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They'd have to roll their own mixpanel though, right? I think unless those big companies are in the analytics space full time already, they'd have a damn difficult time convincing their managers of make v buy.

Plus, presumably some of the small companies already using Mixpanel will be big-company-worrying medium companies in due course.

On a related note, what has attracted us to Mixpanel so far is that is is very generic - I've not come across a case yet that can't be made to work with the event triggers. Mind you, I've not used it live - just read the docs - so I may be speaking out of my cloaca ;)

Don't worry about your competitors. Focus on your product.

Big players move slowly. Most of the times it is easier, faster, and more profitable to buy the startup instead of building their own product to "compete".

E.g., Google could have built something similar to adMob, yet it decided to buy it.

Or more succinctly: enterprise software.