---
id: "tw_axiom_009"
category: "general"
confidence: 0.9
date: "2026-02-19"
source_file: "Strategic analysis"
---

# tw_axiom_009

Competitive moat is NOT the technology (Telnyx/Gemini are available to anyone). Moat is: (1) Stage 1 = speed to market + AU localisation + agency relationships. (2) Stage 2 = 5-system memory stack giving repeat visitor recognition that GHL cannot match.
