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First Mover vs First Improver - YouTube

Channel: Mario Singh

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the first mover versus the first

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improver

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there's much talk about being the first

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mover in the business world now what

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exactly is a first mover well the

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classic definition is the ability to be

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better than your competitors as a result

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of being first in the market of first

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with a new product let me give you some

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examples Gillette in safety raises

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solely in personnel zeros coca-cola in

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soft drinks all three are great examples

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of the first mover advantage check this

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out

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Gillette his brand value of 16 billion

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US dollars on Forbes in the year 2019

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what about Sony 70 billion u.s. dollars

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in revenue in 2019

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what about coal people in more than 200

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countries during 1.9 billion servings of

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coke every single day these are

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certainly success stories on the first

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mover advantage but what about companies

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like Netscape the first to market an

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internet browser it got overtaken by

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Microsoft's Explorer and who remembers

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the Palm Pilot the Palm Pilot was the

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first PDA successfully marketed

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worldwide but he got purchased by

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hewlett-packard in 2010 and ended

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production altogether in 2011 he got

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overtaken by smartphones whoever

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remembers Friendster it was a social

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network started in 2003 and he certainly

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had the first mover advantage of a

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Facebook but Facebook had the first

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improver advantage how do I know well

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fast-forward to today and Facebook is a

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global billion-dollar monster but

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Friendster couldn't really find its

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footing having to switch from social

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networking to social gaming before

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finally closing down altogether in the

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year 2018 now it's the same case with

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Google and Alta Vista Auto Vista was a

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search engine founded in nineteen

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95 and had the first mover advantage

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over Google which only started in 1998

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the end without AltaVista was purchased

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by Yahoo in 2003 while Google on the

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other hand has gone public in Nasdaq

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hires over a hundred thousand employees

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and recorded over 136 billion u.s.

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dollars in revenue in 2018 as the

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world's most dominant search engine in

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all these examples what is the learning

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lesson only this and pay attention you

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don't have to be a first mover to

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succeed I recently watched a TED talk by

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organizational psychologist Adam grant

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entitled how do creative people come up

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with great ideas in that presentation

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grant he said that his insights into

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original thinkers and basically got into

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their mindset now here's the interesting

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bit he mentioned that first mover's

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actually had a failure rate of 47%

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compared with only eight percent for the

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improvers concluding that is much easier

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to improve on someone else's idea than

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to create something new from scratch got

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an idea to change the world

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go launch it there's certainly value and

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boldness in bringing something fresh to

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the market you want to improve on

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something that already exists get to it

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right away the lesson is this friends

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you don't always have to launch

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something new to change the entire world

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you don't always have to be a first

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mover you can always be a first

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improver gradually improving on existing

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ideas and changing the world for the

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better

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as well I hope you enjoyed this video

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this is Mario signing off I'll see you

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in the next video hi thank you so much

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for watching this video to get access to

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