Many of us have heard about first mover advantage.
If someone is the first to enter a market, then this business can capture the market and make a lot of money.
And many of us think that first mover advantage is great.
But it doesn’t make much sense in today’s world, where everything is changing very fast.
The internet connects all of us and the speed of business has gone up.
Competitors are fast to catch up and compete with you, and you will no longer have the first mover advantage.
That’s why, Last Mover Advantage is in fashion.
Facebook was not a first mover in the social network space. We had MySpace and Orkut as social networks long before Facebook.
Facebook was not the first social network, but the last social network.
Once you capture the entire market with a better product and service, and execute your ideas well, you can become the last mover.