Most investors and many entrepreneurs like to talk about creating “long-term, sustainable competitive advantage” – don’t spend too much time on this one, as it’s difficult, if not impossible to attain. As rapidly as things are changing in our world, and as many potential competitors as there are out there, long-term sustainable advantage is a quaint notion, but not worth putting too much time into. Rather, it is better to focus your energy on constantly monitoring what is happening in the marketplace, adapting, and then trying to improve your offering and your position in the market, on an ongoing basis. Depending on a patent or some other legal, strategic or contractual mechanism to provide you with a long-term advantage, in most cases, simply is not practical anymore. Don’t get caught napping – there are other players constantly on the lookout to “cherry-pick” your most valuable customers and offerings. You must remain a step ahead of them..