Most startups aren't an invention like electricity. Many new companies these days are pretty easy to re-create once you have a working model to look at - ie. a less competent programmer can probably recreate your site in less than half the time it takes you to make it the first time.
Hopefully you have some other competitive advantages besides just having a good idea. It's those things combined with great execution and some luck that will make you succeed. If its that easy to rip off your idea and do it then being first isn't going to that much of a difference compared to execution and some kind of marketing advantage.
What's more interesting to me as an angel investor than the idea is what problem you are trying to solve. Your first idea of the perfect answer is probably wrong, but if you're trying to solve a valuable problem, you're smart, and you have some other competitive advantage then I might be willing to bet that you'll find the right answer.
With OtherInbox we were in 'stealth mode' for 9 months. We had about 200 alpha testers during that time, but our learning accelerated much faster after going public. In hindsight, I think we would have been better off being more open about it right from the beginning.
Note: Just because you're not in stealth mode doesn't mean you have to drop your pants and tell everything. Every company has confidential information and trade secrets.
> Many new companies these days are pretty easy to re-create once you have a working model to look at - ie. a less competent programmer can probably recreate your site in less than half the time it takes you to make it the first time.
I agree about re-creating the site. But not about re-creating the company. You say yourself:
> We had about 200 alpha testers during that time, but our learning accelerated much faster after going public.
You have to re-create this learning experience, too. Otherwise you may be cloning accidental complexity, but miss the spirit.
Hopefully you have some other competitive advantages besides just having a good idea. It's those things combined with great execution and some luck that will make you succeed. If its that easy to rip off your idea and do it then being first isn't going to that much of a difference compared to execution and some kind of marketing advantage.
What's more interesting to me as an angel investor than the idea is what problem you are trying to solve. Your first idea of the perfect answer is probably wrong, but if you're trying to solve a valuable problem, you're smart, and you have some other competitive advantage then I might be willing to bet that you'll find the right answer.
With OtherInbox we were in 'stealth mode' for 9 months. We had about 200 alpha testers during that time, but our learning accelerated much faster after going public. In hindsight, I think we would have been better off being more open about it right from the beginning.
Note: Just because you're not in stealth mode doesn't mean you have to drop your pants and tell everything. Every company has confidential information and trade secrets.