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"What if XYZ massive competitor launches your idea after you do?"

Idea threads

Paul Thomas

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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.
 
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Anavore

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Hi.

I think it's a tricky question. But, I will attempt to answer it.

There's a few things you can do about it. You can document your idea with a lawyer. It doesn't have to be legally registered.

Just so that people know its your idea.

It is all about taking risks, so if you have to worry too much. Don't do it.

If you can't protect your idea, find a way.
 

devine

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Keep your mouth shut.

Regarding "my idea has the potential to make..." - your idea doesn't have the potential to make shit, until you execute.
I can share 90% of my ideas and people will have insane time trying to execute them, but I prefer to follow my own advice.
 
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Paul Thomas

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Keep your mouth shut.

Regarding "my idea has the potential to make..." - your idea don't have the potential to make shit, until you execute.
I can share 90% of my ideas and people will have insane time trying to execute them, but I prefer to follow my own advice.

My question wasn't how can I avoid getting these questions. I got this question and I wanted to know the community's input on it, because I thought it was a valid question.

Regarding.... "Regarding "my idea has the potential to make..." - your idea don't have the potential to make shit, until you execute." -----> I'd prefer to launch knowing the potential rather then waste my time on an idea that has maximum potential to make $100K/year after significant due diligence.

Regarding "I can share 90% of my ideas and people will have insane time trying to execute them" ----> the question was what if you already launched and a massive competitor decided to copy and launch the same product. Think a billion dollar competitor could execute pretty easily.
 
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jon.a

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My question wasn't how can I avoid getting these questions. I got this question and I wanted to know the community's input on it, because I thought it was a valid question.

Regarding.... "Regarding "my idea has the potential to make..." - your idea don't have the potential to make shit, until you execute." -----> I'd prefer to launch knowing the potential rather then waste my time on an idea that has maximum potential to make $100K/year after significant due diligence.

Regarding "I can share 90% of my ideas and people will have insane time trying to execute them" ----> the question was what if you already launched and a massive competitor decided to copy and launch the same product. Think a billion dollar competitor could execute pretty easily.
It's a good question. Someone that's been there will be along soon. :)
 

devine

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My question wasn't how can I avoid getting these questions. I got this question and I wanted to know the community's input on it, because I thought it was a valid question.

Regarding.... "Regarding "my idea has the potential to make..." - your idea don't have the potential to make shit, until you execute." -----> I'd prefer to launch knowing the potential rather then waste my time on an idea that has maximum potential to make $100K/year.

Regarding "I can share 90% of my ideas and people will have insane time trying to execute them" ----> the question was what if you already launched and a massive competitor decided to copy and launch the same product. Think a billion dollar competitor could execute pretty easily.
http://bfy.tw/7shQ

You seem all over the place, if you create a product you count on - protect it legally. If you didn't - advice is above.
 

Paul Thomas

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http://bfy.tw/7shQ

You seem all over the place, if you create a product you count on - protect it legally. If you didn't - advice is above.

Refer to original post: "(assuming the idea turns out to be non-patentable and even if it is, it takes years to get to that stage)".... to add to that, competitors can sell the shit out of it while its in the patent process and in the end your application might get rejected.

Not all new product ideas are patentable.
 
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Goldman snacks

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people say that when you don't have any sort of patent, INSIDERS knowledge, or barriers of any kind.

If that's the case then you don't have anything until you put the accelerator down and become an established leader in your niche or build a following.

Think about 'penny boards', they are just plastic skateboards and they have been copied to the max, you can find a similar competitor for a third of the price, however 'penny board' created the concept, if you see a small plastic skateboard, you say that's a 'penny board', not a 'globe' or 'big competitor' board.

If you don't even know if it will sell, then don't even worry about competitors. Do it well and maybe you can sell your company to the competitor.
 

Paul Thomas

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people say that when you don't have any sort of patent, INSIDERS knowledge, or barriers of any kind.

If that's the case then you don't have anything until you put the accelerator down and become an established leader in your niche or build a following.

Think about 'penny boards', they are just plastic skateboards and they have been copied to the max, you can find a similar competitor for a third of the price, however 'penny board' created the concept, if you see a small plastic skateboard, you say that's a 'penny board', not a 'globe' or 'big competitor' board.

If you don't even know if it will sell, then don't even worry about competitors. Do it well and maybe you can sell your company to the competitor.

Thanks, this is a great way of putting it -"you don't have anything until you put the accelerator down and become an established leader in your niche or build a following.".
 

devine

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Refer to original post: "(assuming the idea turns out to be non-patentable and even if it is, it takes years to get to that stage)".... to add to that, competitors can sell the shit out of it while its in the patent process and in the end your application might get rejected.

