There is no product that has no competition. Even a monopoly has competition. It just takes a different form. It is very important to understand all the ways in which your product competes for the user's wallet. Misunderstanding your competition carries grave risks. It can leave you blindsided and open to disruption.
The success rates for new products and services is very low. Estimates vary, but it is said that between 70% to 90% of new product launches fail to meet their success criteria. The fact of the matter is, it is possible to significantly improve chances of success by investing some time in upfront research before plunging head long into product development.
There is a need for more awareness and a deeper understanding about the target customers and the job that a startup is helping them accomplish. It is this endeavor to completely understand one's customer, that allows a startup to build a great product, outstanding user experience, and ultimately a successful company.
Seed accelerators are primarily investment vehicles. They have to make money. Accelerators control the return on investment by controlling the quality of the incubation process and leveraging media attention to attract outside investors to boost traction of the incubated startups.
Just because there is a better product or a better way of doing something, it doesn’t mean that customers will embrace the new solution. If a new offering doesn’t fit with ingrained behaviors and expectations, customers will be reluctant to change and will look for reasons not to shift to a new solution.