Well, the harsh truth is that you don't have much. An idea isn't much. A little market research isn't much.

Action is what makes thing happen.

And half-done ain't done.

On the positive side, what has your competitor actually completed?

Or are they still in the 'thinking' stage, too?

Ultimately the best marketer will win...not the best product.

Do either of you have actual BUYERS lined up? Or are you hoping and praying people will buy?

From the investor perspective, it doesn't seem like you have much at all right now. My advice is to worry less about what your ethereal proto-competitor is doing, and concentrate more on getting your own work done. Finish the product and start marketing it. Get sales.