Saturday, April 23, 2022

Diffusion of Innovation



Almost every invention, concept, or widespread cognitive process involves theory. These theories are depicted as a bell curve, with the pioneers or innovators at the top. These are the people who are the first to think about and discuss a new idea or thought. These are individuals who are willing to take chances, experiment, and learn along the way. The early adopters are often trendy people who appreciate trying new things such as new technological products. They are represented as you progress up the bell curve shape. The early majority phase develops to influencing the majority of society. 

The people now "pave the way for the employment of innovation in mainstream society and are members of the general population." As you progress along the curve, the late majority will get their chance to join the innovation bandwagon. These are people who saw the early majority participate and have a positive experience, and then decide to participate after the risk has been reduced and the product has less demand among the wider public. Finally, the laggards will be those who initially opposed innovation; these are risk-averse individuals who want to be cautious and undertake research prior to making purchases. Because the laggards take so long to adopt the new technology, it makes their daily jobs more difficult.


These phases, in my opinion, are interesting and provide society with a great deal of self-determination. This theory enables people to choose whether to take a risk, play it safe, or follow in the footsteps of their peers. This is one of the most relevant and interesting theories I've learned about so far because it truly applies to all aspects of life.


See more at https://corporatefinanceinstitute.com/resources/knowledge/other/diffusion-of-innovation/ 

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