Ask HN: Enter market with a well-funded competitor?
Without giving too many details, a few weeks ago a friend of mine had an idea for a SaaS application, targeting a market of small to medium sized companies in a variety of industries.
After some research it turns out there is already a company doing this and they are set up pretty good 300k+ funding, 8 team members, decent sales network and have been around since late 2013. However, we think their product is rather shitty.
We both have a technical background and we are sure we could get a MVP together that is at least on the same quality level as their product within 2-3 months (coding in our free time).
This would be our first entrepreneurial adventure, but i have worked in several startups as a developer before, so i know the mindset and have a pretty good understanding what we need to prioritise.
They have a big headstart but we believe the market is large enough for two or even more competing companies.
So, should we give it a shot? Any advice is appreciated