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First in last one out? As we all would expect, being first in a market would attain you market dominance (especially if you hold a patent) also known as ‘first mover advantage’. First mover advantage is seen mostly in chemical/drug based businesses where they get around a 10 year patent on any product they make. First mover advantage can be the defining feature on whether or not the product will last to the end of that products consumer life or if they ‘leave the party early’ because other firms are able to ct into their market share. If you’re looking for a prime example, I give you Microsoft; they were first on the scene and are still holding the top spot, why? With first mover advantage you’re able to build your business with security (with a patent) and with this gain loyal and repeat business, which gives you the money to diversify. Market failure occurs in ‘first mover’ companies because of newer technology being made, so staying on top and putting prices lower near the end of a patents is key to staying on top.

Contributed by legendary on March 5, 2008, at 5:19 PM UTC.

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