Introduce a product that already exists?
I’ve been keeping a (long) running list of ideas for startups. I have these seemingly great ideas come to me when I try falling asleep and then I make sure to write them down, I then spend the next 3-4 days fleshing it out - target market, features/benefits.
However, inevitably, I find a company that is either already doing the same thing or something extremely close.
Should that be a reason not to go forward?
All my ideas focus on niches rather than broad markets and usually the company has done such a poor job of promotion that I’m unable to find it for a few days.
Hi Molern ,
don't think because it exists already that you can not build it , if its a successful startup it validates that there is a market. i have about 70 competitors with formlets.com and still make a good living , it all depends on the size of the market and niche you select.
good luck
Thank you all for the feedback! I think I am going to go forward with my idea. Looking into nocode options to build an MVP (leaning towards Webflow+Memberstack).
Everyone is right on here - an idea doesn't have to be unique to be a successful business. The idea is a tiny fraction of what it takes to be a success.
You should be encouraged that you have found needs in a niche market - finding a pain point in a niche market and delivering a solution is the best start you can hope for, regardless of the competitive landscape.
I would concur with @filvdg it's no reason to not go forward. In fact, I think it's better if you go out and validate pain once you have a idea vs trying to flesh out what the solution could be. If you find folks in pain then you know current solutions don't address all needs.
This comment was deleted 4 years ago
i love that answer. This is exactly what i have in mind when people ask me whether I am not replicating something that is already on the market ("isn't like wikipedia ?"), and though this is not the answer that I am giving in those exact words, i would say somehting like : "look around, are you seeing only chevrolet cars on the street"?)
Markets are segmented, find a market segment in which your product will resonate.