A Revocable License.

Differentiation is a license the market can revoke.

Whatever makes a company worth a premium - its edge, its position, the reason it commands the multiple it does - is not owned; it is a license the market grants and can revoke. Enterprise value built on a differentiation that is quietly eroding is value already leaking, whether or not the current numbers show it. The scoreboard is a lagging indicator of a license that is either being renewed or being lost.

Surface it early.

Because the license is revocable, the time to examine it is at the outset, not at the event - while there is still room to renew it through the decisions that shape the trajectory. Treating differentiation as permanent is how a company arrives at its event holding a valuation the market is no longer willing to underwrite.