Paraphrasing from other people, no ideas exist in an ether. If you've come up with it, someone else likely has already as well and is working on it. The planet is too large, $7 billion people. Even if original ideas are the same though, diversity comes in the execution. Always many niches to explore and occupy. Also, "does" is the key word. If "does" just means they put up a website and a white paper, maybe a demo, nope, not too late to jump in the scene. If is a dozen larger competitors that already have explored a space pretty thoroughly over the past two years? That's a case where maybe you go back into a closet and try to come up with another idea.