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2. What were the reasons for being a last-mover and what were the advantages? While it's true that Microsoft and Google eventually came to dominate their industries, it wasn't necessarily because they were last. Of course, there were operating system companies and search engines that followed for example. Instead, Microsoft and Google's market power, their ability to keep their advantage in the market over time by anticipating discontinuities has enabled them to remain top dog -- at least for now. 3. Do you expect search business to become more concentrated (i.e. dominated by fewer firms)? Is search a winner take-all business? The search business will continue to become more concentrated as Google has clearly dominated this industry and Yahoo can hope to retain market share by offering editorial content that some users may be "tricked" into viewing. Google's democratic