Depends on what’s meant by “fully described”. Some ideas may be proposed succinctly, yet also be impossible to execute without a technical edge—how about a time machine?
It is precisely those “frighteningly ambitious” ideas, to borrow the term from PG, that can be succinctly described, have inherent value, and deserve to be capitalised on immediately. Specifically because it’s presumed impossible, there can be no established players to oppose you. Of course, there is always the immensely probable outcome that your edge is in fact not an edge at all…
(edit) The value of a head start depends on the market entrance strategy. The core idea may not be that obvious until later stages, when the first-mover advantage has been utilized.
If you squander your lead, yes. If you hang on to it it's worth a lot.
Genuine question - what examples are there outline of large money making businesses online that got there by being the first mover. I can't think of any off the top of my head...
And the answer to that is another question - are you building a large money making business from scratch or an attractive acquisition target?
To each his own, basically. First-to-market advantage, coupled with an innovative, actually useful idea and polished execution is a sure way to build large user following quickly, which is typically one of early-stage startup's top priorities. Large money making comes afterwards and it requires an established business, which is a different context where first to the market advantage is of a lesser importance.
It is precisely those “frighteningly ambitious” ideas, to borrow the term from PG, that can be succinctly described, have inherent value, and deserve to be capitalised on immediately. Specifically because it’s presumed impossible, there can be no established players to oppose you. Of course, there is always the immensely probable outcome that your edge is in fact not an edge at all…