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After having worked on my startup concept for few weeks I realised that some form of the same product as we are planning is already in the market. We do believe that we can do it better and bring more value to the concept. How feasible will it be to pursue such a concept? |
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If a product idea does not have any competition it raises a red flag for me as to whether there is actually a market for the product/idea, or if that product can be profitable. Competition is good and makes the products better. |
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Investors will want to know there is competition. If no one else is doing it is it because it's so new or because it's a terrible idea? What large companies exist that were first in their space? Especially when it comes to tech which is so volatile. Make sure you have your unique perspective and pitch and go to it. |
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Your business concept having similar products and/or services is a good sign. This means that there is a market demand for whatever problem you are addressing. Go a little deeper, and if you look into patented "business processes" (or software patents), I'm sure you will most likely find your concept protected some way or another. But all of this is irrelevant to your question of feasibility in pursuing this as a new business. The feasibility of success revolves around your team's capability to out-execute and disrupt the current market. Also consider this: capturing a small portion of a large market is much greater than capturing an entire portion of a small market. I can think of many many examples, but I'll use Wufoo as an example. Wufoo is a service that simply made custom forms easily embeddable to web pages. Before Wufoo, there were many many other FREE services that did essentially the same thing. They disrupted the market by introducing ease-of-use and a user-friendly focus. And then ultimately exited (got acquired) by SurveyMonkey for a whopping 2 digit million exit. |
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It will be harder to find investors, but that doesn't mean you can't grow it organically, use cashflow for leverage, and have it funded (possibly via debt rather than equity financing) if needed. The old adage "success is 10% inspiration and 90% perspiration" applies here. |
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