The problem is, it is in biotech, and there is no way around needing at least $1-$2M to start it.
I looked into some MVP's, but couldn't self fund and didn't want to do something that would give away the main idea.
I then lost thousands of dollars options trading to try to raise the money.
I then tried other smaller and unrelated side hustles, none of which worked out.
Finally I approached some investors, I spoke to 3 different groups and they all passed.
Coincidentally, about 8 months later, the idea I've had for 7 years, that no one else thought of before, is now a company.
I'm not accusing anyone of "stealing" the idea and there's nothing I can do about it.
But mentally, this was always the thing in the back of my head that gave me hope, like I would "make it someday" off this idea.
Now that it's gone - I'm incredibly discouraged and in financial ruin trying to realize it.
I need hope that I'll become rich some other way. Also, money aside, my ego would've enjoyed the praise that came with this as it's a net good for humanity.
To those who are saying just compete with them - it's even less likely I get the money I need to do so now. Maybe if I had $3M in the bank I would, but I don't.
You’ve got a few choices:
1. Contact them and get a job. If you’ve been thinking about this for years, you have domain expertise to bring to the table.
2. Use their funding and launch as leverage to raise your own money. If someone invested in them, that means smart money (all money thinks it’s smart) is going into the industry. Use that to raise angel/VC
3. Find another idea to pursue and wish these folks the best. They are making a go of something that, for one reason or another, you weren’t able to. Like you said, it’s good for humanity. Great.
But really, ideas are easy. There is not, nor should there be, any prize for having a good idea. Bringing a decent idea to market is far more noble than having the best idea ever.
Seeing this play out convinced me that ideas are easy, it is execution that makes them spread. Having been able to come up with so many ideas also gave me the confidence and reassurance that I could monetize one of those ideas. Eventually, I picked an idea from that list and started my venture.
So, my advice is -- do not be bogged down by the fact that someone else arrived there first. There are thousands of product / service categories where there are multiple players in the market. It just means that the idea is valid and others also see business value in the idea. You can focus on how you can differentiate your offering in terms of features, price, geography, support and so many other dimensions, if you wish to pursue the same idea.
What would you have done if the competitor came up after you had launched?
If you strongly feel there is no point pursuing the idea, there are other ideas you could pursue for your business.
Please don't beat yourself up and get frustrated. The world is a very large place with tons of opportunities, if you look hard enough.
It is a perplexing aspect of reality that every situation can be read + or -. Looked at positively, your idea is now validated by people betting money on it. This is something you include in your pitch to investors, and then also tell them you have had 8 years of deep thinking (did you?) about the business around the idea.
"If you can't beat them, join them."
If it is a good idea and possibly lucrative, why not try to join the company?
IMHO a good idea is not enough. It needs to be a good idea for you (for your situation, expertise). Without knowing you at all, reading about trading options to finance an idea seems like a red flag. Maybe there is a more approachable idea out there that is perfect for you.
It'd be one thing to have been defeated by a competitor, quite another to have never even gotten off the ground. Incidentally, losing money trading options is in no way a failed funding round.
It's hard to recommend anything generic and anyway, it's no longer a secret.