With 4 other friends we were working for past 3 months on an app, which you can describe as "tinder for clothes". We were planning to launch MVP today but it will be delayed by couple weeks. We were targeting UK market.
Today we found out that in last weeks identical app was launched in Singapore (shopprapp.com). The team there is already funded and is clearly couple months ahead of us.
We started to raise money from Friends & Family and planned to work on our project. But know we realised we are couple months behind them and we are really unsure if we can face such a competition. Even if we want to face them, we cannot do that without raising more money then we initially thought. Shall we give up and start working on something else?