Put pedal to the metal and get it out there! Mirroring everyone else...well-funded competition means:
1. Your idea has legs. You have less to explain when people ask you about your startup. This is a good thing and saves a lot of time.
2. They've got more fingers in the pot, slower and more consensus-based decision-making. They may hire fast, but all team members may not be as invested in quality/creativity/efficiency as a small, bootstrapped team and may in fact move slower - you may be able to out-execute, and faster.
3. They can afford mainstream advertising and tech press that you may not be able to - but these days, word-of-mouth and viral propagation can be far more effective.
Our startup's in a different situation as our well-funded competitors hit the market after we did, but it's essentially the same. I freaked out a little, but the kick in the pants has been really useful in honing our strategy.
Keep your eye on 'em (and other competitors), follow your gut, and don't get spooked! Good luck!
1. Your idea has legs. You have less to explain when people ask you about your startup. This is a good thing and saves a lot of time.
2. They've got more fingers in the pot, slower and more consensus-based decision-making. They may hire fast, but all team members may not be as invested in quality/creativity/efficiency as a small, bootstrapped team and may in fact move slower - you may be able to out-execute, and faster.
3. They can afford mainstream advertising and tech press that you may not be able to - but these days, word-of-mouth and viral propagation can be far more effective.
Our startup's in a different situation as our well-funded competitors hit the market after we did, but it's essentially the same. I freaked out a little, but the kick in the pants has been really useful in honing our strategy.
Keep your eye on 'em (and other competitors), follow your gut, and don't get spooked! Good luck!