The "first mover advantage" in tech startups refers to the competitive edge gained by being the initial player in a particular market. This advantage can lead to dominance through brand recognition, customer loyalty, and market share before competitors enter. First movers often establish strong network effects, as early adopters influence others to join the platform or service. However, while this advantage can lead to significant financial returns, it also bears risks, such as market volatility and the potential for fast-followers to improve upon the original idea. A balance of innovation and strategic execution is vital for long-term success.