What to do if you have an idea for a startup, but there’s already a well funded startup with a related idea

Someone asked me: what should I do if I have an idea for a startup, but there’s already a well funded startup with a similar idea?

There appears to be a belief that if a company is “well-funded” then they must be successful, and you won’t be.

But it just isn’t true!

Ideas are worthless. The value is in the execution. Execute well and you can win. Regardless of the competition.

Always remember that no amount of VC/Angel/Strategic/F&F/pocket/inheritance money can guarantee the quality of the execution. That’s up to YOU and YOUR TEAM.

Don’t believe me? Take some time to read through these articles:

108 Of The Biggest, Costliest Startup Failures Of All Time

204 Startup Failure Post-Mortems

And then DO IT.