Not all new product ideas are patentable.
Speculations are bad, especially with "hypothetically this, hypothetically that" situations.
This thread reminds me "I want to save my assets from my wife after divorce", "I'm 200k into debt, with 3 kids and wife, what to do?" and etc.
i.e. this thread has about zero real life value.
 
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Vigilante

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There is no standard answer to this hypothetical. In fact, the opposite is likely FACT. It's not IF, it is when. There literally is no way to prevent that from happening. It's also a traditional slow lane cause of analysis paralysis and inaction. It's a question that is cemented in fear from people that have never built (or sold) a successful business before. The answer is --- there's no way to prevent it.

So what.

Wal-Mart wasn't the first discount store in the world. Sam Walton just copied K-Mart and made it better.

Debbie Fields didn't invent the chocolate chip cookie. She just made it better.

Best Buy was much smaller than Circuit City in the 1970's and into the early 1980's. Best Buy figured out how to adapt to changing market conditions and Circuit City died.

The concept you are working on is likely not original either. It's likely a derivative of an existing product. No matter.

That's not a reason to not start. Build a business worth expanding, or selling.

This is an exercise that akin to mental masturbation you hear about often on the forum. "What if my idea is so awesome that a huge company copies me?" Don't flatter yourself. This is usually a question asked by or of people that haven't sold the first dollars worth yet.

For the entrepreneurial group that I consider my mastermind (of 10-12 people, mostly from the forum) do you know how much time they spend worrying about this, per day? As a group, or individuals? I can answer for all of them. Exactly... zero.

You could be so blessed as to be a competitor to a large company that thinks you are so brilliant they want to replicate your success. Because... by definition by that point... you'd be a success.

I'm obsessed with providing something my customers would want. Winners focus on winning. Losers focus on winners. You don't have the large companies sitting around in their offices waiting for ideas to poach. Moreso, it's likely you're not the first with your idea. If you are, you're off to the races and by the time anyone gives a shit you already have appreciable revenue.

It's a straw man circle jerk that can keep you worried and give you a reason not to start. I have about 15 better reasons not to start a business than that if you're looking for one.

If someone asked me "what if Bank of America decided to copy you" my response is... "you should invest then, because we might as well sell this to Bank of America."

Stop worrying. Stop ringing your hands. Stop talking to people who have never built a business before --- because people who have --- would never ask you that question.

You cross bridges as you need to. If you become the GoPro of your business, you really don't need to be concerned that Sony has motion cameras also. People still want what you have to offer.

Don't borrow trouble. Don't spend time in these circular firing squads with no answer. It doesn't matter. Before you're worried that your idea is so awesome some big company is going to try and rip you off... earn your first $1 from a stranger who is willing to pay you for what ever value you cast out there. Then your second dollar. Than $100 dollars. Than a thousand.

You won't have time to sit and worry that you're so brilliant that McDonalds wants to copy your concept. By the time they even care, you'll already be in business and you'll be able to answer your own question at that point.

Lets go back to the basics. You haven't earned a dollar with the product yet. It's too soon to pick out your lambo color, and too soon to worry about how to protect your non-revenue generating idea from being scaled by someone else.
 
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Paul Thomas

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There is no standard answer to this hypothetical. In fact, the opposite is likely FACT. It's not IF, it is when. There literally is no way to prevent that from happening. It's also a traditional slow lane cause of analysis paralysis and inaction. It's a question that is cemented in fear from people that have never built (or sold) a successful business before. The answer is --- there's no way to prevent it.

So what.

Wan-Mart wasn't the first discount store in the world. Sam Walton just copied K-Mart and made it better.

Debbie Fields didn't invent the chocolate chip cookie. She just made it better.

Best Buy was much smaller than Circuit City in the 1970's and into the early 1980's. Best Buy figured out how to adapt to changing market conditions and Circuit City died.

The concept you are working on is likely not original either. It's likely a derivative of an existing product. No matter.

That's not a reason to not start. Build a business worth expanding, or selling.

This is an exercise that akin to mental masturbation you hear about often on the forum. "What if my idea is so awesome that a huge company copies me?" Don't flatter yourself. This is usually a question asked by or of people that haven't sold the first dollars worth yet.

For the entrepreneurial group that I consider my mastermind (of 10-12 people, mostly from the forum) do you know how much time they spend working about this, per day? As a group, or individuals? I can answer for all of them. Exactly... zero.

You could be so blessed as to be a competitor to a large company that thinks you are so brilliant they want to replicate your success. Because... by definition by that point... you'd be a success.

