Startup Funding Espresso – Pro-Innovation Bias

Pro-Innovation Bias

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

The pro-innovation bias is defined by Wikipedia as the tendency to have an excessive optimism towards an invention or innovation's usefulness throughout society, while often failing to identify its limitations and weaknesses.

Startups overestimate the speed of adoption of new technology.

Users are often slow to adopt new technologies due to the cost of time and dollars to integrate them into their workflow.

To overcome the pro-innovation bias, consider the following:

Estimate the cost of switching and design your product to help transition customers from the current technology to the new one.

Make the transition seamless and automatic.

Promote the ease of transition and the cost savings that come from adopting the new technology.

Innovation often creates inequality in that some have access to new technologies while others do not.

Make sure everyone has the ability to access it.

Both startups and startup investors see technology as a solution to all problems and discount the risks and costs associated with it.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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