What stops them catching you?
Good products get copied. A moat is whatever makes your advantage last after they've copied the features.
Network effects
The product gets better as more people use it.
Switching costs
Leaving is painful: numbers, data, habits, integrations.
Unique data
Insight competitors can't easily collect.
Trust and brand
A reputation earned over years, especially in regulated work.
Scale
Costs fall as you grow, in ways small rivals can't match.
Know-how and licences
Hard-won expertise, compliance and regulatory approvals.
Features get copied. Moats compound.