An interesting contrast phenomenon: in the eyes of many VCs, the more competitors there are, the worse the market becomes. They might say "price wars are inevitable," "how to compete when opponents have ample funds," "how to stand out"—which all sound quite reasonable. But here’s a blind spot: sometimes, a large number of participants actually indicates that there is no absolute winner in the market, and instead, it hides real opportunities. In other words, intense competition may not be a bad signal but rather a sign that the market still has room for imagination.