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.
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Related terms
Also in Starting Up
See how founders actually handle this on Growing and marketing, part of the Starting Up hub.
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