[justin0469]

The target customer are mid to large restaurants and bars. So, it could be a local idea but long term would be national. Seeing the same device/software at whatever restaurant you go to might be important and make it harder for me to have a piece of the pie.

My biggest concern is how important is it to differentiate myself? The competitors have had a working and refined product for months or years so chances are they'd have a better product. They charge monthly with no upfront hardware costs and have small trial contracts with Applebees, Chilis, etc.

I realize there's 100 companies that make toilet paper and most survive, I'm just not sure if that is an appropriate analogy.

[peterxy37]

IMO, without differentiating yourself from competitors, you have very less chance of success. Probably you can provide product/service cheaper with same quality. As you are starting local, you could probably differentiate with better support..

toilet paper industry and software industry works differently . They have very different dynamics. You can not conclude anything in general from traditional industry for software industry.

[justin0469]

I agree and that's the reason for my hesitation. Yes, I have ideas that would make it better than theirs. They just have a lot of time and money in their favor already.

That being said, I know personalized and better support is worth a lot.

Is it OK to flat out say that the plan is to be bought out by competitors because the products are similar?

[AznHisoka]

You are focusing too much on what to tell investors.

Focus instead on your messaging to potential CUSTOMERS instead.