I know, some of you are sick of too many "Ask HN"-submissions. However, this is something that bothers me and I'd like to have your opinion on this.<p>I have an idea for a startup for quite some time now. I'm still convinced that this idea is 1) very good and 2) could be easily monetized. Long story short: I just found that another startup has launched a service similar to my idea. When I discovered that startup I lost all my motivation to keep on working on this idea. I have to admit that it really was just an idea so far, i.e. I was working on the wire framing and trying to get a team together.<p>Now my question: What would you guys do? Since it is not exactly executed like I would've done it and I could try to launch it first in my country (Germany), I'm not sure whether to give this idea up or just go for it. It would be easy to dismiss, since it is just an idea so far. On the other hand, I'm really convinced that this idea is very good.<p>On what criteria would you guys base your decision whether to go on or dismiss that idea?
I always say to continue doing your thing. These guys are just starting out, so even if you are a year late, at most they'll maybe have 1-2% market share.<p>Go look at their site, see what they did right, see what they did wrong, and modify your product accordingly. If necessary add a few extra features to differentiate yourself
I say this, find me a business with out competition and I will show you a business without any customers.<p>Every business is going to have competition. If you didn't then your area of business is likely something no one wants.
This is excellent. Let them do the market research for you, examine their user trends to see what works and what does not, and build on their failures. Take all that worked from their site and add some new stuff. Target the same sites they targeted and a few more. They have broken the walls, you now just need to copy them.
Consider it validation and figure out the big picture, who will get to market faster, is backed by a more aggressive vision and where are the short to long term wins for the consumer.
This is an easy one....<p>McDonalds<p>Burger King<p>Wendy's<p>In n' Out<p>Jack in the Box<p>White Castle<p>They all sell burgers.<p>Nuff said...<p>Keep going...
There are definitely a lot of successful startups that take an idea from one country and do it in another. Sure, they may not be <i>huge</i>, but might make some good money in any case.
Simple analysis shows that any commodity that follows a linear price/sales response has space for two major players.<p><a href="http://www.solipsys.co.uk/new/OptimalPricing.html?HN" rel="nofollow">http://www.solipsys.co.uk/new/OptimalPricing.html?HN</a><p>Go for it. Learning from their mistakes lets you travel faster initially, and if you're skilled, you can probably catch up.
KEEP GOING!<p>Look at your 'competition'. Do you want your product more than theirs? Can you see areas where your product will be more appealing? If either of those is yes, don't stop.<p>There will always be competition. I'm working on something (with a partner) that has LOADS of competition, and a lot of that competition is <i>good</i>. But we think that we can do better, because even though other people have written similar things, our product solves our particular needs (and desires) much, much better.<p>Also, keep in mind that somebody in that market segment, who is making money, validates that your idea <i>can</i> make money.<p>So get to it, and don't worry about the Joneses!
Clearly the size of the market is going to be a huge factor (if not the primary). If the market cap is $100mm and you think both you and your competitor can only get 1%, then sayonara; it's probably not big enough to carry both of you. If, however, it is $100mm and you think that, between you, you can both capture 20% of that market, then it might be doable provided that you think you can capture about an equal share.
This has been happening to me for a looong while! Its reasonable since I didn't really take initiative(quick enough, atleast) for it to be "my" project.<p>Technology is a weird thing; inspite of being unpredictable, there are milestones we know that will be reached; how they are reached, how soon they are reached or who does, is a matter of initiative, luck and money.<p>I would suggest that you look at it as an opportunity; get in touch with the guys who're onto the idea now and express how passionate you are about this; share your ideas, and any work you've done on it yet.<p>In short, try and jump into it with those guys! You may hit upon more than you were expecting: they're obviously people who got started and who think alike: Match made in heaven?<p>The rest is upto you, grasshopper!!
Good Luck!
