clarification What I mean is that, conceptually, “MOATs” are not a useful abstraction. There is a saying that “all models are wrong, but some are useful” and I am saying that, as a model, MOATs are not useful. I think that asking a founder “what their MOAT is” will not offer useful information about their project. I am also specifically referencing tech startups. what is a MOAT From what I gather, a MOAT is defined as “a company’s (unique) ability to maintain a competitive advantage that protects its long-term market share and profits.