February 2025
In the ever-evolving world of entrepreneurship, creating a business from scratch that achieves great success is no easy feat. However, many entrepreneurs have found tremendous success by not reinventing the wheel but by improving upon existing ideas. These innovators didn’t necessarily pioneer new business models from the ground up but instead applied the copycat success formula—replicating successful business models and tweaking them to meet the needs of an underserved market, offering better products, or simply making things more accessible. A prime example of this strategy is the rise of Warby Parker's competitors who capitalized on the emerging demand for budget-friendly eyewear, leading to the birth of several million-dollar businesses.
One of the most interesting aspects of this strategy is how it allows entrepreneurs to step into an already validated market with a proven concept. But the challenge lies in how you differentiate yourself. You don’t want to simply mimic a competitor’s model; rather, the key is to identify areas where you can improve the offering, provide added value, or tap into a specific niche that hasn’t been fully addressed. A successful example of this approach comes from the eyewear industry, which was dominated by big brands and traditional optical retail outlets for years.
Warby Parker, which revolutionized the eyewear market by offering stylish prescription glasses at an affordable price point with an online sales model, proved that there was a demand for high-quality eyewear without the hefty price tag. The company’s innovative approach to bypassing middlemen and selling directly to customers was groundbreaking, but it also opened the door for other entrepreneurs to capitalize on this shift in consumer behavior. One such entrepreneur is the founder of EyeBuyDirect.
While Warby Parker’s business model resonated with many, it wasn’t the only way to succeed in the growing online eyewear market. EyeBuyDirect, a direct-to-consumer eyewear brand, took inspiration from Warby Parker’s model but added its own unique twist. The company expanded on the concept by offering even lower prices, catering to a wider demographic, and launching a broader selection of affordable styles. EyeBuyDirect recognized that Warby Parker’s appeal was a mixture of quality and price, but it also saw that many customers were looking for even more budget-friendly options. Through targeted marketing, competitive pricing, and a wider variety of eyewear, EyeBuyDirect managed to carve out its own successful niche, eventually earning its place as a major player in the eyewear industry.
The success of companies like EyeBuyDirect shows that you don’t need to invent something entirely new to build a profitable business. By recognizing gaps or areas for improvement in existing industries, entrepreneurs can take existing business models and make them their own. The key is identifying ways to offer better value or to approach a customer pain point in a new way. This could be offering better customer service, lowering prices, or even introducing new technology to enhance the consumer experience.
Another example of the "copycat" success formula in action is found in the food delivery industry. When Uber Eats and DoorDash were making waves by transforming the way people ordered takeout, entrepreneurs quickly recognized that the market for food delivery was growing rapidly, but it wasn’t completely saturated. Some new entrants saw an opportunity to create specialized versions of these models, targeting niche markets or offering unique features that the larger platforms weren’t focusing on.
For instance, some companies honed in on delivering healthy meal options to health-conscious consumers. These startups leveraged the growing demand for convenience and nutritious food to cater to people who wanted quick meals without compromising their diets. This specific targeting allowed these entrepreneurs to differentiate themselves from giants like Uber Eats, which catered to a broader audience with more general offerings. By aligning their services with the health trend, they created a unique value proposition and rapidly scaled their businesses into multi-million-dollar enterprises.
Replicating a successful business model and putting your spin on it isn’t limited to just products or services. Even in the realm of tech, this formula is in play. Consider the explosive growth of cloud-based software-as-a-service (SaaS) platforms. Companies like Slack, Zoom, and Dropbox all built on the concept of creating digital tools that solve everyday business problems. Many entrepreneurs took note of the demand for these tools and created similar platforms that met the specific needs of niche industries or integrated additional features to improve user experience.
Take, for example, the rise of specialized communication tools that cater to unique industries, such as Notion, which expanded beyond Slack's original messaging features to create an all-in-one workspace for project management, note-taking, and collaboration. It didn’t invent a new idea; rather, it saw an opportunity to improve upon existing models by offering a more comprehensive solution tailored to specific workflows.
This is one of the key principles of the "copycat" success formula: adapting proven ideas to serve unique consumer needs. In this example, Notion saw that businesses and teams were looking for more integrated solutions that combined productivity tools, project management, and collaboration under one roof. By building a platform that brought all these elements together and refining its user interface, Notion quickly gained a loyal following and grew into a highly successful company.
The ability to successfully copycat and improve on a business model doesn’t just lie in replicating what others are doing—it’s about being agile enough to observe shifting trends, understand gaps in the market, and respond to consumer desires more effectively. What makes some copycats more successful than others is their deep understanding of their target market and their ability to execute with precision.
Moreover, the copycat success formula doesn’t always require going after an established market leader. Sometimes, the best opportunities lie in smaller, overlooked niches within a broader industry. Entrepreneurs who focus on these subcategories can often gain a competitive advantage by positioning themselves as experts in that space.
In the fashion industry, for instance, brands like Uniqlo built their fortune by offering high-quality, affordable basics, whereas smaller competitors like Everlane zoomed in on transparency and ethical production practices. While Uniqlo set the standard for affordable clothing, Everlane differentiated itself by addressing the growing consumer demand for sustainability. These new brands didn’t reinvent the wheel but focused on what customers were looking for and offered solutions that felt fresh and relevant.
At its core, the copycat success formula is about identifying business models that have already proven to work and finding ways to bring something new to the table. By focusing on differentiation, improving existing processes, offering better value, or targeting an underserved market segment, many entrepreneurs have built thriving businesses. The lessons from these success stories demonstrate that innovation isn’t always about creating something entirely new—it’s often about refining and enhancing what already exists to meet the needs of a more discerning customer base.
The entrepreneurs who succeed with this strategy are the ones who take calculated risks, leverage existing market data, and—most importantly—remain adaptable. By paying attention to industry trends and continuously evolving, they’re able to replicate proven models and transform them into multi-million-dollar ideas.
