Bleeding Edge

The video tutorial explains the concept of 'bleeding edge' as a proactive innovation strategy. It highlights the importance of being the first to introduce novel products to the market, known as first mover advantage, which can establish a brand's reputation for innovation. Companies must be proactive, investing in research and development, concept testing, and market analysis to identify potential areas for innovation and maintain a competitive edge.

Explain the concept of 'first mover advantage' and its implications for a brand.

In what ways can a company identify areas for potential innovation?