When doing an industry analysis for a valuation report, you should consider not only current competition, but also potential competition—especially from the big players. Sometimes, the big firms sit back and wait while a smaller firm tests the waters with a new product or service. Later, if it looks promising, they jump in with deep pockets, which could have a devastating impact on the pioneers. For example, meal-kit provider Blue Apron has lost nearly half its value since it went public this past June, according to a report from the Associated Press. “Blue Apron has been facing increasing competition. Amazon, which recently bought grocer Whole Foods, is testing its own meal kits. And supermarket operator Albertsons recently bought rival Plated and plans to sell kits at its 2,300 stores.”