Take advantage of this situation.<p>If they fail, why did they fail? What will you do differently to succeed that they did not?<p>If they are successful and service becomes popular you now know there is a market. Take your idea, take their good ideas, and combine them into your own better than originally planned idea. Take some of their market, make some of your own market.<p>Think of it as competition. If you know you can do better go forward and nip on their heels. Your product will be better (theirs might too).<p>However, it almost sounds like you are trying to make an excuse to give up. If it was easy, everyone would be doing it.
There are very, very few markets that it is truly winner take all. Ex. even Airbus/Boeing, Microsoft/Linux/Apple, etc<p>For most part, I find that ideas are essentially worth the paper that they're scribbled on. It almost always comes down to execution. Go for it! You'll never know until you try, otherwise you'll always be saddled with the shoulda, coulda, wouldas(particularly if that startup competitor ends up exiting in a big way down the road). I learned my lesson the hard way.<p>Remember, sometimes its better to be a fast follower (and faster at reiterations) than a first mover.
There are very few (if any) industries that only have room for one player. If you love the idea, you owe it to yourself to at least try. If your competitor is just starting, they havent captured all the available audience, there is space for competition. If the idea is that great, your real fear should be who else is going to try and play.
Same thing happened to me. Someone beat me to it. But I just kept working on it (still not done actually. hehe). They are making money, so this confirms that my idea will work. It is more of a reassurance than a threat/de-motivation to me.<p>And the other guy could use a little competition. I jsut have to "up" my product a little bit.
Is your concept search? If yes, get back to the drawing board.<p>Seriously though, if you aren't going against a company that whose name is used as a verb in the common vernacular, I think you should stick with it. As mentioned, the fact that your idea has been implemented is a validation. If you take it as a defeat then you lose.
Great post from a couple weeks ago on Josh Kopelman's blog on stuff like this in the search engine business: <a href="http://redeye.firstround.com/2009/03/pivoting-and-yogi-berra.html" rel="nofollow">http://redeye.firstround.com/2009/03/pivoting-and-yogi-berra...</a><p>Summary: Don't give up.
The best thing a company can have is competition.<p>Otherwise you're under no pressure to innovate.<p>Also it validates your market. If no-one else is doing it, it must be a sucky idea.<p>I should think they will be <i>thrilled</i> to see you starting up something similar. Seriously.
Just do it. Being in limbo, going back and forth, is the worst place to be. What's the worst that'll happen? You'll have gone for it. That's more than most people can say.<p>It's really that simple. Now get off Hacker News and build that damn thing and submit it here for review.
keep going, your motivation needs to stem from you having some distinguishable element to your idea that nobody has done yet. The element needs to be important enough to make a difference.<p>Spend some time finding how you can be distinct from people around you. Good ideas are rewarded by others trying them out, it shows that you're not just on a limb by yourself, but that it's actually something others think would be successful.<p>There are many companies out there that do almost exactly the same thing as another one, but the subtle differences might be the most important one. Also nobody ever said sharing the market has ever been a drawback.<p>Instead of being first, why not second? You could be much more successful.<p>Goodluck, don't lose hope.
What problem you are solving? They might have the same idea, but are they solving the same problem? Maybe they are not solving any problem, and just infatuated with the idea. Suppose you have a deeper understanding of the problem and who has that problem, then this is your edge.
Thanks for all the great feedback so far. I really appreciate the valuable advice of you guys. I think I'll go for it. However, it showed me one thing: I need to get things done right now. I will keep you up-to-date. Thanks HN!
It can be discouraging, but move on or try to out-execute your competitor. Either way, not doing anything about an idea means you should be happy to see someone else do it for you. More ideas will come.
a) Is it working? If not, why?
b) Do you think you know how to do it better?<p>If yes to both then do it. If no to a) then you'd want to be fairly confident that they got it wrong in some way and didn't just prove it to be a bad idea.
The day before one of my portfolio companies launched, a stealth competitor launched. And it out-shadowed ours. Two months later we've compiled, (i) more traffic, (ii) more revenue.<p>Put your shoulder to the wheel and grind it out. If you don't, you'd probably of failed anyways.