Will you be able to stay ahead of the competition in the long run? Do you feel that you have a longer term vision than them? Our startup is in a very similar spot where around our launch date 5 other competitors launched; now there are over 40. Most of our competitors though are stuck in the niche that for us was just the most obvious place to start. We're starting to expand to a much broader market and have a multi-…
See that's the thing, I know what we eventually want to do after we release and some of them are very large ideas to integrate which will take a lot of time. I believe that our product idea is way better than anyone else's, but the fact is this competitor hasn't really shown off what their product is besides in a post outlying the general "obvious place to start" as you say. There doesn't really exist a service that…
Right now you're just two random people/teams showing up at the same starting line. They have a bit of head start, but the chances that over the course of months/years you'll be able to cover the same distance are virtually nil.
It's far more likely that either they'll be able to run circles around you or, hopefully of course, that you'll be able to execute an order of magnitude better than them.
Right now, there's absolutely no way of knowing which one it is. For all you know they could have already exhausted their runway and the team might be falling apart as we speak.
So for now don't worry too much and just focus on your ability to execute.