EP #48 – How To Successfully Handle Competition – Swisspreneur

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EPISODE #48: MICHAEL FRIEDRICH (CEO OF DISTALMOTION)

Timestamps

0:33 – What mistakes do Swiss founders repeatedly make when it comes to competition?
15:54 – How to succeed in a tough competitor situation
20:00 – Getting Switzerland on the American investor map
29:03 – Two types of customers
40:46 – Knowing when to get out

The Episode in 60 Seconds

Know your competitive landscape

  • Keep in mind that most tech products compete on a global scale
  • Take a holistic view: the same needs can be met with different approaches. They are still your competitors.
  • Be aware when you are switching from up-start to incumbent and when it’s time to scan for acquisition targets yourself.

Why companies acquire other companies

  • To create synergies with, expand, improve, etc. their existing business.
  • To protect their existing business from competition.
  • The latter tends to be a stronger driver than the former.

How to approach competitors

  • Approach the CEO, even if it is a much larger company.
  • Demonstrate how you will be a threat to their existing business.
  • Be aware that your competitor may be facing internal resistance against an approach which was “not invented here”.

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