What barriers to entry prevent Pinwheel's competitors from becoming Consumer Reporting Agencies like Pinwheel?

One, at a high level, it's incredibly onerous to do, especially if you're already more mature, because there's a massive operational overhead. 

Then two, when you think about the quality of the data you get and how you can actually use it, there's a flywheel here: The higher your coverage, the better your conversion, the more data you have, the higher the data quality you get over time and that just keeps spinning and spinning. If you can get an advantage on the asymmetry of data that you have, the data quality you have, eventually the gap is too big to close. That's how these companies win, and it's all long-term.

One of the things I think is really important to understand is that it's very sexy to say “Hey, there's just one silver bullet thing that we do that nobody else does. And that is why we will just absolutely crush this space.” The reality is, if you look at any competitive market, the company that wins the space does so because they out-executed the competition. There’s rarely one super clever silver bullet feature or product that wins. It's just consistent out-execution day after day that compounds over time.

The story that I love to tell here comes from the food delivery space. DoorDash is the winner from a market share perspective. It's not like Uber Eats doesn't have good market share, but DoorDash definitely has won, and they started with a lot of disadvantages. They didn't have the distribution advantage that Uber did, and they started after a lot of the other guys. Now, you can point to a lot of narratives around why they won. Was it because they employed this strategy to go to the suburbs versus the metros, etc? The reality is, if you actually look at what happened, there wasn't one thing. It was just that they just actually out-executed their competition consistently over time. If you look at other competitive markets, it's the same dynamic. And that’s what we believe.