Fast Follower
A company that lets someone else pioneer a market, then enters quickly with a better or cheaper version, learning from the first mover's mistakes.
Why it matters
Being a fast follower can beat being first, since the pioneer bears the cost of educating the market and finding what works. It is a legitimate strategy, and a reminder that first mover advantage is often overrated.
For example
Facebook was not the first social network; it learned from Friendster and Orkut's mistakes and executed better.
Worth your time
Related terms
Go deeper
See how founders actually handle this on Growing and marketing, part of the Starting Up hub.
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