I had a mentor that told me to tell everyone about what I am doing and not hide things. His point was that if you aren't moving fast enough and in the right direction competition isn't what will kill you, you will just die. The more time you worry about a competitor the more time they have to catch up, so the moral is always focus on product. That doesn't mean you don't do a competitive analysis at some points, just that you don't waste time worrying about what they are doing, you find the right path and execute on what the market needs/wants, not what others are doing.