Technology Adoption Lifecycle
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.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.