I'm obsessed with providing something my customers would want. Winners focus on winning. Losers focus on winners. You don't have the large companies sitting around in their offices waiting for ideas to poach. Moreso, it's likely you're not the first with your idea. If you are, you're off to the races and by the time anyone gives a shit you already have appreciable revenue.

It's a straw man circle jerk that can keep you worried and give you a reason not to start. I have about 15 better reasons not to start a business than that if you're looking for one.

If someone asked me "what if Bank of America decided to copy you" my response is... "you should invest then, because we might as well sell this to Bank of America."

Stop worrying. Stop ringing your hands. Stop talking to people who have never built a business before --- because people who have --- would never ask you that question.

You cross bridges as you need to. If you become the GoPro of your business, you really don't need to be concerned that Sony has motion cameras also. People still want what you have to offer.

Don't borrow trouble. Don't spend time in these circular firing squads with no answer. It doesn't matter. Before you're worried that your idea is so awesome some big company is going to try and rip you off... earn your first $1 from a stranger who is willing to pay you for what ever value you cast out there. Then your second dollar. Than $100 dollars. Than a thousand.

You won't have time to sit and worry that you're so brilliant that McDonalds wants to copy your concept. By the time they even care, you'll already be in business and you'll be able to answer your own question at that point.

Lets go back to the basics. You haven't earned a dollar with the product yet. It's too soon to pick out your lambo color, and too soon to worry about how to protect your non-revenue generating idea from being scaled by someone else.

Thanks so much for this post, much more then I expected would come through. It is the truth that I needed to hear and the lesson here goes deeper than the original question... - specifically, "It's a straw man circle jerk that can keep you worried and give you a reason not to start. "

Coming back down to reality: "earn your first $1 from a stranger who is willing to pay you for what ever value you cast out there. Then your second dollar. Than $100 dollars. Than a thousand."
 
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eTox

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There is no standard answer to this hypothetical. In fact, the opposite is likely FACT. It's not IF, it is when. There literally is no way to prevent that from happening. It's also a traditional slow lane cause of analysis paralysis and inaction. It's a question that is cemented in fear from people that have never built (or sold) a successful business before. The answer is --- there's no way to prevent it.

So what.

Wan-Mart wasn't the first discount store in the world. Sam Walton just copied K-Mart and made it better.

Debbie Fields didn't invent the chocolate chip cookie. She just made it better.

Best Buy was much smaller than Circuit City in the 1970's and into the early 1980's. Best Buy figured out how to adapt to changing market conditions and Circuit City died.

The concept you are working on is likely not original either. It's likely a derivative of an existing product. No matter.

That's not a reason to not start. Build a business worth expanding, or selling.

This is an exercise that akin to mental masturbation you hear about often on the forum. "What if my idea is so awesome that a huge company copies me?" Don't flatter yourself. This is usually a question asked by or of people that haven't sold the first dollars worth yet.

For the entrepreneurial group that I consider my mastermind (of 10-12 people, mostly from the forum) do you know how much time they spend worrying about this, per day? As a group, or individuals? I can answer for all of them. Exactly... zero.

You could be so blessed as to be a competitor to a large company that thinks you are so brilliant they want to replicate your success. Because... by definition by that point... you'd be a success.

I'm obsessed with providing something my customers would want. Winners focus on winning. Losers focus on winners. You don't have the large companies sitting around in their offices waiting for ideas to poach. Moreso, it's likely you're not the first with your idea. If you are, you're off to the races and by the time anyone gives a shit you already have appreciable revenue.

It's a straw man circle jerk that can keep you worried and give you a reason not to start. I have about 15 better reasons not to start a business than that if you're looking for one.

If someone asked me "what if Bank of America decided to copy you" my response is... "you should invest then, because we might as well sell this to Bank of America."

Stop worrying. Stop ringing your hands. Stop talking to people who have never built a business before --- because people who have --- would never ask you that question.

You cross bridges as you need to. If you become the GoPro of your business, you really don't need to be concerned that Sony has motion cameras also. People still want what you have to offer.

Don't borrow trouble. Don't spend time in these circular firing squads with no answer. It doesn't matter. Before you're worried that your idea is so awesome some big company is going to try and rip you off... earn your first $1 from a stranger who is willing to pay you for what ever value you cast out there. Then your second dollar. Than $100 dollars. Than a thousand.

You won't have time to sit and worry that you're so brilliant that McDonalds wants to copy your concept. By the time they even care, you'll already be in business and you'll be able to answer your own question at that point.

Lets go back to the basics. You haven't earned a dollar with the product yet. It's too soon to pick out your lambo color, and too soon to worry about how to protect your non-revenue generating idea from being scaled by someone else.

Well said. These types of answers are the essence of this forum's existence.

Thank you, I'm stealing it into my thread as not to forget, and reread it in the future.
 
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