Last week I had an idea and I started checking the web to see if there are any startup on the market that already offer this service. There is just one and it raised 1,4M€ in Feb 22’ from a fund (The startup in question is developing the platform, which is not usable right now). My question is what should I do? Continue to believe in the idea or give up? Sorry for the dumb question but just to understand if it has any sense to pursue something that is already being developing by another startup

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Oh - definitely pursue it if you believe your idea is good! Presence of a competitor doesn’t mean you can’t create a business out of it. Each and every business idea worth mentioning has a scope for multiple players to win!

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Look at what they’ve done and see what they can improve upon. Competition will eventually come. Learn from their mistakes and don’t make the same ones

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What’s the market size? What’s the personal risk you would run in attempting to start a company to reach this market? Do you have access to the talent needed to make a product? What’s the funding requirements? Can you leverage your existing network or Deloitte work experience?

I think these are questions only you can answer.

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Depending on the idea, would be worth checking into any necessary patents/copyrights/etc. to see if anything in your idea would be affected.

My husband & I discovered one of our invention ideas was already patented, just not produced for consumer use.

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Depending on the idea, your target customer and the problem you are solving it is worth trying. No matter if there are other startups doing your idea, what matters is who goes to market first and who gets the biggest traction.

If you are aiming to build a software product and want to understand how to start it, I am happy to have a chat.

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Ps sorry for the bad eng :)

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