By Davor Hebel, Principal at Fidelity Growth Partners Europe
The European entrepreneurial community often comes under fire for being prone to copying successful ideas from the US and importing them over here. Unimaginative, unambitious and unethical are just some of the words used by critics to describe this approach. However, I believe that these ‘copy cats’ can create a huge amount of value and often transform the markets in which they operate. This is because it is not just the idea - but the execution of that idea - that creates a unique proposition and often redefines how a problem is solved.
European entrepreneurs should not be shy about creating ‘copy cat’ businesses – but they should strive to make them into innovative, global success stories that can be even more successful than the original.
The concept of ‘copy catting’ has been lucrative for the likes of well-regarded repeat entrepreneurs, the Samwer brothers. They have perfected the craft and created a fortune by building a number of clones including Alando (clone of Ebay), Jamba (clone of NTT DoKoMo), Zalando (clone of Zappos), and CityDeal (clone and now acquired by Groupon).