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Also, you’re going to need alignment between your funding, the skills of your team, and your proposed solution.
[1]: The Innovator’s Dilemma, Wikipedia, https://en.wikipedia.org/wiki/The_Innovator%27s_Dilemma
A while ago, I was in the same boat. Why try to recreate GitHub, or Uber, or Salesforce, or Facebook? And once I discovered any competitors in my idea's field, I would chalk it down to "not worth trying" and call it a day. But then I realized, if my town can have 3-4 Chinese restaurants with the same exact menus (probably supplied by the same exact distributors), and they've all operated continuously for over a decad…
I also agree that not starting a project if it doesn't have unicorn potential is ridiculous, but I don't feel like there is anything to explain there.
A while ago, I was in the same boat. Why try to recreate GitHub, or Uber, or Salesforce, or Facebook? And once I discovered any competitors in my idea's field, I would chalk it down to "not worth trying" and call it a day. But then I realized, if my town can have 3-4 Chinese restaurants with the same exact menus (probably supplied by the same exact distributors), and they've all operated continuously for over a decad…
However, that same $1M/yr is enough to sustain a bootstrapped business and even possibly build the credibility to raise a larger round and try to win the space.
If a company is already solving a problem, a better question to ask is "why didn't I know they exist?" It may be that they aren't properly tailoring their marketing to the target audience, in which case you have a clear opening.
As a "personal anecdote", we (https://sheetjs.com/) offer a variety of solutions for problems involving structured data. Before we started, there were plenty of solutions but every solution had various compatibility issues or didn't work with our data. Even in 2019 companies turn to us because of compatibility issues with Google Sheets or Excel 2019. We went through the same analysis and concluded that neither company thinks there will be a meaningful improvement in revenue or marketshare
Imo, its better if you start working on it, propose your solution and then see what exists. This might just help you think and ideate in an unbiased way
I've long been baffled as to why what I'm building doesn't already exist. Sure it's tough to actually design-and-make, but it's basically a holy grail of computing that a ton of people have, I think, generally wanted since long before I was born. The weird thing is that I often do find people working on similar things. Sometimes they're historical projects I'll find a Wikipedia article on, or sometimes they're posted…
I think my current idea (a new IDE) has potential to be very important, and I think I’m going to do 2 or 3 key things better than my competitors, so I just have to do it :) It doesn’t matter who else is doing it.
A while ago, I was in the same boat. Why try to recreate GitHub, or Uber, or Salesforce, or Facebook? And once I discovered any competitors in my idea's field, I would chalk it down to "not worth trying" and call it a day. But then I realized, if my town can have 3-4 Chinese restaurants with the same exact menus (probably supplied by the same exact distributors), and they've all operated continuously for over a decad…
I don't think this is a super helpful comparison. There is a net demand for Chinese food in the area, and there will definitely be such a thing as 'too much or little' supply (though obviously each offer i.e. supply is a little different) A single restaurant will only be able to meet so much demand, so if there's a niche in terms of region or menu, maybe there's a real opportunity. GitHub, Uber, FB - they all have ne…
A while ago, I was in the same boat. Why try to recreate GitHub, or Uber, or Salesforce, or Facebook? And once I discovered any competitors in my idea's field, I would chalk it down to "not worth trying" and call it a day. But then I realized, if my town can have 3-4 Chinese restaurants with the same exact menus (probably supplied by the same exact distributors), and they've all operated continuously for over a decad…
Here's the recommendation I give to students when they ask me this question (it's a common one!): You come up with a brilliant idea, you obsess over it, you Google some info, and on your screen lies your idea, being done by someone else, for the last two years. You’re all too familiar with that sinking feeling in your stomach that follows. You abandon the idea almost immediately after all that excitement and ideation…
A while ago, I was in the same boat. Why try to recreate GitHub, or Uber, or Salesforce, or Facebook? And once I discovered any competitors in my idea's field, I would chalk it down to "not worth trying" and call it a day. But then I realized, if my town can have 3-4 Chinese restaurants with the same exact menus (probably supplied by the same exact distributors), and they've all operated continuously for over a decad…
I don't think this is a super helpful comparison. There is a net demand for Chinese food in the area, and there will definitely be such a thing as 'too much or little' supply (though obviously each offer i.e. supply is a little different) A single restaurant will only be able to meet so much demand, so if there's a niche in terms of region or menu, maybe there's a real opportunity. GitHub, Uber, FB - they all have ne…
If instead you want to have some fun and maybe get more money back than you put in, that's a different world.
I'm increasingly persuaded that unless you go to dinner parties with say Sequoia capital people, it's better to start small, get the principles working right and then build on it.