First Mover advantage

The first mover advantage is which a company obtains by being the first to develop and market a product. Being first enables a company to obtain many prime advantages that strengthen its position in the marketplace. For example, a first mover often gains exclusive agreements with suppliers, sets industry standards, and develops strong relationships with retailers.

• Brand name recognition not only engenders loyalty among existing customers but also draws new customers to a company’s product, even after other companies have entered the market. It also positions companies to diversify offerings and services. Name recognition is the main first-mover advantage. Examples of dominant brand name recognition of a first mover include soft drink colossus Coca-Cola, auto-additive giant STP, and boxed-cereal titan Kellogg’s.
• Economies of scale, particularly those regarding manufacturing or technology-based products, is a massive advantage for first movers. The first mover in an industry has a longer learning curve, which frequently enables it to establish more cost-efficient means of producing or delivering a product before it must compete with other businesses.
• Switching costs allows the first mover to build a strong business foundation. Once a customer has purchased the first mover’s product, switching to a rival product may be cost prohibitive. For example, a company using Windows operating systems is unlikely to change to another operating system, because of the costs associated with retraining employees.

Some of the Industry’s Firsts by @DivumCorp are

1. Designing and Developing India’s first Smart Phone mobile app to Drive a Car
2. Designing and Developing Amazon Alexa Controlled Home Automation System — 2016
3. Designing and Developing World’s first Marketplace for Radiologists
4. Design and Development of India’s First Financial Market Aggregator App — MoneyControl
5. Design and Development of the first Augmented Reality App on BlackBerry — HoneyBee AR

Being first to build new products needs learning and adaption to newer technologies and techniques, in Divum’s case it is working with the OEMs & Platform owners such as Amazon, Google, Samsung & Microsoft by signing up for the most Early Access Partnership- is the key to stay state-of-art on their latest offerings

• Amazon Web Services(AWS) Mobility — SNS, Lamda, Endpoints
• Google Cloud Platform (GCP) — Datastudio, BigQuery, AppEngine
• Machine Learning — AWS ML, Tensor flow, Google ML

Read more about first mover advantage and disadvantage from the source: https://www.investopedia.com/terms/f/firstmover.asp#ixzz5NaDVKipU