Which new distribution channel gave you the real first-mover advantage?

There is a first-mover advantage. But it's not what everyone thinks. It isn't being the first product in a market. It's being the first in a new distribution channel. Getting an “invite” was a big deal in 2003, so addressbook importers were super effective. Banner ads used to get 10% clickthrough rates, and now they’re 0.1%. Over time, marketing channels naturally become saturated and that creates a built-in defense against new entrants in the market. ... A corollary to this is that if you discover a new marketing channel or some new viral mechanics, you’ll have a huge advantage early on since your response rates will be great.