Entrepreneurs often share startup ideas and hear, “Isn’t X doing the same thing?” This is actually the common case as only one company can claim the first-to-market mantle.
It’s natural to feel discouraged or wonder if the window of opportunity passed, but history has proven unequivocally: first-to-market guarantees nothing.
Never abandon an idea because competitors exist. Abandon an idea because it lacks meaningful differentiation, because no one wants it more than the alternatives.
Here are inspiring examples of companies and products that flourished despite entering the market after others:
Facebook > Myspace
Google > Alta Vista
Nike > Converse
iPhone > BlackBerry
Instagram > Hipstamatic
Airbnb > CouchSurfing
WhatsApp > SMSenger
Dropbox > FolderShare
Skype > Net2Phone
Zappos > Shoebuy
Gmail > Hotmail
YouTube > Metacafe
LinkedIn > Ryze
Tumblr > Xanga
Kickstarter > Indiegogo