The power of technology: A Fact or Fiction for Majority?

• Main Authors: Marko Torkkeli, Anne-Laure Mention, João José Pinto Ferreira
• Format: Article
• Language: English
• Published: Universidade do Porto, Faculdade de Engenharia (FEUP) 2015-10-01
• Series: Journal of Innovation Management
• Online Access: https://journalsojs3.fe.up.pt/index.php/jim/article/view/286

This Fall Issue will discuss about the power of technology and Internet. Innovation is taking place everywhere through new and emerging technologies changing the way we think, live, breathe, travel, and do shopping to name a few areas. Funny enough is that some of us believe that the most important technologies are on the market available to please customers and users, and nothing more important will show up later. We, as humans, systematically underestimate the power of technology and its impact on daily life. There are several well-known quotations from very smart people which have turned ridiculous after some time by basically shifting initial assumptions into market knowledge. Whatever is too expensive and complex today becomes a commodity in no time and shortly after doesn’t bring competitive advantage any longer (the S-curve effect, see e.g Bayus, 1998 or Rogers, 1962, for different explanations). Several notable studies illustrate (like the well cited and used BCG tools) how rapidly diffusion is influencing production costs and consequently, accelerates the speed of diffusion itself. The question here stems from where the balance between the minority of ‘crazy’ developers and the majority of pioneering consumers willing to try something new lies.  (...)