In this video, you will learn about pitching your idea while a competing product exists.

Competition includes a product similar to yours when it comes to resolving a certain issue. For example, a water filtration system that works with solar power, and another that works with manpower. That is a very close competition; therefore, while pitching your idea, you need to explain why your product would have a better chance in the market.

Here are some ideas to take into consideration:

1. Similar ideas: Assuming a similar idea to your dream does exist, how is your product different? Talk more about why your dream can help people in innovative or original ways. For example, your dream is to create a product that uses eco-friendly material that does not have a high cost to manufacture. The same product may exist, but it could use non-degradable materials.

2. Variations of the product: After doing a market analysis, you may notice that different markets might require the same product but with some tweaks. Think about how you can modify your product and make it appealing to different markets.

Competition does not necessarily mean that your idea is prone to failure; instead, it could actually be in your favor. Your dream product or service can always be modified.

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