Innovation Adoption Threshold
#innovation
Amazon released the Fire Phone. It was a 3D-enabled smartphone that quickly ended with a $170 million write-down. The technology was innovative. The product was a commercial failure. Innovation cannot be forced on consumers.
They purchase based on preferences, and in order for an innovation to catch on it must pass two tests:
It must be useful, with extra benefit to people, and it must save time, energy, or money.
People will buy a product that costs more but it must provide another benefit to their life. Without these two components, it doesn’t matter if you send a man to the moon, your innovation will inevitably lose.