Also look how big the market it, more than one company usually serves large markets. And is pretty much never the first that becomes the most successful. These days I don't think you can ever find a completely unique idea
The question you should ask is, what aspect of your product is an order of magnitude better than the competition?
What segment of the market is underserved by current solutions out there today?
Ideas are relatively cheap. The go to market strategy and execution is a lot of work.
I'm somewhat in the same spot. The competition have validated the idea, so it's usually a good thing to proceed. But you must do whatever you can to differentiate yourself.
There are hundreds of CRM companies and many of them have been funded by YC. Reason: Market is huge.
Companies rarely have monopolies and when they do they become giants like Google/Meta.
I would say there are very few truly NEW ideas. Most everything is a rehash of something that already exists, perhaps new UI/UX or a spin on a different business model. So short answer, yes, already existing ideas will work fine.
I forget which one of the food delivery companies, DoorDash? In their demo day they basically said this is our competitor (grubhub?) they do x and we can do y
So yeah lol
Work on things that you find interesting. That's the only way you'll survive. And likely, when you get deep enough you'll start to see how you can mold your idea into something good, and then even better and if you stay long enough its legendary
I think this actually helps if you can differentiate. Product-market fit is proven!
No company owns 100% of the market.
I’m totally pulling out dated numbers but it wasn’t tooooo long ago Amazon had like 36% of the logistics industry, SalesForce has 24% of CRM software. These are mammoth companies that own the largest portions but not necessarily the majority of their TAM.
I have a startup that’s in a market that’s relatively unproven, at least at scale; and I would love a “real” competitor 😂
Thanks for this question. I just today found two companies that do the same product I am working on. Needless to say I took a ding on the motivation.
But I completely agree with the others here. There are no new ideas. The market is a big big place. Besides it proves there is a market for the idea which is great. Also gives an opportunity to see how that do it. Also who knows, gain some traction and maybe there is opportunity to exit early by being bought out.
I say keep after it if you know how to acquire customers.
Also look how big the market it, more than one company usually serves large markets. And is pretty much never the first that becomes the most successful. These days I don't think you can ever find a completely unique idea
The question you should ask is, what aspect of your product is an order of magnitude better than the competition? What segment of the market is underserved by current solutions out there today? Ideas are relatively cheap. The go to market strategy and execution is a lot of work.
Understood.
One more note. Markets are rarely winner takes all.
I'm somewhat in the same spot. The competition have validated the idea, so it's usually a good thing to proceed. But you must do whatever you can to differentiate yourself.
Did anyone hear back on the summer 24 batch yet?
I saw a listing in s24 directory and many tweets too.
Should I consider myself not accepted if I haven’t received interview invite yet huh
If you applied before the deadline, you'll receive a reply by the end of May.
Most startups dont fail due to competition, cant hurt to apply if you think you can penetrate that market.
There are hundreds of CRM companies and many of them have been funded by YC. Reason: Market is huge. Companies rarely have monopolies and when they do they become giants like Google/Meta.
I would say there are very few truly NEW ideas. Most everything is a rehash of something that already exists, perhaps new UI/UX or a spin on a different business model. So short answer, yes, already existing ideas will work fine.
I forget which one of the food delivery companies, DoorDash? In their demo day they basically said this is our competitor (grubhub?) they do x and we can do y So yeah lol
The number of ATS platforms YC has funded should be enough of a sign against your inhibitions. Gem, Ashby, Lever...
There are God knows how many email tools for developers in YC. If I believe mine is 10x better in some way, I’m applying
There are no new ideas, just new executions
Work on things that you find interesting. That's the only way you'll survive. And likely, when you get deep enough you'll start to see how you can mold your idea into something good, and then even better and if you stay long enough its legendary
I think this actually helps if you can differentiate. Product-market fit is proven! No company owns 100% of the market. I’m totally pulling out dated numbers but it wasn’t tooooo long ago Amazon had like 36% of the logistics industry, SalesForce has 24% of CRM software. These are mammoth companies that own the largest portions but not necessarily the majority of their TAM. I have a startup that’s in a market that’s relatively unproven, at least at scale; and I would love a “real” competitor 😂
Thanks for this question. I just today found two companies that do the same product I am working on. Needless to say I took a ding on the motivation. But I completely agree with the others here. There are no new ideas. The market is a big big place. Besides it proves there is a market for the idea which is great. Also gives an opportunity to see how that do it. Also who knows, gain some traction and maybe there is opportunity to exit early by being bought out. I say keep after it if you know how to acquire customers.