First mover advantage is a concept that suggests that the first company to enter a new market or industry has an advantage over its competitors. The idea is that being the first to market gives the company a head start in building brand recognition, customer loyalty, and market share. The advantages of being the first mover include:

• Establishing brand recognition before competitors can
• Setting the industry standard for product features and pricing
• Capturing a larger market share
• Developing a loyal customer base
• Creating barriers to entry for competitors
• Generating higher profits due to lack of competition

However, being the first mover also comes with risks, such as high research and development costs, technological risks, and the risk of being overtaken by competitors who enter the market later with improved products or services.