At first I thought it was sort of a minor thing to lie about having a company that has been in operation for years but I think it's actually pretty significant

At first I thought it was sort of a minor thing to lie about having a company that has been in operation for years but I think it's actually pretty significant here. He's pitching a product that doesn't exist yet by saying that it's worth everyone's time and money because his company has already been using it with success. That's just not true and not really fair to do to your would be first customers.