Need Serious Opinions
How are startups competing in the same space on almost similar products and raising a lot lot of money on almost similar products 😮.
How to be better than competition if it's almost similar product that everyone is offering especially in FINTECH with plug and play APIs?
Opinions?
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If you are talking about lending space, demand is huge. No single company can or even want to cater to all customers
My limited understanding.
- Most markets are not winner takes all. Competition will exist, be it startups or large companies.
- VCs also come from FOMO and trend perspective. Founders are different, and different VCs can “like” different founders.
- One cliche of being better than 3 is to focus insanely on your customers needs and solve those while creating a hook. Easier said than done, my personal opinion is the so called “moat”, are different on paper and different on real world. Real world moats are “hardcore focussed execution”, “really hard to build business” and so on.
I am amazed by the third point that real word moat and on paper moat is different 😮👌
80% of Canadians own a credit card vs 3% in India
Most fintechs want to build lending capabilities before the credit demand in India explodes (in the next 3-5 years mostly, with the new RBI credit line thing ).
When this happens, they want to be ready to be able to handle the demand. Whoever does that best will prevail.
Full stack personal banking fintechs me bhi filhal 2-3 players hi hain. They're hoping this ends in a duolopy/monopoly.
The key factor eventually in any high-competition market will come down to branding.
So in short in next 3 to 5 years , trust and branding will own the fintech market which is right now full of similar offerings and competitions
VCs just gamble