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Fast follower, or second mover as it is also called, means not being the first one to enter a market, segment, or technology, etc. The benefit of this is that the one that comes after can learn from the earlier company’s actions and mistakes. This way, they can quickly and with fewer resources create an offer which is better suited to a customer group’s needs. Another benefit is that a 2nd mover can wait for the right time before they go in with greater force. Fast follower is a common strategy for many larger businesses while smaller start-ups are usually in a first mover position. See First mover.
