I have been developing an idea on my own for sometime now. Recently,a potential competitor has surfaced. Should I reach out to them? What should I do?

I have had an idea (an app) in my head for several months now and I've done some preliminary market research on my part. As a non-programmer I have been trying hard to develop a mvp so as to get it out for feedback asap. However, the imminent threat of a potential competitor with much better resources and coding technical skills is looking to enter the same arena. I am not sure if I should stay on and compete with them or not. All advice are welcome. Thanks.