https://static1.squarespace.com/static/5654eb6ee4b0e19716ec5...

Showing how old I am with that reference

A more recent article https://www.productplan.com/learn/first-mover-advantage-fast...

I should say it’s “mostly” a myth, there are some fleeting competitive advantages to first mover but a lot of them don’t apply well to tech companies and there isn’t strong historical evidence supporting it.

If you want to benefit massively off being a first mover, you better do the work in figuring it out how you are going to acquire exclusivity that lasts long enough that keeps most firms out.