As the title says, I have a meeting with the COO of a potential competitor.
I reached out to them on LinkedIn through a cold message, gave them a very vague message on what we’re doing, and then suggested we meet to discuss what they’re building. I had no idea it would work, but it did! Now, I don’t know how to actually handle that conversation haha.
So how should I go about tackling this call?
If roles were reversed what do you think he would be asking? He is just a person, don’t sweat it.
Take this as an opportunity but be cautious with sharing any proprietary information.
Offer them a job and say you’ve confirmed a huge book of business.
Watch their company implode as they panic.
Or just chat, share some minor tidbits and they may do the same. Sus out if this person is a shark or a potential collaborator down the road.
Wait, this literally happened to me - direct competitor CEO offered me a job, the asked if I could help fulfill their west coast orders of over +6,000. I said, “sure we can do that.”
Haven’t heard from them since. I wonder if it was to make me panic - it made me laugh.
Oh shit, yeah, that was me. Got you!
First off be honest and tell the COO right up front that you build a competing solution and want to meet for a specific reason. If it means having discussions with the CEO then so be it.
You are both in the trenches. So in a sense you are frenemies.
As a 3x co founder and career startup guy, don’t waste your time or theirs.
CEOs all have the same problems for the most part and if they seem open to discussion after disclosing who you are then have a gameplan.
Otherwise why did you reach out? To play spy games? You win by being better or offering something mutually beneficial.
Don’t beat around the bush and play mind games. It will bite you in the ass later if either of you are around long enough.
Don’t make yourself big expectations, but show him who you are and try to make a personal bond.
I did that several years and now we are merging companies to reach something that we could not do otherwise.
Treat it casually. You’re colleagues. You work in the same field doing the same thing.
Yes! It’s like being quarterbacks on different teams. You can have mutual respect because you both are in a market and likely deal with similar issues. Also, in a healthy environment, there’s more than enough business for everyone. And you each can compare notes on positioning and targeting so you both learn what you’re good at.
Meeting with a competitor? Classic undercover boss move! Here’s a quick game plan: Act like a sponge - soak up all the info they’re willing to spill. Share just enough to make 'em curious but keep your secret sauce secret. And hey, if the chat turns into a brainstorming session, ride the wave – competitors can be unexpected allies. Remember, it’s like chess, not checkers. Good luck out there, corporate ninja!
This is a hilarious situation.
Pretend you are a customer of theirs and get as much info as you can from them on their business model, pricing, roadmap etc
I think this is short term thinking. If you get a reputation as a snake and an asshole, you must be so good that you never lose or need anyone’s trust.
Better to have a high integrity reputation and play the long game.
I agree. If you become friends, in ten years you may buy him or he may buy you, or one of you may decide entrepreneurship is not for you and you can get a job from the other.
You shouldn’t. Dumb move.
Why the f’ck would you meet with a competitor?
Having been in this situation, it led to a merger and growing our company something like 2000% in 2 years.
It was the most worth-while meeting I had especially compared to investors who just want a hand in the deal and nothing else.
About coopetition
I’m addicted to price fixing.
Why wouldn’t you? You’re missing huge opportunities for learning, working together, buyouts etc.
Learn more about them and of course spill company secrets /s
What are you hoping to get out of this meeting?
frenemies
Frenefits
What’s the point of doing that? Are you looking to sell your business to them or something
That’s an interesting situation haha
If you guys target the same customers but have different feature sets you could maybe look at an acquisition to combine the platforms
If your still in development you could maybe pivot a little bit and work together for cross promotion/sales
Everyone questioning why you’d do that.
I sold a company to a competitor I made friends with years ago.
in the end your Business relation are what you make of them.
but don’t give them your trade secrets.