Welcome to the “good enough” economy, where the likelihood that a technological innovation will be taken up depends on how well it answers six critical questions.
- How much better is this technology in terms of cost, functionality, “image” and other factors?*
- How compatible is the innovation with existing skills, values and work practices?
- How hard is your innovation to understand and use?
- Can you easily and affordably try out the innovation, or must you commit to a major investment?
- Can your innovation’s benefits be easily observed and communicated?
- Does the incumbent technology exhibit network effects, and does it have a large and mature installed base?
Innovation and the Economics of Good Enough
by Glover T. Ferguson
Outlook Journal, January 2003