When building infrastructure for a nascent technology like AI agents, your core customers may not exist yet. This strategy, similar to Stripe's early days, involves betting on the future growth of an entire ecosystem. You are selling to the customers of tomorrow by building the foundational tools they will inevitably need.

The stickiest software is critical but inexpensive relative to a customer's overall budget, like payroll services. This 'Goldilocks zone' makes the software too small a cost for C-suite review, yet too embedded to easily replace, creating a powerful moat.

Stripe data shows the median top AI company operates in 55 countries by its first year, double the rate of SaaS companies from three years prior. This borderless nature from day one requires financial infrastructure that can immediately support global payment methods and compliance.

To counter the rise of free, government-backed account-to-account (A2A) payment systems, Visa is building its own A2A network. It then monetizes these flows by adding value-added services like real-time fraud detection and global interoperability—features that basic, local bank-transfer systems cannot match, turning a commodity threat into a premium offering.

Major tech and fintech players, including Apple, Google, and Stripe, have opted to integrate with Visa's network rather than build a competing one from scratch. This dynamic turns potential disruptors into partners, reinforcing Visa's deep moat and demonstrating the prohibitively high cost of replicating its global infrastructure.

Stripe’s payments model shows how AI creates powerful data flywheels. Their massive, proprietary transaction dataset trains superior models, which improves the product, attracts more customers, and widens their data advantage, making it nearly impossible for new competitors to catch up.

Unlike networks such as Visa that strive for neutrality, Stripe's launch of its own blockchain, Tempo, is an opinionated play. This forces other payment service providers into a dilemma: using Tempo means actively helping their biggest competitor, Stripe, build a moat and capture more of the value chain.

Aspiring founders often obsess over creating unique intellectual property (IP) as a moat. In reality, for most bootstrapped SaaS companies, competitive advantage comes from superior marketing, sales, and positioning—not patents or secret algorithms. Customers choose the best tool that solves their problem, not the one with the most patents.

Defensible companies build systems of record (like an ERP) that are so integral to a customer's operations that switching is prohibitively difficult. This creates a 'hostage' dynamic, providing a powerful moat against competitors, even those with better AI features.