately lost the first half of the benefit of advertising. Everyone knows what a Coke is so I can get away with calling my new beverage "a healthier cola". Loom isn't so well-known.
It's also dangerous if you can only explain your product as a variation of an existing product; it means you're not able to sell your product "directly".