Once you’ve identified your true competition (the old way), your job is to cause a switch to your new way. How you do this is what investors keenly want to understand as it directly addresses the question of desirability or why your product needs to exist now?

What has changed in your customer world?

All change from old solutions to new solutions starts with a switching triggering event -- one that breaks the old solution.

This may be caused by the advent of new technology, a significant event (like a global pandemic), or something more intrinsic in how customer behaviors have changed.

How are you different and does this difference matter to customers?

Another key area to address is why your solution is better than the existing alternative and more specifically, how much better? If you are only incrementally better, the incumbent always wins because it's easier for customers to trust an existing alternative, even with some problems, than a new untested solution. In order to cause a switch your unique value proposition needs to be significantly better.