Is it a bad idea if there is no enough competitor?
Sarbojeet Jana subscriber Posts: 23 Bronze Level Member
I am working on a new idea ( Abstract Tube ) and I don't find any direct competitor in my domain. Does that mean it's not worth trying? Why do investors love to learn about the competitors? To understand the market or it's part of the template of the pitch deck?
marketinggal subscriber Posts: 28 Bronze Level MemberHi Sarbojeet - You have a good idea for a new business. While you may not have direct competitors you probably have indirect competitors, companies who sell goods or services that fulfill similar needs.
An example would be a new Italian restaurant in a town with no other Italian restaurants, their indirect competition would be hamburger and Chinese restaurants - all of them serve food.
Investors want to know about your competition so they can gauge your ability to take market share.
Read this informative article about how to speak about competition in your startup pitch. Good luck
manuyadav subscriber Posts: 10 Bronze Level MemberThis might be easy or very difficult. As if there are no competitors the customers won't be into that product or something. This could be one reason as well. But if your product is strong enough you can make it into the market.
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