[totallystupid]

Make a lot of small bets.

The investments are not either or. Spend a little time on each thing, and be open to the ones that work for you, choosing you.

Regarding the idea which now has a competitor, recall Peter Thiel's words, "Aim to be the last in the space, and the first to do something different." Also, their emergence validates your vision.

Watch what these competitors do, let them run the experiments, and contribute what you see to make yours better, if you do it.