Wed, 11 January 2023
Technology Adoption Lifecycle
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Technology adoption lifecycle in the startup world shows how new technologies and products are adopted first by lead users and technologists.
Following this group are early and late-stage majority users.
The laggards are the last group to accept the new technology.
This concept comes from Geoffrey Moore in his book entitled, “Crossing the Chasm”.
The technology adoption lifecycle guides the startup on how to build and market products throughout the cycle.
In the early days, the startup will sell to the technologists who need the functionality of the product but don’t care about the ease of use or the price.
Once the product "crosses the chasm" and is now accepted by the majority of users, the game changes.
The early majority will pay a higher price but it must be easier to use.
The late majority won’t pay a higher price and it must be even easier to use than before.
The volume of users will rise greatly giving the term “s-curve” to the shape of the growth.
The S-curve shows the market taking off and the number of users increasing dramatically.
A startup must be able to grow and scale their systems to take advantage of this growth.
Finally, the laggards are the last to adopt the product which must be low-cost and very easy to use.
In pursuing a market consider where it is on the technology adoption lifecycle curve and adjust your product and pricing accordingly.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
For more episodes from Investor Connect, please visit the site at: http://investorconnect.org
Check out our other podcasts here: https://investorconnect.org/
For Feedback please contact firstname.lastname@example.org
Please follow, share, and leave a review.
Music courtesy of Bensound.