What is fast follower?

A fast follower is a company that deliberately lets pioneers open and validate a market, then enters quickly with a refined version — learning from the first mover’s mistakes, skipping their education costs, and competing on execution rather than novelty. Google in search and Facebook in social networks are the standard examples: neither was first.

The strategy only works with genuine speed and a real point of improvement — following slowly just makes you late. It also depends on tight competitor monitoring: a fast follower’s core competency is noticing, early and accurately, which of the pioneer’s bets are working.