2. Create the project for the original idea anyways. You see, it's not about the number of times your idea is been executed, but who has the gut and drive to stick with it to make it succeed. Because someone executed your idea doesn't mean they know or have the drive to make it successful.
This. If you know in your heart and soul that your idea has great potential, never give up. Maybe make adjustments to compensate for competition. In fact, always be agile and willing to make changes to keep up with the pace of progress. But if you have an idea that is so important to you, make it happen. Failure is not an option.