"To create an alternative" means to come up with a different option or choice to replace or compete with something that already exists. Full definition
The accounting firms were initially very successful in creating these alternative businesses. (en.m.wikipedia.org)
The financial specialist also assists the team by creating alternative scenarios for asset division and support, based on the parties expressed needs and interests. (divorcesource.com)
An effort to create an alternative version of the bitcoin blockchain is officially moving ahead. (coindesk.com)