[huherto]

For every good idea you are going to have several competing products. Furthermore, the fact that somebody else is trying the same thing should be validation that your idea is good.

Now, you don't seem too convinced that you can compete. That is a more important problem. Is the market small enough for only one company? Will you be able to differentiate your product/service? You might be able to convince the investors that you are able to execute better. But you have too have very concrete ideas on how to do it. Good investors will invest on you, not in your idea.