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So - in the process of developing a product and getting to proof of concept to eventually test the market before going all in, I've shared my idea with a small number of people.
Just to give background - My idea is new to the space, debatable on whether its patentable, but its definitely not on the market yet. The concept is essentially validated and a brand new way of doing things.
The experienced people (from a fastlane perspective) don't ever seem to ask this question, but I do get this one a fair amount, and being honest I'm not exactly sure myself on a rebuttal.
"What if after launching your idea it gains traction, and XYZ massive competitor in the space that hasn't done this yet, see this and decides to copy you with much more resources and builds the same product. What stops them from doing it?" (assuming the idea turns out to be non-patentable and even if it is, it takes years to get to that stage)
I'm asking because I want to know this answer for myself, and maybe they are right, maybe this is a huge risk. How would you guys answer?
Typically I say being first to market is huge, being first in the mind of the consumer in terms of your space/positioning is huge, and second place isn't the same as first. Or, my idea has the potential to make $X-XX million, but since it isn't $XXX million, these large companies put it to the side.
Just to give background - My idea is new to the space, debatable on whether its patentable, but its definitely not on the market yet. The concept is essentially validated and a brand new way of doing things.
The experienced people (from a fastlane perspective) don't ever seem to ask this question, but I do get this one a fair amount, and being honest I'm not exactly sure myself on a rebuttal.
"What if after launching your idea it gains traction, and XYZ massive competitor in the space that hasn't done this yet, see this and decides to copy you with much more resources and builds the same product. What stops them from doing it?" (assuming the idea turns out to be non-patentable and even if it is, it takes years to get to that stage)
I'm asking because I want to know this answer for myself, and maybe they are right, maybe this is a huge risk. How would you guys answer?
Typically I say being first to market is huge, being first in the mind of the consumer in terms of your space/positioning is huge, and second place isn't the same as first. Or, my idea has the potential to make $X-XX million, but since it isn't $XXX million, these large companies put it to the side.
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