The classic Geoffrey Moore technology adoption lifecycle shows the timing for the adoption or acceptance of a new product or innovation by defined adopter groups: innovators, early adopters, early majority, late majority, and laggards. Each group has its own demographic and psychological characteristics; for example, early adopters tend to be younger and more educated. This was certainly the case when I met with a group of inspirational students at a regional meet-up of the University Innovation Fellows.
Every successful business – those that have a knack for reinventing themselves and changing with the changing times – have a model of innovation. The University Innovation Fellows program empowers students to become agents of change at their schools. Participants acquire knowledge of tools, frameworks and program models that help college students develop an entrepreneurial mindset. Every business can learn from this model of innovation.
If you don’t innovate, your product of service becomes stale. if your product becomes stale, the competition begins to steal your market share. If you loose market share, your sales decline. If your sales decline and expenses stay the same, your earnings drop. If your earnings drop, your value also tanks! You see the cycle – innovation is the key.
The UIF program provides a framework for how to rethink innovation in your company. Is your company innovating? Why not?