The big companies buy the little companies as soon as they look like they may be a threat. It’s not monumental or hard to compete with them.
Libre office is a third option, but does it have much usage? Why or why not?
Could you sustain a development team capable of creating this with a limited market and revenue stream?
This is how promising companies are swallowed by the market leaders.
Market wouldn't be limited and potential revenue streams would be huge. So yeah. Just as a reminder, this is still assuming that there is a significant window where the big options aren't available for Europeans.