Without knowing more details about your resources, your skill set, and the other company, nobody here can possibly provide a helpful answer to that question. And even if all that information had been provided, you would run the risk of somebody slightly-better-positioned stealing your idea.
Here's a counter-question: why do you think you would be able to compete with them on price? If you have a good reason to think you can, then I'd say you have a chance, but if your reason is "Saas X just feels like it should be cheaper", do some more research.
Probably not, unless you have some real "secret sauce" that lets you operate at greatly lower cost than the original. Otherwise you just create a "race to the bottom" scenario where, at best, you (and your competitor) will wind up with a profit margin of like 0.000001% or something. Why bother?
If you're going to clone something and engage the "fast follower strategy"[1], I'd still try to choose some other dimension to compete on. See The Discipline of Market Leaders[2] for more.
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[ 2.9 ms ] story [ 20.3 ms ] threadHere's a counter-question: why do you think you would be able to compete with them on price? If you have a good reason to think you can, then I'd say you have a chance, but if your reason is "Saas X just feels like it should be cheaper", do some more research.
If you're going to clone something and engage the "fast follower strategy"[1], I'd still try to choose some other dimension to compete on. See The Discipline of Market Leaders[2] for more.
[1]: https://hbr.org/2012/06/first-mover-or-fast-follower
[2]: https://www.amazon.com/Discipline-Market-Leaders-Customers-D...