A major competitor just launched a feature you were building. What do you do?

Model answerFirst: don't panic and don't pivot immediately. A competitor launching something validates the problem. Now I have three options: accelerate (launch faster, even if less polished), differentiate (change our angle — what can we do that they can't?), or deprioritize (if they've won that feature battle, where else can we win?). I'd research their implementation deeply to find the gaps. Our response should be better, not just faster.