There are two kinds of competition.
One is intramodel competition, which is competition in the same business model or industry. It is Hyundai car against Toyota car, and IE vs. Chrome browsers.
The other is intermodel competition, which is competition between different business models that target (or happen to address) the same needs. It is book vs. ebook, or even wrist watch vs. mobile phone (for the needs of telling time).
People tend to look at only intramodel competition, or look at both with the same perspective. They need different perspectives.
An innovation inevitably generates an intermodel competition, though the potential competitors may not be aware of it for a long time.