An “early mover” is a firm that quickly recognizes a unique opportunity or risk, and uses that knowledge to evaluate its options either before or along with other firms that also seize the initiative. Early movers have the advantage of time, which brings more decision-making options before market shifts invalidate critical assumptions underlying the strategy.
Failing to attain “early mover status,” can be fatal in today’s complex and rapidly changing business environment. Early Movers know when things change that can alter the fundamentals on which a business model is based. In this issue of Board Perspectives: Risk Oversight, we offers insights on why organizations should be early movers when it comes to identifying and acting on opportunities and risks.