The “Good Enough” Economy

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.

1. How much better is this technology in terms of cost, functionality, “image” and other factors?*
2. How compatible is the innovation with existing skills, values and work practices?
3. How hard is your innovation to understand and use?
4. Can you easily and affordably try out the innovation, or must you commit to a major investment?
5. Can your innovation’s benefits be easily observed and communicated?
6. Does the incumbent technology exhibit network effects, and does it have a large and mature installed base?

Source:
Innovation and the Economics of Good Enough
by Glover T. Ferguson
Outlook Journal, January 2003

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