Definitely don't ignore them. Learn from them. Do all you can to see what works for them and what doesn't. Pay close attention to what users (and blogs) are saying about the product. What do they like? What do they dislike? What features are they asking for? This competitor will give you they best market research money can buy - for free.
...and then execute with the speed of a-thousand-startled-gazelles. Some wise lisp programmer once said - I'm paraphrasing - that one of the reasons his company was able to compete in a market of 30 odd players was that they could often duplicate a new feature within a day or two of a competitor announcing it in a press release.
You're small and unencumbered, and if your heart is really, truly in it, bloody dangerous. Good luck.
> Some wise lisp programmer once said - I'm paraphrasing - that one of the reasons his company was able to compete in a market of 30 odd players was that they could often duplicate a new feature within a day or two of a competitor announcing it in a press release.
That was YC's own Paul Graham talking about ViaWeb i think.
