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  2. What If the idea is already exist in market ?

What If the idea is already exist in market ?

Sajith P J
13 replies
I have a product idea in my mind and when I researched it, there is a lot of companies that are successful in the market and a lot of them are not successful. I am so confused, should I create an MVP to find some customers or should I change my idea? The idea is in my skill range, I can handle all the difficulties while developing it.

Replies

REI Litics
Read a book called “the mom test” by Rob Fitzpatrick. Do several interviews. Find pain points of customer using competitor products. Determine if the market size is big enough to have several competitors. There plenty of car brands, there plenty of fast cook restaurants, clothing lines etc. Point being you don’t need to have a ground breaking innovation. You just need to provide more value than the other guy
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Rich Watson
NVSTly: Social Investing
NVSTly: Social Investing
Need answers to this question; "Why would I switch from this product to another idea?" Some answers; - it's better - it's cheaper - it has X or doesnt have Z
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Sajith P J
@richw Hmmm, - My concept does have a different approach which reduces the learning curve compared to other tools. - Of course, I do have a variety of pricing packages. - I do have X factor also Thank you for these questions. I am gonna find some solid answers to these questions.
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Igor
I've heard several VC professionals say that it's not about the idea, but about the implementation. The fact that there are companies on the market built on a similar idea proves two things: 1. There is a demand for your idea, since many companies are working on it. 2. It's commercially feasible, as some of them are successful. So, I think an MVP is a good start if you can create it in a reasonable amount of time, effort, and investment. Anyway, goog luck! 😊
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Sajith P J
@betterforall Thank you for the time to address my doubts. I will create a MVP to get some feedback from customers.
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Cameron Scully
if the idea exists than its more likely to be a great idea. if you have that killer advantage whether its skill / network etc then competitors don't matter, but actually help confirm that the idea works and helps push you to make your product better than theirs
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Yannick
Yep, like the hunters explained in the comments, I suppose if you propose a product that solves a problem you find in your concurrents products, and that is worth switching from the inital product, that's already a win. Easier said than done of course.
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Michael
Orba
Orba
+1 Without knowing the details…I would say focus on talking to users and finding a more niche underserved need. There was MySpace before FB, Lyft before Uber, Google Drive before Dropbox, Skype before Zoom, Adobe before Canva…hope that helps.
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