First-mover Advantage

Some companies understand that they can upend an industry, not by competing on margins or in a price war to 0, but by blazing their own path, carving their own market and innovating the sh*t out of the status quo (if you pardon my expression). And I want to be clear I’m in no way associated or sponsored by them, I’m sharing my admiration because I believe Bambu Lab serves as an non-prescriptive example for aspiring entrepreneurs how to look at a saturated market and incremental-progress industry and blow it all out of the water. First-mover advantage is not a requirement.

For those of us #3dprinting enthusiasts it has been quite exciting last 5 years, 3D printers have gotten better, faster and cheaper. Each subsequent model was slightly better than the last 3D printer makers were in a race to the bottom trying to pack as much functionality, quality and speed for as little money as possible. However, you could take a 3-year-old 3d printer and it wouldn’t be all that different from the new one. Maybe some improved components, some times were revisions based on customer feedback, etc.

Then this company showed up and changed the game. They understood the value on user experience. They understood the value on aesthetics. They understood service. They understood to succeed as a late comer they were going to have to get their hands dirty and innovate from the ground up: materials, industrial design, sensors, extruders, hotends, firmware, integrations, electronics, etc. And so they did. Instead of going for off-the-shelf parts and widely available software, they designed their own parts, they engineered and designed the structure, they invested in software and they automated just about every aspect of 3D printing for the user. So, they made a big splash in the market with their high-end flagship 3d printer earlier this year and they have been working their way down market and in many segments they dominate in spite of having 20–25% higher prices than most other makers for comparable features.

Easier said than done, but:

• Look at market and don’t think about how you can have better margins, but what can you do better than any one else.
• Consider what the main players in the industry are doing and consider whether there’s a better way.
• Assess what customers want/ask for but competitors are too busy trying to outsell one another to stop and listen.
• Shake the industry, but in your own path.
• Rethink the product, process, etc. from a completely different perspective.

Originally published on January 14, 2024.