Technology as a Moat
I feel the startup industry understand the notion of differentiation in an technology company wrongly.
Founders wish to sell that their products have some sort of magic portion that only they are aware of or have struck upon. On the other hand, VCs look for one-of-its kind products.
This notion of secret sauce is getting blurred as we enter into the era of AI powered software. Everyone is flabergasted when an AI speak, just like how people got astonished upon seeing moving pictures for the first time.
I believe there is no such thing as a technology differentiator or technology moat in software. Access to youtube, blogs, stackoverflow, open source code and courses has democratised software development.
I do feel that you can build winning products but not because of a secret only you know but due to two deeper, more fundamental factors - time and money.