Richter: Ignoring competitors as inspiration is extremely arrogant for founders
Dominik Richter · Dominik Richter: You Only Have Two Options With VC Funding | E1089 · 20VC with Harry Stebbings · Dec 1, 2023 · at 56:27
Dominik Richter, founder and CEO of HelloFresh, shares his perspective on how founders should leverage competitor observation during a quick-fire segment.
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“So in my view, competition is, is a constant source of innovation and inspiration. I think it's extremely arrogant to not pay super close attention to competition. And I'm not only talking about your direct competitors. I'm also talking about in our case, all other companies that market to consumers that want to reach the same consumer. Like what are they doing? What are they experimenting with? What have they learned? There is thousands of super smart people at all of those companies, which are thinking every day about how to reach customers, how to build new technology, et cetera, to not listen to them, observe them and not basically get inspired and see that as a big shortcut. To your own experimentation and learning is extremely arrogant in my view.”
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