Page "First-mover advantage" Paragraph 19
First movers must deal with the entire risk associated with creating a new market, as well as the technological uncertainties which will follow.
Late movers are given the advantage of not sustaining the risks, mostly monetary, with creating a new market.
While first movers have nothing to draw upon when deciding potential revenues and firm sizes, late movers are able to follow industry standards and adjust accordingly ( Lieberman and Montgomery ).
The first mover must take on all the risk as these standards are set, and in some cases they do not last long enough to operate under these standards.