You should always assume that someone else is building whatever you've come up with. Ideas are always less original than you thought. It sounds like this is an opportunity, rather than a bad thing. Here's why:
1. Someone with more funding than you is a competitor. This should serve as some validation for your idea, because someone else spent money to build it.
2. Now you have someone to compare yourselves to. If you want to win, you need to solve whatever problem you're looking to solve better than they have.
3. This should be a wakeup call that you need to get your asses in gear and ship something!
What have you been doing for 6 months that you haven't even started developing the app? Are you really that committed to the idea? If so, this should be your encouragement to get started. If not, move on.
I agree with this on every point. You don't share your fantastic idea because it's original and unique - but if you go to any startup event you'll probably hear your idea, or some variation thereof, discussed. Most certainly, a VC has heard your idea a time or two (or more). ORIGINAL ideas are really not that original. If people are speaking of your idea in such an exclusive forum, imagine how many people have had your idea that never talk about it? Do a patent search sometime with your keywords and it will depress you.
But while being depressed, recognize that it really does boil down to execution - a phrase I absolutely hate, but have had to surrender to. It's true.
Competition is good! If this got you down, consider it a favor - they saved you time and money. You don't have what it takes (harsh, perhaps - but the truth in a literal sense. I suspect you'll get past this). Having a competitor is the most favorable of obstacles you'll encounter.
Don't give up. Keep at it and do it better than anyone else can do it. If you love it, you'll do it.
Comments
You should always assume that someone else is building whatever you've come up with. Ideas are always less original than you thought. It sounds like this is an opportunity, rather than a bad thing. Here's why:
1. Someone with more funding than you is a competitor. This should serve as some validation for your idea, because someone else spent money to build it.
2. Now you have someone to compare yourselves to. If you want to win, you need to solve whatever problem you're looking to solve better than they have.
3. This should be a wakeup call that you need to get your asses in gear and ship something!
What have you been doing for 6 months that you haven't even started developing the app? Are you really that committed to the idea? If so, this should be your encouragement to get started. If not, move on.
I agree with this on every point. You don't share your fantastic idea because it's original and unique - but if you go to any startup event you'll probably hear your idea, or some variation thereof, discussed. Most certainly, a VC has heard your idea a time or two (or more). ORIGINAL ideas are really not that original. If people are speaking of your idea in such an exclusive forum, imagine how many people have had your idea that never talk about it? Do a patent search sometime with your keywords and it will depress you.
But while being depressed, recognize that it really does boil down to execution - a phrase I absolutely hate, but have had to surrender to. It's true.
Competition is good! If this got you down, consider it a favor - they saved you time and money. You don't have what it takes (harsh, perhaps - but the truth in a literal sense. I suspect you'll get past this). Having a competitor is the most favorable of obstacles you'll encounter.
Don't give up. Keep at it and do it better than anyone else can do it. If you love it, you'll do it.
Best wishes.