Today, I want to talk about how to think about competition.

And how the scariest meeting of my life taught me everything I needed to know about competition in startups.

When I was 22, I took a leap of faith and flew to San Francisco. Picture this: a young, scrappy entrepreneur from Montreal, diving headfirst into the lion's den of Silicon Valley.

My startup was in the social video space, and I had poured everything into it—heart, sweat, tears, and every last penny. People back home thought I was nuts. Competing with Facebook and YouTube? Yeah, right.

But I was determined. I had zero network in the Valley, so I resorted to cold DM-ing anyone who'd listen. Surprisingly, my calendar started filling up.

Cue the most nerve-wracking day of my life.

I met a well-known entrepreneur on my first day. We hiked up a mountain, and I spent the entire hike babbling about my product. He didn’t say a word. Not one.

Finally, at the top, he looked at me and said, “I know someone building this exact same thing. But it’s probably better. Can I introduce you to him?”

Gulp.

“Absolutely,” I said, trying to keep my cool.

Turns out, this competitor was a big shot. He had just sold his last company to Google and left his cushy 7-figure job to, well, go head-to-head with me.

Great. Just great.

It’s pouring outside when I walk into the coffee shop to meet him. We both whip out our laptops. I show him what we’re working on. He shows me his.

Pixel for pixel, it’s the same.

Then he drops the bomb: “You’re not going to win. Even if Google offered me $1 billion, I wouldn’t sell. I know we’re going to win.”

Ouch.

I went straight from the coffee shop to the airport, flew back to Montreal, and felt like a total idiot. How was I going to compete with this guy? It felt like I was bringing a Swiss army knife to a nuclear war.

For months, I obsessed over the competition. Every tweet he posted, I analyzed. Every tiny change on his site, I dissected. I was drowning in a sea of comparison when I should have been focused on one thing: my own work.

A year later, his startup pivoted. They ended up closing shop a few years later. We ended up selling ours and it was life-changing for me.

It's human nature to think about competition. A little bit okay, a lot is toxic.

The right dose of competition keeps you informed and sharp.

The wrong dose of competition will drown your focus.

Competition isn't about beating the other guy. It's about making something so valuable that your customers can't ignore you. It's about being so good that the competition becomes irrelevant.

And you're always playing a different game. My competitor had money, fame, and a track record. But I had agility, a fresh perspective, and nothing to lose. Your strengths are different. Use them.

The reality is this. The market doesn't care about your rivals. It cares about you and what you bring to the table. So, stop looking over your shoulder. Look ahead.

Chart your own course.

That's all that matters.

Next up, bookmarks I saved this week worth reading

#1

anu @anuatluru you’re not competing against Google, you’re competing against MrBeast 1:57 PM • Jun 14, 2024 12 Retweets 483 Likes Read 20 replies

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I know I said don't worry about the competition, but this is probably your competition.

#2

Robleh @robjama Who's building @mercury for Canada? 10:53 PM • Jun 18, 2024 0 Retweets 42 Likes Read 18 replies

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Free startup idea. Take something that's working in the US and bring it to another country.

#3

Alex Logan @mr_alexlogan I can relate 9:0 AM • Jun 13, 2024 600 Retweets 7685 Likes Read 65 replies

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For all you who are taking vacations this summer. Can you relate?

#4

Ryan Hoover @rrhoover On the rise of the software creator by @anuatluru: "Just like content, software will now be created by everyone, for everyone and to serve every kind of need, big or small." 10:1 AM • Jun 20, 2024 1 Retweets 34 Likes Read 5 replies

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100x the amount of software will be created in the next 10 years. Everyone is a "software developer" now thanks to AI/no-code.

Thanks for reading Greg's Bookmarks.

Next up new startup ideas podcasts worth listening to.

New Startup Ideas Podcast (SIP) episodes 🧃 Cody Schneider is back with 8+ killer startup ideas He's a fan favorite. You'll listen to this and want to run through a wall. ​Apple Podcasts, Spotify, YouTube. 4 profitable startups you can launch tomorrow (solo episode) My favorite one is in the scientific space and you don't need to be a scientist to take this idea. ​Apple Podcasts, Spotify, YouTube. ​ ​

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Thank you for reading Greg's Letter. I hope you found it valuable.

And don't forget to subscribe to my YouTube if this gave you any value. You'll get free startup ideas every few days.​

Until next week.

Be well,

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