The Alternatives Audit: You Always Have Competition

You're watching a pitch. The founder, beaming: "And the best part? We have no competitors. Nobody else is doing AI-powered onboarding checklists for property managers."

An investor asks what property managers do about onboarding today. The founder shrugs: "Honestly? Most of them just use email, a shared spreadsheet, and sticky notes. It's chaos."

The investor writes something down. It is not a term sheet.