Early and late · The late cost · Element
The requirement
How much better a late entrant has to be.
The part
What it is
Substantially, and by more than most late entrants assume. A marginal improvement does not overcome switching costs.
The threshold rises with how long the incumbent has been established.
The smallest level
The attributes it carries
Each attribute is one of the framework’s shared types. What a date is, and how it is written, is defined once for the whole model — the note here says what it means in this particular place.