I feel like the third point (competitors) is a major concern that was just brushed aside. The 'just out-innovate them' approach might work if your startup is we

I feel like the third point (competitors) is a major concern that was just brushed aside. The 'just out-innovate them' approach might work if your startup is well funded with a very capable and nimble development team. But what if you are a fledgling startup with very limited resources. You have a very small team that struggles to do a fraction of the features on your 'TO DO' list. You don't have millions of VC dollars that enables your team to keep the wolves at bay. It wouldn't even take a tech giant like FAANG to outdo your project after forking your source. A medium-sized company could throw a dozen programmers on the project and their fork would surge ahead of the original with respect to features, support, and distribution. They could out-market you as well.