I've been fleshing out a new concept for an old idea. I haven't seen anyone 'do it right' and I've learned there is a market demand for this platform. However, I've discovered a local startup that is kinda doing what I want to. I'm trying not to get discouraged or in my head too much, so I'm asking here for some guidance on how you or someone you know has dealt with the same situation.
I've been told that competition can be a good sign.<p>If nobody else is doing what you're trying to do, it may well be it is a crazy idea with no legs. If somebody else is doing it, it means there really might be a market.
I used to get very discouraged whenever this happened to me (which is often since very few ideas are original). But then i had a thought:<p>"If you want this offering and have never heard of this other company then THAT is your opportunity"<p>It means that at least one customer(yourself) has not been reached by your competition so there are probably many others in the same position as you. You just have to reach those uninformed potential customers first or more effectively than your competition.<p>I hope that thought helps!
Isn't this simply a case of execution?<p>Everyone has ideas. I had an idea for a product. Then a couple of years later somebody was selling the product and seemed to be doing well out of it. I was pleased that at least it was out there. I had my chance. I didn't execute on it.<p>So the real question is, can you be first to market? If not, can you execute better than them? Can you join them? Ideas just happen all the time.
Look for any differences between what they are offering and what you are. Seemingly small differences can actually be big things for customers when it comes to ease of use, functionality and preference. Usually competitors don't approach things exactly the same way you are I've found and the differences can make your offering better.
When you talk like that many will think they are going through exact the same things like you.<p>The greatest thing I discovered about going independet is that there is a salary limit and above that money does not bring any more satisfaction. So there should be space for everyone, forget about competition and negative emotions. As for that limit some say that a few thousands per months is enough to live well. Well for me even one thousand usd/eur is enougn because I rarely make more that that as employee.
Just get used with copy cats there is no escape.
I can think of 2 positives in this:
1. It provides validation to <i>your</i> idea. Your job is somewhat reduced to validate and find a product-market fit. Remember, it's not a zero-sum game, there is enough room for both of you.
2. Use your competition as a baseline for your product/service. You can use the gravity/momentum from competition to catapult yourself to higher velocity or get sucked-in.