Facebook was not the first social network. As early as the first dot com boom in the late 1990s companies like sixdegrees.com had launched with services similar in theme and purpose to what Facebook became. When Facebook launched in 2004 from a dorm room at Harvard there were already a number of competing products: Friendster and Orkut were already successful online social networks, and mySpace already had millions of users. In fact, MySpace continued to be the largest social network in the world until 2008 when Facebook finally overtook it.
The iPad was not the first tablet, nor was the iPod the first portable MP3 music player. Google wasn’t even the first web search engine.
What Facebook, the iPad and countless other products like them did was take something that had been done before, and did it better.
Facebook took the concept of online social networking, and added real meaning: your real identity, your real-life friends, and a completely new (and naturally addictive) way to share your life with your network. (It also managed to solve the hardware scaling problems that had hamstrung competition like Friendster).
The iPad took the long sought-after but elusive tablet computer and built a beautiful, functional and elegant device that refused to compromise. A device that rejected the assumption that a tablet was a normal PC with a touch-screen, and had the courage to create a whole new form factor.
The point is: it’s okay to be second. Or even third. New product opportunities often lie in re-thinking existing concepts or products: it’s about seeing what can be done better, and having the courage to take the next steps the others won’t.
Steve Jobs one famously quoted Picasso when he said: “Good artists copy. Great artists steal.”