Why do investors expect your startup to have a moat? It's quite simple. Without a moat, any competitor can catch up. Your defences are down. If your startup lacks defensibility, you’ve got a problem. Your solution can be copied by anyone who has more funding.

Failure to demonstrate a defensible moat is one of the two most common reasons that startups get turned down for investment. Investors don’t want to put their money into a company that can easily be overrun by ‘the enemy’.

What’s your moat? Perhaps you stand out because you have a unique technology. Maybe you have a strong brand. Perhaps your network effect is so entrenched that no one can take it away from you. Perhaps your user experience is so superior to the competition that customers can’t possibly switch. Whatever it is, you have to find it and articulate it. Show it off on your competition slide. Make sure investors see why your startup stands out and can’t be easily overtaken.

A strong moat will protect you from the competition. It will make your startup a safe play for VCs. So, find it, show it off, and lead with it when you pitch: I have a strong moat. This startup is worth your money. This startup is not going away.