Competitors validate a space as worth pursuing for investors. There is very few real original ideas in the market. This is not a sprint and excellent execution is crucial. Watch your competitors, analyze their pluses and minus and adopt good practices you learn from them. Make sure you execute well on your vision as quickly as you are able to do so without too much compromise. Launch and listen to your customers. Ultimately it's not who launches first, but who the customers/user adopt.
When I launched a web service in 2000 we had to explain the internet, the web our product niche and then our product. When competitors arrived, a few years larter, it simplified our pitch and we focused on what made our offering better than the rest.
Keep your nose to the grindstone and focus on what will benefit your target audience.
Upgrade your setup to be special
There's something you should know...When in the business start-up process,there will always be some other people with a similar idea as you but don't get scared or nervous..The moment you start thinking about "Competition", Failure sets in..Keep doing what you do best and forget about any competition..The good and quality product you put out there, will speak for you. My opinion
Apple was not the first, or the only player in anything, and look at where they are.
Personal computers, smart phones, MP3 players, tablets... You name it, someone else did it before Apple.
Apple just does it better.
First to market doesn't always mean success; if your product is different enough, you market to the right audiences, you also have a chance.
You can also pivot.
Celebrate this "market validation"; then, go back to focusing on executing really well - or at least better than they do.
Learn from them and make yours better
Feel exited and ready to learn and develop
It's better you see competitors before you start then see one when you've gone a long way
Remember, no idea is new, no innovation is just too new, if you feel you just found the fascinating idea on the planet that you will be the first to explore, you are wrong. I clearly understand how disheartening you may feel but then, It might give birth to the unexpected which may turn out being a broad day disappointment. Let me give you a short story when I found my first company that never got to the prime.
It all started with an idea, it was great and I was excited so I never bothered to put so much into making research about the space. I'd always tell people "Just Start" so I had to abide by the rule. I started building the software (Uber for delivery) ran all the necessary legal registration, LLC compliance and all. I spent countless night building this product using some already existed API like Tookan. Again, I was over excited about disrupting the logistics industry in my country. Few days to launching my version 0.1 - I got a push notification form Techpoint about a company called Max.ng. At first it felt like why now! I broke down and just got tired of everything(Frustrating), I immediately set out for more research with some friends in a coffee shop to express my displeasure.
To cut the story short, I discovered four more players who are very much ahead of me. What am I trying to say here?
1. You should be glad you're seeing more competitors while your product is still under development - So to know where to strike from.
2. It helps to know why there are more players and it's important to know why there are fewer players(Very important) - Be curious
Competitors do nothing but to keep you strong in the game!. Keep Pushing