A Me Too startup is one which copies the business model of an
existing player. This happens in every Industry, especially once a player from
that space becomes prominent. In India, I have witnessed a number of such
cases. Grofers became popular, a number of hyperlocal commerce players came in.
Oyo Rooms became popular, a number of me too startups entered this space. Most me
too startups enter with 2 goals in mind; either they can create their own
little space in the Industry or they can get bought out by the bigger players.
So can these startups succeed? Yes, they can if the market
us big enough to accommodate them. Entering the market (generally in an
upcoming location) and scaling up fast is key here.
Despite
this, I feel it is very difficult for most me too startups to survive. With the
risk of the giants eating up your market share through better pricing and
rewards, me too startups can survive only if you have financial and management resources
to back you up.
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