Your executive you should include a brief overview of you your company's competitive positioning.  At the very least this should be one sentence that might indicate anything from a "monopoly situation from..." (which could happen if you have a very significant barrier) to "differentiated by x,y,z".  What this bullet should not say is "no competition".

Every company has competition, even if there isn't another company doing what you're doing.  Cutting edge innovators often face competition from the old way of doing things that they're trying to replace.  For example, on-line real estate brokerages face competition from their brick and mortar counterparts.  If you are truly an innovator in your market be prepared to discuss how you are going to compete with the old business models that you intend to displace.