By Fred Wilson :
SNIP…
But if you are the first mover, you need to understand a few things:
1/ Life gets harder, not easier, when you have established yourself as the market leader.
2/ You need to invest in top-notch product and engineering teams because product execution and technical debt will become significant challenges.
3/ You need to use your market leadership to build a balance sheet and a team that can allow you to manage the transition from first mover to market leader.
4/ Many of the best ideas will come from your emerging competitors. Look at their product execution for inspiration (Facebook has done an excellent job at this).
https://avc.com/2018/08/first-mover-disadvantage/
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1/ Life gets harder, not easier, when you have established yourself as the market leader.
2/ You need to invest in top-notch product and engineering teams because product execution and technical debt will become significant challenges.
3/ You need to use your market leadership to build a balance sheet and a team that can allow you to manage the transition from first mover to market leader.
4/ Many of the best ideas will come from your emerging competitors. Look at their product execution for inspiration (Facebook has done an excellent job at this).
5/ You need to invest most of the marketing dollars to develop the market while competitors that enter after you get to ride on the coattails of the previous marketing investments that you made.
Chris
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Never innovate, always imitate! Really!
Denny Schlesinger
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