Tue, 20 December 2022
First and Last Mover Advantage
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
In startup markets, there are advantages to being the first mover and advantages to being the last mover.
Here are some advantages of being a first mover:
The first mover in a market can gain market share due to the lack of competitors.
The first mover can gain branding and mindshare with the customer base.
The first mover has more time to build out their product and reduce their costs.
The first mover has an advantage over other companies who will be seen as “me-too” competitors.
Here are some advantages of being the last mover:
The last mover may have an advantage by adopting the latest technology and business models.
The early entrants often lock into older technologies and must spend substantial resources educating the market.
The last mover reduces their costs by copying product concepts and business models rather than inventing them from scratch.
Consider your startup's approach to an emerging market and choose your entry point based on your company strategy.
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Category:general -- posted at: 5:00am CDT