Fast Follower Strategy

The Fast Follower Strategy involves closely monitoring successful innovations or products introduced by others and quickly adapting or copying them to gain a competitive edge. Instead of being the first to market, a company focuses on rapid development and deployment of similar offerings, learning from initial successes and mistakes. This approach reduces risk and development costs, allowing the firm to capitalize on proven concepts faster. By acting swiftly, the company aims to capture market share and stay competitive without the extensive risks associated with pioneering new technologies or ideas.