We are in the process of setting up a new service/website. We know that others competitors are working on the same idea.<p>Today, a competitor has released a service which is identical to ours. They have much more experience, resources and have managed to generate an incredible amount of media coverage. So far we have only spent a very small amount of money.<p>So the question is, considering that our competitors have beaten us to it and have a great product, do we cut our losses and run?<p>Oh, and in case you were wondering... our competitors are these guys:<p>http://zeebox.com/
All of these programs / apps / sites etc. are new things. I would say that zeebox.com actually validates your work so far by showing there exists a market for it already.<p>Plus, it is not a zero-sum game. You can both win (in terms of profitability, exit, etc.) If you are far along and will not need to spend much more money or time, go for it. If you have just started, maybe take a moment to think about it. Either way, you can just learn from zeebox.com mistakes and implement better with your own project.<p>You must be realistic to know when to quit and use your time more wisely, BUT most startups don't actually die - they commit suicide. Good luck
No. Take it as a strong positive signal that there is demand and ask yourself how you can differentiate from your competitor. Will you have a better UI, a niche market to address, etc.?<p>The question is how you position yourself in respect to the competition.<p>If you believe that there is indeed absolutely no hope for your startup, then... there's not much to say. If you want to take this battle, you'll find a way to position yourself.<p>Edit: I just saw that your competitor is UK-only. Are you based in UK too?
'9 Ways to Decrease Your Chance of Bootstrapping a Successful Company' - Number #1: Choosing a Market with Funded Competition<p><a href="http://www.softwarebyrob.com/2011/11/02/9-ways-to-decrease-your-chance-of-bootstrapping-a-successful-company/" rel="nofollow">http://www.softwarebyrob.com/2011/11/02/9-ways-to-decrease-y...</a><p>Although yes it does validate the space and yes there can be room for more than one. Note 'decrease' not 'kill' :)
Only continue if you are doing something different or better than your competitors. Obviously if you are just mimicking what they gave already created, that's no good but if you can improve on it, then their presence in the market may be helpful in terms of warming the market for you before launch.