Rupert Murdoch & Last-Mover Advantage

Paul Kedrosky:

First-mover advantage, in all but the rarest circumstances, is a myth. For every example of someone winning a market by being first, there are ten (twenty?) examples of people failing and being supplanted by a late-comer, whether in technology (Google) or elsewhere. It is something about which all venture capitalists should remind themselves once a week or so.