This expression seems aged, but it is more than ever valid.
Is there a product-market fit for a radically new product?
Going for a radical product is risky beyond what might be acceptable to you, especially if it’s your first project.
Will anyone want to hear your idea and more pay for buying it?
Will you be able to execute?
Will you find the right people who want to follow you?
If there is no precedent, you will be looking for early adopters. Will they be there with you?
You will know whether there is a need for such a product and if someone wants to buy it.
By then hopefully, you won’t have burnt through your cash reserves and you’ll have started making money.
And also, hopefully, someone won’t have already started the copy-cat process, to rip your idea off and already improving on it for something that works better, or already developed quicker your idea.
Going for a product similar to something that already exists can be a good thing
Markets are moving fast, there are plenty of ideas, out there, that can be improved on.
It may be trivial, but going for an existing market is the guarantee that people are buying that product.
People will be able to compare you, be safe and choose you because you have improved on the best of the products.
You need to find something that makes you stand out. An interesting twist. Something that makes your product indispensable, addictive. Something that makes your client want to share it with her friends.
Yes, the market may already be crowded, but in global markets, there may be room for one more. Someone that takes a small share and lives happily with it.
You won’t be a threat to big players, and you may even make their life easier by quickly developing what they could not do with their large infrastructure. And they will pay a good price for it.
You will earn the trust of die-hard fans. And they will follow you for your next, risky project.