Long term, second place can pay off in spades. I see second place more as a second chance than a loss. Watching someone else cross the finish line ahead can empower you with the drive to improve and an insight into the victor’s foundational success strategy. Knowledge and motivation in hand, you have the key ingredients to better yourself against the competition.
On several occasions, I’ve had the pleasure of following the first in line. I was the second graduating class of my high school, so I watched an entire group of kids go through the ropes before me (always being an upperclassman definitely had its perks). We had the opportunity to fix their mistakes and build on their accomplishments. It was a great deal.
I’ve seen companies beat my ideas to the market. A sad day turns happy when you start to find all the flaws in their approach and the opportunity to perform differently or better. You can refocus your efforts and take more informed strategic bets in the space. Also a great deal.
No, you did not cross the finish line first this time. I’m sorry. But next time, you can win the race and break records in brilliant form. All great athletes lose every once in a while. If they didn’t, they would get bored with winning and have no room to grow. Growth is important. A challenge is a great thing. Competition makes the world go round.