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Creating an open-source alternative to Splitwise falls into a 'Minimal Signal' category, indicating a potentially niche market. With only one similar product identified, confidence is low. However, the existing product seems to address a genuine pain point for Splitwise users. Given the low engagement (average of 1 comment) in the similar product, it's crucial to validate demand before heavily investing. It would be best to proceed with caution and focus on confirming that users want a open-source Splitwise alternative. The provided data suggests that most users would be ok with the current Splitwise offering but some users would like a open source alternative.

Recommendations

1. First, engage directly with your target audience: users frustrated with Splitwise. Visit online communities (Reddit, forums) and gauge the interest in a free, open-source alternative. Highlight the benefits of open source, such as community-driven development and greater control over data privacy. Try to highlight the benefits of open source to your users to see if they appreciate your efforts.
2. Before building anything, offer to manually manage the expense splitting for a small group (2-3 people). This will provide invaluable insights into their needs and workflows, which will guide your development process. Use spreadsheets or existing tools to simulate the experience. Focus on understanding user pain points and requirements during this phase.
3. Create a compelling explainer video showcasing the core features and benefits of your open-source Splitwise alternative. Highlight the differences between the two services (privacy, open source) and how your approach can address common pain points. Track how many people watch the video fully to assess genuine interest.
4. Gauge commitment by asking for a small, non-binding deposit to join a waiting list. This is a strong signal of intent and helps prioritize your development efforts. Be transparent about the project's open-source nature and expected timeline.
5. Set a clear deadline: If you can't find at least 5 genuinely interested people within 3 weeks using these validation techniques, seriously reconsider the project or pivot to a different approach. Explore other financial tools or open-source projects that may have a stronger market demand.
6. Given that the similar product addresses a real pain point, analyze the competitor's features, pricing, and user reviews of Splitwise. Identify specific areas where an open-source alternative can provide a better value proposition. Focus on the unique advantages of your project over existing solutions.

Questions

1. Given the availability of Splitwise, what specific benefits or features would an open-source alternative need to offer to attract a significant user base? How will you measure this increased value proposition?
2. How will you build a community around your open-source project and ensure its long-term sustainability and development, especially if initial engagement is low?
3. What are your plans for monetizing or sustaining the project financially, considering it is intended to be a free and open-source alternative?