Does your product always have to be first-mover to ensure success?

I was recently discussing an idea with one of my friends, and I got asked "There is already a product along the same lines, so what's the point".

I argued back saying "I have validated that there is still demand in the market for an alternative. This proves that consumers are either not aware of that offering OR are not very happy with the solution OR there is simply appetite in the market for an alternative from a different provider". In my mind, I was thinking, anyways a technology product can almost always attempt to go global - so markets are by definition HUGE.

My friend responded back "Let's keep researching to add a UNIQUE value proposition to the idea. Till then, let's not invest time"

I was stumped. I mean - "Isn't market/ consumer need a good enough reason to invest time and attempt to solve the problem?"

Does this sound familiar?

More often that not, we get so caught up into ANALYSIS PARALYSIS evaluating every idea or concept primarily against competitor offerings.

Back when I was working on a startup idea in 2015, I remember all of us co-founders actively debating every day on new competitors entering the market. When I look back, did we truly obsess enough about how we could deliver value to our customers, despite the fact that competitors were entering with a similar offering - maybe not so much. Had we done that well, possibly we would have found a way for our startup to survive longer than it did.

Over the past several years building and launching products, I have come to a learning that the concept of UNIQUE value proposition is quite overrated.

You wake up one morning having a EUREKA moment, thinking you have suddenly stumbled on an unique idea which is going to change the world. All it takes is a 5 minute Google search to shatter your assumptions and to let you know that some other talented person out there already has a startup on that idea few months/ years back. Let's say even if that's not the case - there are so many talented folks out there, who can replicate your idea/ offering in a matter of days/ months if your 'unique idea' is successful. So ironic.. LOL..

Rather than getting stuck in the analysis paralysis to find that 'Unique Idea', we need to look at product ideas/ concepts with a different lens:

1. Is there a real world problem that this idea/ concept is solving?
2. Is there a market need? Or is the market already saturated with so many solutions to that problem, that there is no appetite for an alternative?

This is a simplistic perspective to arrive at a product - market fit. Yet, its a powerful one which moves you to TAKE ACTION rather than just sit on your ideas, thinking they are not worth.

I mean - just look around you. If you spend some time analyzing companies which are doing reasonably well or even achieving unicorn statuses, there are so many of them which were not first movers - its just that they solved the problem well, obsessed to ensure they are making the experience seamless for the consumers, and just stayed persistent with what they were doing. And that in itself, turned out to the biggest success mantra for them.

Time to open our eyes, and raise our heads up to all the opportunities out there, which we have been simply turning down under the pretense of acting only if it were 'UNIQUE' with no competition..

WAKE UP and SMELL THE COFFEE.

Please comment and let me know if you feel the same way as me, or think that a unique value proposition is MUST to invest time in any idea. And don't forget to add your reasons - I am very curious to hear your perspectives on this.