Your Idea Already Exists- Now What?

We are in the week of April Fool’s so I hope you keep an eye out for some fun tricks up people’s sleeves this week. (Hey, maybe you are one of the ones pulling the pranks!)

And as we are at the end of the month, there are a few final deadlines for competitions and programmes over the next couple days, in case you missed them in last week’s edition.

This week, I wanted to take one of your submitted Questions of the Day, and peel it back—not only to give you confidence in your idea but also share why maybe not having a totally unique idea is not a bad thing.

Maybe you had a spark of inspiration—for some it happens in the shower, in the middle of a lecture, on the subway, or even at the bottom of a cup of coffee. So, you may turn to the good ol’ Google (or Chat GPT, Claude, etc.) and pops up a competitor you never heard of, or someone doing something similar… oh and they started two years ago.

Instead of closing your laptop and instantly getting discouraged, take these as a few lessons:

Avoidance isn’t an answer.

You should never be afraid of searching for competitors in your vertical. If you are starting a venture, people (from clients to investors alike) will expect you to know the key players in your space—even if you are going head to head with them.

Existing competitors means that people want what you are building, and that there is a market out there willing to pay for it. (Honestly, if you Google your idea, and find nothing, that would be scarier in my opinion!)

So, take this time and investigate:

• Direct competitors

• Indirect competitors

• Incumbents

• Scale ups or startups in the space (Yes, even the ones that potentially failed too!)

And remember, you aren’t late to the party; you are just looking at a validating market. Take this as a fun research quest rather than discouragement.

(But, don’t get too bogged down in doing weeks of market analysis as the best way to test is to take action.)

Examine The Strengths (and Their Weaknesses)

If you are embarking on a venture in a well established space with brand names or bigger incumbents (like Big Tech) think about probing a bit deeper:

• What has worked for these businesses?

  • Look at their roadmaps and what was the cause and effect for them to make that new product or venture. Was it timing, resources, customer demand? (What is also sometimes even more interesting is seeing why they pulled a product off the market.)

• How did they get to where they are?

  • Use their journey as a case study—especially if you have competitors in the scale up space. Study what worked and what didn’t, their funding path, and the timeline for them to get to market. They may have made mistakes, or got distracted, and you can learn from that too.

• What is their blind spot?

  • Every big player usually has one. Something that is too expensive, too niche, or too complicated. Your job is to find out what (or who!) they are missing.

Know Your Lens, without Rose Colored Glasses

Now, as a founder, you should craft your own unique selling proposition and have a clear understanding of what makes you unique.

You don’t need to out-feature, out-fund, or out-market the competition. You do need to be very clear on what you do specifically differently, such as:

• Your customer segment- Are you targeting an audience that has been ignored? How are you building for a specific niche first? How do you solve their specific problem with a new angle?
  

• Your problem- Some brands tackle big problems, other combat small niche ones. What specifically is the problem you solve, and why is it important to the customer?
  

• Price and business model - Think about what options already exist for your potential customers and users. How do you offer your value differently or at what price point?
  

• Your story and brand - In the early days, you naturally can incorporate your own founder story and take on the issue. How are you positioning yourself that others aren’t?

You don’t need to be unique in all of the above, but you should be able to pick one or two and go into depth.

Call in for help.

Seeing competitors though should not be your sign to quit; however, it is signal for you to stop and get curious.

Taking some time to research will help you to find your own lane, because the founders that ‘win’ are those who can spot the gap that everyone missed.

And, if you are concerned about your idea and niche, there are two arenas you can call in for help: ask a mentor and talk to your potential customers—knowing if you are on the right track at the end of the day comes from them. (So, go out there and ask them some quality questions!)

Want support with your venture idea? I am looking at open a few free clinics this spring. Comment below or email me back if you are interested.

Would love to have you submit your own QoD.

Want to have your questions answered? Drop it in the form below and we can take a look at it in a future newsletter.

If this has been useful to you or if you have feedback to improve, please drop me a quick line. Or share with a friend!