You wanna know the secret to OmniVision Technologies' (Nasdaq: OVTI) success?

Some might call it innovation. Others would point to taking calculated risks. But what it all boils down to in the end is the first-mover advantage. I'm actually a little bit surprised that OmniVision hasn't made it into our Rule Breakers service yet because the stock is almost a perfect match for the basic Rule Breaking template:

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How OmniVision Stacks Up

Top dog and first-mover in an important, emerging industry

Digital camera chips are everywhere these days, and OmniVision's products are becoming the industry standard. Why? Read on.

Sustainable advantage gained through business momentum, patent protection, visionary leadership, or inept competitors

Sony (NYSE: SNE) and Panasonic (NYSE: PC), among others, gave up on back-side illumination camera sensors years ago because they were too expensive to make. OmniVision stuck with the technology, developed a commercially viable manufacturing process, and now has a lead of at least a couple of years in this next-generation technology.

Strong past price appreciation

The stock has gained 150% in 12 months and a staggering 417% over two years. I think that qualifies.

Good management and smart backing

It takes some nerve to risk the company's future on an expensive and unproven technology bet and then succeed where larger rivals failed. But that's exactly what OmniVision did. In my book, that's a strong sign of management that works hard to make the most of its assets.

Strong consumer appeal

OmniVision's BSI chips are a part of Apple's (Nasdaq: AAPL) iPhone 4 success story. Need I say more?

Proof that it is overvalued according to the financial media

The stock trades at an elevated 31 times trailing earnings today, even after accounting for last night's brilliant second-quarter report. Fellow Fool Rich Smith called an end to OmniVision's growth story on Monday. Heck, I've called OmniVision overvalued myself, as recently as last summer.

All of this added up to a 24% sequential hockey-stick revenue spurt to $240 million in the second quarter, based on strong BSI orders and more design wins. Non-GAAP earnings more than doubled year over year to $0.58 per share. Without going into specifics, management says that "OmniBSI has been adopted in the marketplace by all tier 1 customers in all segments." Using Apple as a springboard to reach other tier 1 customers like Dell (Nasdaq: DELL), Motorola (NYSE: MOT), and Samsung is just smart business, and is a proven strategy that is already working wonders for Cirrus Logic (Nasdaq: CRUS).