This paper offers important measures for Korean firms to enhance their competitiveness in global markets. Based upon dynamic capabilities perspective of strategic management, this study attempts to explain the phenomenal success of leading companies in Korea, diagnose the fundamental causes of the present stagnation and decay across the major companies and industries, and suggest avenues for restoring their competitive edge. The main arguments of the study are as follows. The success strategy of Korean firms is based on a fast-follower strategy, and excellence in seizing capability enabled the phenomenal success of that strategy. The seizing capabilities results from Korean management practices such as owner-centered governance structure, hierarchical structure and culture, disciplined fast execution from top to bottom, and hard working, committed employees. Meanwhile, this paper argues that the present stagnation also stems from the fast follower strategy itself and the fast follower strategy is no more suitable for Korean leading companies. The paper explains why leading companies should pursue pioneering advantage, rather than pursue following (imitation) advantage. To be a creative leader in global markets, it is urged that the leading companies should especially strengthen the sensing capability among dynamic capabilities. As a concluding note, four specific measures for developing the sensing capability was presented. They include the empowerment of front-line employees, developing strategic insight capabilities of top management team, building up the organizational context to nurture entrepreneurs across organizational hierarchy, and finally accelerating the discovery and creation of opportunities through forming horizontal ecosystem.