Verify competitors exist before building - no competition signals no market
Finding competitors validates that a market exists and people will pay for solutions. No competitors usually means no market demand, not an untapped opportunity. Creating entirely new markets is extremely difficult.
When to use
During idea validation phase, before starting to build. Search thoroughly for direct and indirect competitors.
Don't do this
Assuming you've discovered a blue ocean opportunity because you can't find competitors. Most likely there's no market willing to pay.
2 Founders Who Did This
Emphasized that not having competitors means there's no market - you're not Steve Jobs and creating new markets is nearly impossible, advised verifying competitors exist before building
Searched Google for screenshot APIs, found many competitors. Used competitors as proof that people pay for this category.