Me and a friend have been working on a web app idea for a few months now. We live in NJ. We have been keeping written and online notes on the ideas and plan. Recently, someone with far more experience and funding has released an uncannily similar application, but they are based in California and have never seen us or seen our idea (because it hasn't been developed yet.<p>This puts us in a very bad position to release our own idea because we are about 6 months behind and our funding is far lower. What should we do other than giving up and finding a new idea<p>Edit: The reason we have been working on the idea for a few months is because we were analyzing every aspect of the business to see what we can do better. We do have a few key things we can do better.
The reason we haven't started building yet is because we did not know how to code. We started going to Hacker news and learning to code. We simply don't have the knowledge or the money to start yet. In 6 months we will.
You should always assume that someone else is building whatever you've come up with. Ideas are always less original than you thought. It sounds like this is an opportunity, rather than a bad thing. Here's why:<p>1. Someone with more funding than you is a competitor. This should serve as some validation for your idea, because someone else spent money to build it.<p>2. Now you have someone to compare yourselves to. If you want to win, you need to solve whatever problem you're looking to solve better than they have.<p>3. This should be a wakeup call that you need to get your asses in gear and ship something!<p>What have you been doing for 6 months that you haven't even started developing the app? Are you really that committed to the idea? If so, this should be your encouragement to get started. If not, move on.
You have been "working" on an idea for several months?<p>I don't want to sound rude, but have you ever heard the saying "ideas are worth nothing" ?<p>On the subject of giving up, depends how worthy your project is. If you're a good competitor, you can still beat them or sell your company a few years later. Otherwise, you can still... pivot: <a href="http://www.startuplessonslearned.com/2009/06/pivot-dont-jump-to-new-vision.html" rel="nofollow">http://www.startuplessonslearned.com/2009/06/pivot-dont-jump...</a>
I was in a very similar situation. My site had launched at the same time as a competitor. There were already others in the field, but there was room for improvement, which both groups clearly recognized.<p>The competitors had amazing backgrounds, had raised funding, had a team of developers, etc. etc. etc.
For the first two years there visits weren't 1/4 of what mine was. There execution wasn't as focused. Somehow nobody had ever heard of them even though they were well connected in the Valley and NYC.<p>In the end, neither of us were commercially successful, but just because somebody is ahead of you, has funding, etc. etc. doesn't mean that it is a done deal. I was too far along to 'give up', but had I only been starting the project, I probably would have given up when I saw the 'firepower' these guys were supposedly packing.<p>A bit of a different perspective. Mull it over for a few days, and you may see a better opportunity.
I went through a similar thing a couple months ago. I had actually started building something had about 3 weeks of personal time into it. Then I discovered someone with money from big name angels, the founders were people with a lot of connections, and the site already had good traction. I was heartbroken. Not only because I'd spent time coding but because I thought I had a great idea and apparently I did. On one hand, your idea is now validated. One the other hand you have major catching up to do and need to find something they are doing wrong and solve it along with the original problem. If you are really committed and can do better than your new competitor you should start building and build fast.
I think you are in a great position.<p>1- You will see if there is a market.
2- You will evaluate their execution and learn. now, do it better than them.<p>Execute better than them and you will win.<p>Dont plan too much, and ship! It is taking too long.
Ideas are cheap. Don't give up. There's always room to compete. It's all about execution. Remember both Friendster and MySpace were riding high long before Facebook. Look at where things stand now.
This has already happened to me. Right down to the infographic image on a homepage! Basically, bright people see the same problems and draw similar conclusions.