Before Dropbox, there were 100 cloud storage companies, half of which were VC funded. But Dropbox knew the problem better than anyone else, focused on making the actual use of space easier, and disrupted the existing solutions who were merely trying to compete on economy (offer more space and/or charge less)
This is a very true piece of advice in many ways.
(1) If there are "no" competitors, there is likely no market;
(2) There can be many competitors, but no "competition" if you execute well
(3) You need true insight to pull off #2
(4) A good screen is (3), and in the presence of (2) a huge market opportunity for an investor.
(5) Talent drives (3) more than age; but experience matters
(6) Corralary to (5) is rare experience has value in the context of (3)
This is a very true piece of advice in many ways.
(1) If there are "no" competitors, there is likely no market;
(2) There can be many competitors, but no "competition" if you execute well
(3) You need true insight to pull off #2
(4) A good screen is (3), and in the presence of (2) a huge market opportunity for an investor.
(5) Talent drives (3) more than age; but experience matters
(6) Corralary to (5) is rare experience has value in the context of (3)