July 13, 2012

You are not the only genius in the world...

We’ve all been there. When it seems that ingenious idea you’ve come up with, researched, begun developing, and worked hard at turning into reality is no longer just your idea. If you haven’t been here yet, you most likely will at some point. It’s the moment you realize that you’re in fact NOT the only one with that creative idea.  You, in fact, are not the only Master Mind at work.

Recently a product we’ve been working on (and an ideology that’s been over 50 years in-the-making) for habit building, continuous improvement and positive reinforcement was made public by another company to launch in August. Similar concept as ours, same key players to support the idea, and even the same books and resources to back up its philosophies. Darn, and another one bites the dust.

So what do you do when this happens? Because in the startup community, it will in fact occur. Do you toss the idea out the window, throw all your research and work aside to begin an entirely new adventure? Maybe. In some situations, you may have to. However, I’d like to think that there is another option. An option that in the end is better for everyone (customers, users, the company) AND can still possibly put you on top.

History repeats itself. The same is true for business. Products cycle through fads and endure waves of popularity. So, don’t lose heart that your idea for a product seems to have been stolen by a well-funded startup with big-name founders. Instead, look hard into what they’re lacking and how you can make their product even better. Find the missing puzzle piece and develop it. Discover what the customer wants and choose a feature, or upgrade that makes your product even better…putting you back on top.

(written and posted by Erika Lal)