A man talks on the phone outside Google Inc. headquarters in Mountain View, California. (Tony Avelar/BLOOMBERG)

Not long ago, the act of “copying” a product nearly feature-for-feature would have been taken as a sign of innovation inferiority. After all, the conventional wisdom is that only the Chinese produce cheap Internet knockoffs, while real Silicon Valley companies design products from scratch. All of those hot new Chinese Internet companies like Weibo — aren’t they just Twitter, Facebook and Amazon copycats?

Attendees mingle during a break at the first annual Chirp, Twitter Developer's Conference April 14, 2010. (Justin Sullivan/GETTY IMAGES)

That same story is just being repeated at an even larger scale across the Internet every day. And it’s not just Google. Anything Facebook can do, Twitter can do. Anything Twitter can do, LinkedIn can do. That celebrated Facebook Timeline rolling out to Facebook users? Twitter beat Facebook to market on that one, by nearly a week. In many ways, though, it no longer matters if you’re first-to-market. The “first-mover advantage” celebrated during the first Web boom has been replaced by “second-mover advantage” made possible by the Internet knockoff economy. Is it any wonder that all of these social networking sites are starting to look alike?

Rapid prototyping, iterative innovation and the ability to “pivot” quickly are all a way of telling the same story — being fast is more important than being first. As Francisco Dao recently pointed out in a Washington Post guest column, too many efforts to become “first” are really just mis-timed efforts to gain a bit of Internet notoriety and “making a scene” rather than a serious effort at building a long-lasting company: “The basic model seems to be: Get a TechCrunch writeup, make a lot of noise, cash out quickly and maybe linger on as a pseudo tech celebrity.”

This has implications not only for the companies at the bottom of the food chain that are just starting out — but also for the established tech giants like Google and Apple. As these companies focus on building massive ecosystems of products and services, is it better for them to support the creation of fast innovators at the edge, or to just build their own rival versions? For now, it looks the answer is the latter, not the former. It is now the Americans, not the Chinese, who are running the Internet knockoff economy.

Full disclosure: Washington Post Co. Chairman and chief executive Donald E. Graham is a member of Facebook's board of directors.

View Photo Gallery: The best moments in innovation for the year 2011.

Read more news and ideas on Innovations:

Basulto | Why is Bill Gates selling nuclear tech to China?

The immigration issue lawmakers agree on

Howard Dean on U.S. innovation

Clinton talks Gingrich, Russia and China at innovations event

Harvard Business School takes on U.S. competitiveness