In entrepreneurship, there is one basic rule that says this:
- Make it better or make something new.
The fact there is hundreds of similar projects online is a pretty good news.
Here is an extract of a blog post I wrote on the subject of competition:
It’s true with existing competition, before you enter the market. When I tell my elevator pitch for new venture, most of the time I’m asked something like “but doesn’t it already exist?“. The existence of competition is a pretty good indication that there are fish to catch. If you are fishing and you see many wealthy fishing boats in an area, it’s a wise decision to go there. In fact, in many cases, the market is big enough for everybody. A given market can be under-exploited (new areas to fish) and only a small share is taken because of the lack of alternatives (new ways to fish). Ten years ago leading companies such as Palm, Nokia, Microsoft or RIM released the first smartphones on the market. Apple and Google revolutionised the market just 7 years later capturing 60% market shares alone in less than three years. They did not invent the smartphone, they just did it better and more importantly: differently.
I will take another example you know well: there were many online Q&A for programmers since the 90s, but Stack Exchange was only created ten years later. They did it differently and better then quickly became the leaders.