A Me Too startup is one which enters a crowded market with highly visible competitors. So is it a good idea to launch such a venture knowing that there are significant competitors in the space already?
I believe so because
- a large number of competitors ensures that the market is of good size and has good potential.
- a new startup can always innovate on certain aspects of the offerings of other competitors. It is not always necessary to come up with a totally new concept/idea. Improving upon an existing product has been the foundation of a lot of the big startups we see today. If Google would have thought that the online search market is already crowded and dominated by some big payers like Yahoo at that time, it would not exist today!
- at times, since a new startup is small and lean, it can do things bigger startups cannot (owing to their size). This agility can be used to create a service/feature which users might appreciate.
It makes sense for me too startups to exist and the general mindset among them should be
'Yes, there are many competitors, but there is no product which users really like and stick to'.
I believe so because
- a large number of competitors ensures that the market is of good size and has good potential.
- a new startup can always innovate on certain aspects of the offerings of other competitors. It is not always necessary to come up with a totally new concept/idea. Improving upon an existing product has been the foundation of a lot of the big startups we see today. If Google would have thought that the online search market is already crowded and dominated by some big payers like Yahoo at that time, it would not exist today!
- at times, since a new startup is small and lean, it can do things bigger startups cannot (owing to their size). This agility can be used to create a service/feature which users might appreciate.
It makes sense for me too startups to exist and the general mindset among them should be
'Yes, there are many competitors, but there is no product which users really like and stick to'.
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