How should you approach competitors if your startup’s growth stalls?

There is a saying in Poker, "there is no shame in putting your hand down". Many pundits would give you 1000s of lines of reasoning and how to do this in a strategic manner and they are probably correct.

I for one, would recommend 'go with your gut' approach. There is no harm in walking across the street and saying Hello. Have an open-mind, be candid (as candid as you feel you can be) and pitch the idea. Being forthcoming and honest about your idea, may result in being taken advantage of, hence, you might want to hold back a little.

But if you can draw a strong enough argument where your competitor can see 'synergy', you just might have something to work on. I strongly suggest you consult a dictionary or two and re-read the meaning of the word synergy. You will get a whole lot more clarity when I refer to it.

If and when two parties meet, they always want to see what the other is bringing on to the table. Synergies between two parties is what cements the relationship, provided both parties are open to the idea.

Maybe your Hello/Coffee-session can start by asking them what do they feel about synergy? and then just take it from there onwards.