In theory innovation lifecycle consists of steps similar to these (percentage is global adoption):
1) 0 % – invention, something new was made,
2) 0-1 % – small group of early adopters, usually local,
3) 1-3 % – few new groups and localities have been added,
4) 3-5 % – accelerated growth, competitors copy the innovation and add many new localities,
5) 30-90 % – growth slows down as it reaches cultural and other blocks,
6) 90-100 % – innovation is global and accepted by everyone who can use it.
Very few innovations reach step 6 even after decades. For example, even after enormous marketing efforts 58 % of world population has access to internet, 83 % are smart phones users, and 59 % are fully vaccinated against Coronavirus.
Some companies misunderstand that innovation ends at step 3. This kind of thinking limits design, investment, growth, and – most importantly – access to innovation for many around the world. Companies should always create innovations for global adoption. After all local clients adopted it, companies should continue to invest in marketing to customers in other localities and never stop expanding.
Companies should not block the spread of their innovation by stopping to invest. If they do stop, most likely their competitors will take over their market.
|Andrea Toniolo to speak at Il Salone della CSR on Friday, 29 April||How you can benefit from being an innovator on openinnovation.me|