I think learning from the mistakes of others is a smart thing to do. That being said, if you're confident that you know what your customers want then you should release it as soon as possible. Also, the sooner you can get feedback from customers, the sooner you can make improvements. If you wait for your competitor to release, you might be making your tweaks at the same time the competitor who released is making their tweaks but they're making tweaks based on feedback from their customers and you're guessing.
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I think learning from the mistakes of others is a smart thing to do. That being said, if you're confident that you know what your customers want then you should release it as soon as possible. Also, the sooner you can get feedback from customers, the sooner you can make improvements. If you wait for your competitor to release, you might be making your tweaks at the same time the competitor who released is making their tweaks but they're making tweaks based on feedback from their customers and you're guessing.