A first-mover bonus refers to the competitive advantage gained by a company or individual who is the first to enter a new market or introduce a new product or service. This advantage can come in the form of increased market share, brand recognition, and customer loyalty. By being the first to act, the first-mover is able to establish themselves as a leader in the industry and set the standard for others to follow. However, this advantage is not guaranteed and can be lost if the first-mover fails to continuously innovate and adapt to changing market conditions.