noun
last entrant; latecomer
Used for the last participant to enter a race, market, competition, or similar context. Often implies a disadvantage or a fresh challenger.
その企業は市場に最後発として参入した。
The company entered the market as the last entrant.
最後発のランナーがゴールした。
The last runner crossed the finish line.
先発 means 'first departure' or 'early entrant', the opposite of 最後発.
Compound of 最後 (last) and 発 (departure, start). The exact historical derivation is uncertain, but the meaning is transparent from its components.