Competition is doing everything - should i bother?

New
airvee.

New

airvee.
Jan 26, 2021 4 Comments

My team and I have been working on a product for a while now.
Another company just launched the same product and is doing the same thing.

Except, they have more funding and PR so now we're wondering if we should bother.

I've read a couple of articles about competition being a good thing but it's not feeling like it in this case.

We could probably launch anyway and have one or two more features we can add - but then depends on a couple of policies.

Assuming we get a response that we can't, then we won't be doing anything different.

Has anyone been in this type of situation before? What did you do?
Thank you for your kind responses

#tech #business #fintech #startup #competition

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TOP 4 Comments
  • Depends on how many potential customers there are. There are for example hundreds of different systems that do food ordering management for restaurants successfully coexisting

    If you're targeting small and medium businesses and you're ready to hustle and go speak to many of them there will always be enough room
    Jan 26, 2021 1
    • New
      airvee.

      New

      airvee.
      OP
      It's an e-commerce platform and we sell a single product - the difference would probably be the rate at which we sell.

      We'd definitely need to put a lot of effort into PR - We're targeting millennials.

      But when you put it that way, it does sound less daunting.

      Thank you!
      Jan 26, 2021
  • My team got beat by another startup which made a very similar fintech product and received funding. It was just a matter of time after which they pressed the accelerator and started advertising and hiring people.

    Even though I decided I won't quit, my team started losing morale and dropped out. If you and your team is willing to grind against a ticking clock, best of luck mate.
    Jan 26, 2021 1
    • New
      airvee.

      New

      airvee.
      OP
      Thank you. We seemed a bit down when we talked this morning but towards the end, we started to some morale back.

      If it's any consolation. Something similar happened in the Fintech industry where I'm from.

      A company launched, got funding, and all. I don't think the other company gave up because they launched and got funding from the same program a year later.
      Jan 26, 2021