First-scaled-mover

First-scaled-mover — the player who first reaches scale in a category, as distinct from the first to try it. Jollibee wasn’t the Philippines’ first burger joint; it was the first to scale one with systems, supply chain, and staying power — then bought much of its competition. The distinction disciplines the watchlist: “someone is already doing it” kills nothing; the question is whether anyone has scaled it, and whether the incumbents are winning on execution or just on having been early.

First used in: 5.7 · Emerging-market pattern arbitrage: the payoff skill