First Movers VS. Fast Followers
- AltaVista -> Google
- Napster -> iTunes
- VisiCalc -> Lotus 123 -> Excel
- Word Perfect -> Word
- Netscape -> Internet Explorer
- Apple Newton -> Palm Pilot -> Blackberry
- IBM PC -> Compaq -> Dell
- Double Click -> Google Ad Sense
- Ofoto -> Flickr
- Compuserve -> AOL -> @Home -> Comcast & Verizon
The list above reveals a seemingly true fact that how easily a first mover could die and be replaced by a fast follower. However the other instances like Cisco and Microsoft overthrow the "truth". First or Last probably is not the decisive fact of success. As brought up by Don Dodge, an entrepreneur should learn the following:
- Never stop innovating
- Build a well rounded management team early
- Value sales and marketing talent as much as technical talent
- React quickly to disruptive technologies or business models
- Don't be too proud to imitate when it makes sense