Identifying Competition

IDENTIFYING COMPETITION

Startups may think they do not have competitors since their product/service is unique, but this is a very dangerous assumption to make! Sometimes, the biggest competition may be the status quo. Presenting a new product/service means asking customers to:

Stop investing time and money on products/services they currently use
Start spending money on something new (which may mean taking new risks)

Many customers may prefer to stick to the current solutions they have so they don’t need to bear the risks that come with their new purchase choices.

Read more:

MaRS Startup Toolkit. (2020), How do I identify competitors?Retrieved from: https://learn.marsdd.com/article/identify-competitors/ (Last accessed 2020, Jan 31)
MaRS Startup Toolkit. (2020), Do startups with new tech products face competition?Retrieved from: https://learn.marsdd.com/article/does-competition-exist-for-startups-introducing-tech-products-into-the-market/ (Last accessed 2020, Jan 31)
Campaign Creators, YouTube (2017, Mar 30). How to Conduct a Competitive Analysis | Part 1Retrieved from: https://www.youtube.com/watch?v=5R_vYnQBfm4 (Last accessed 2020, Jan 31)