THRILLING IDEAS, SIMILAR PRODUCTS AND CROWDED MARKETS.
I was performing my daily ritual of reading the top 5 posts on my LinkedIn timeline when I came across a post by a new founder (a software developer) who has just finished building a solution for the fintech sector. Of course every startup has a background story and so he was narrating how an experience he had informed his decision and motivated him to build that solution. Now many things must have happened between conceptualizing the idea and building the product but what I'm sure didn't happen is this founder doing a simple research to find out if there are already existing solutions to his problem because personally I know of two products already on the Kenyan market that are solving the same problem that this founder is trying to do. And I am only realizing just how common this is, as evidenced by the so many similar products built by different founders for the different sectors, the results being overcrowded markets, stiff competition, and thin profit margins. Now you mig...