If you believe in your path, product and market ignore the competitor. All they have done is validate you. But time is not on your side if you are all working

If you believe in your path, product and market ignore the competitor. All they have done is validate you. But time is not on your side if you are all working full time jobs, not saying it is impossible but it makes it really hard to keep up. Everyone has technical debt, likely in their new offering they put a shiny interface around a bunch of legacy code. That is what I have seen done over and over in established businesses. Part of it is because established businesses have a good revenue stream and nice margins as development has been paid back so they don't want to start over, instead they attempt to ease into the next version. Someone else mentioned it too but when an existing business releases a new product sometimes the transition to that product is fairly painful for users. Even if they do an awesome job trying to make it a seamless transition for users, some users will have the attitude "If I have to learn something new I'd rather go somewhere else". So take advantage of it, go talk to some of their clients and market to the likely ones that may jump ship. You'll likely be able to find the pattern in the clients wanting to leave.