Not only that but they have not spent enough money on development to have have something defendable. Money spent on software does not give you a moat, but a lack of money spent (in the absence of patents) means you don't have moat.
My estimate is it would take under 6 months and a million dollars to replicate GSW's platform, or 12 months for around 300K. That is not a moat, maybe a small gutter.
Their biggest moat seems to be sales. Plenty of tech companies have succeed with ordinary tech because of superior marketing and sales - I would go so far as to say that marketing is far more important to success than technology. We know GSW are masters at selling the dream to investors and potential customers, what we don't know is can this dream be turned into sales dollars. So far based on the latest 4C it appears not.
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