There is no such thing as "incumbent advantages" for market this is based on technology that could be duplicated.The same is applicable to payment system that paypal,stripe and others take on now.Same with car industry that Telsa is working on.Did you read the linked article about MONEY.NET.The thing is that developers have not been paying much attention to nuts and bolts of these terminals,until lately.http://fortune.com/2014/03/20/can-the-bloomberg-terminal-be-...
Your better & duplicated technology is generally no match for the incumbent's connection, trust, familiarity, and fully expense-accounted sales team. That is the incumbent advantage and why Oracle wins so often.
Its very much like message boards. HN and Reddit have the hot hand and the connections overcome better technology of other boards. Once the connections become too toxic, people will migrate to the next thing. Then you might have a shot, but the group with the best connections will probably be the next thing.
No incumbent advantages? Not even an advantage associated with the reduced financial risk of operating a money-making business in the space? No name recognition? No established working relationships between Sales and Important Customers? No firm-specific human capital in the form of all the little things their employees know about how business in this sector works?
