•Differentiation and niches translates into share

•Entering a market early and capturing share of voice and share of mind builds a moat

•New brands have to invest that much more to get consumers to switch

•But when larger players enter as the niche expands, can the early entrant fend of competition is the key question

•Is their enough defensibility in the model or will some businesses stay perennially subscale is unclear

•Share therefore matters more in consumer brands, larger the better