Various projects have invented licenses like that. Those licenses aren't free, so the FOSS crowd won't like them. Rather than inventing a new one, you're probably better grabbing whatever the other not-free-but-close-enough projects are doing. Legal teams don't like bespoke licenses very much which hurts adoption.

An alternative I've seen is "the code is proprietary for 1 year after it was written, after that it's MIT/GPL/etc.", which keeps the code entirely free(ish) but still prevents many businesses from getting rich off your product and leaving you in the dust.

You could also go for AGPL, which is to companies like Google like garlic is to vampires. That would hurt any open core style business you might want to build out of your project though, unless you don't accept external contributions.