Say you come up with a novel idea where you can't get any protection through patents etc. Whats the best way to protect yourself from the competition that will arise after you? For example. there is a company called Panna (pannacooking.com) that offers video cooking recipes. Novel idea, but nothing prevents someone from doing the same thing I don't think. What would a company like this do to fend off and compete with new comers in the market.
I get asked some form of this question quite a lot...Mainly from new entrepreneurs or hopeful inventors.
My answer is: There's probably nothing you can do to prevent someone from jumping in and competing with you.
I say probably because it's possible for an individual or company to have a unique set of resources or skills that the potential competition does not have access to. In those cases competition is less of a "concern". But sooner or later even those advantages will give way and if there's money to be made - competition will step in.
The BIGGER challenge is that just having a novel idea doesn't guarantee anything. You can have a fantastic idea and fail. You can have an amazing service or product and go broke.
Creating a business is MORE than just having a great idea or a great product/service.
And business success comes from a combination of things - some you control and some you don't.
There will ALWAYS be competition. And thank goodness for that! Let it motivate and inspire you - to find unique ways to add value, serve markets, develop and deliver products and services. And if the competition steps in and challenges you - respond by being even MORE passionate about adding value.
For help on starting your project or business - or vetting your ideas - give me a call. I love working with passionate entrepreneurs.
Best of luck!
Answered 10 years ago
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