First-Mover Advantage often goes to the winners with an early adoption of emerging markets because they can set the standards and establish a larger user base ahead of competitiors. However there are also the Fast-Follower Advantage to those who can save on the research and development costs, and early mistakes, made by the First-Mover by adopting best practices with me-too strategies without legacy systems holding them back.
The trajedy is that if a First-Mover cannot establish a competitive moat (isolating mechanisms) or leverage network effects (platform dynamics) in a winner-take-all scenario then the Fast-Follower may to quickly catch up and possibly over take the lead and become the new market leader.