I often see early-stage founders make two types of mistakes in their pitch decks: 1. one is ignoring competitors - pretending they don't exist and failing to be candid when investors ask about them 2. the other is disparaging competitors - deliberately downplaying their strengths to make themselves look better. From an investor's perspective, however, both approaches signal immaturity. What I look for are founders who acknowledge the strength of their competition yet remain confident in their ability to launch a even better product and outperform them. An objective, comprehensive, and insightful analysis of competitors demonstrates a clear understanding of the competitive landscape, which instills confidence in investors rather than raising doubts.