And they will most likely also be the last to benefit from hypothetical efficiency gains because they haven't been building up expertise (by burning billions) yet.

You can hire expertise off your competitors.

Being able to Greenfield something new is a tempting pitch to use to poach employees.

And first to market often doesn't win, or else WebVan would still be doing grocery deliveries. We tend to overstate the first-mover advantages because we more easily remember the cases where that turned into lasting dominance while forgetting all the companies that died to first-mover disadvantages.