Will you fund multiple startups working on the same idea?
Yes. If you fund as many companies as we do it's unavoidable you'll end up with some overlap. Even if you tried not to accept competing companies, you'd still get overlap because startups' ideas morph so much. The way we deal with it is that when two startups are working on related stuff, we don't talk to one about what the other's doing.
In practice it has not turned out to be a problem, because most big markets have room for several slightly different solutions, and it's unlikely that two startups would do precisely the same thing.
To be perfectly honest if I were in Y Combinator's shoes I'd be more concerned about you seemingly giving up (from your post: "this is basically a pre-mortem for ShopJoy"). If you believe in your idea and your team, then you'll succeed with or without Y Combinator. The path of a startup is filled with roadblocks and the question is how you handle them. So show that you haven't given up! Forget about this and focus on your product, and by the time you hopefully get an interview you can show progress.
I was actually just coming back to this post to re-consider that closing paragraph, it was a little dramatic. I should have pointed out that this idea has moved around quite a bit in 3 or 4 months, I'm certainly adept to change - this was related in the application as well. On my twitter page I just said "Shop Joy may have to pivot again".
I do not really see why you have to pivot away from your idea simply because a competitor launched with a similar idea. You have mentioned several differences between Shopjoy and Shoptiques in your post and if I were you I would focus on making those differences my strength, when compared to competitors.
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Yes. If you fund as many companies as we do it's unavoidable you'll end up with some overlap. Even if you tried not to accept competing companies, you'd still get overlap because startups' ideas morph so much. The way we deal with it is that when two startups are working on related stuff, we don't talk to one about what the other's doing.
In practice it has not turned out to be a problem, because most big markets have room for several slightly different solutions, and it's unlikely that two startups would do precisely the same thing.
To be perfectly honest if I were in Y Combinator's shoes I'd be more concerned about you seemingly giving up (from your post: "this is basically a pre-mortem for ShopJoy"). If you believe in your idea and your team, then you'll succeed with or without Y Combinator. The path of a startup is filled with roadblocks and the question is how you handle them. So show that you haven't given up! Forget about this and focus on your product, and by the time you hopefully get an interview you can show progress.
Good luck!
I was just shocked by the timing. I mean, its sort of tongue and cheek, lots of ideas are similar all the time.
Shoptiques has a great thing going and ShopJoy will plow forward like it's supposed to.