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Being first doesn’t guarantee success. If anything, being first is fraught with more peril; since you don’t have anyone to copy or compare to. And, depending on how innovative your product offering, you might be too early for VCs to get it too, making raising money even harder. Often, when a space heats up, after the first few companies have gone in and made their mark, is when you’ll see even more money pour into it.
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I agree...I think the "first mover advantage" is often overblown. Windows was not the first graphical OS for PCs, and EBay was not the first online auction site, but both went on to become dominant in their respective categories. Being first to market is nice, but being "best to market" is frequently better!