First Mover Advantage is a company’s ability to stay ahead of its competitors by being the first to introduce a new product to the market. When you introduce the product first, it helps with establishing brand recognition. It comes with its disadvantages though, because the company needs to build up trust and educate customers about the product, which can be a costly and time-consuming process.
The term can also stand for companies who’re not the first ones in the market but can achieve significant scale first.
