[badclient]

I'd make a distinction between no market and no existing market. Generally creating markets is much harder and riskier but often more profitable if you succeed.

Example: BuddyMedia created the social media management tools market; hundreds of startups are now in that market.

[yurisagalov]

You're right. After I posted my response I was thinking of making that distinction and actually talk about the idea of first mover disadvantage (HBR covers it well : http://hbr.org/2001/10/first-mover-disadvantage/ar/1)