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Summary

This chapter focused on explaining customer adoption of new products and services. The first section explained that adopters of new products and services are typically normally distributed because a small proportion of adopters make the adoption decision early and a small proportion make the adoption decision late, while most adopters make the adoption decision in the middle of the process. Important implications for entrepreneurs emerge from this pattern. Different adopters have different preferences, and these preferences influence what you, as a technology entrepreneur, must do to get customers to adopt your new product or service. In addition, the proportion of the market adopting at any point in time is not linear. Rather, it is S-shaped, initially starting small, accelerating, and then declining.

The middle section of the chapter focused on how entrepreneurs transition from innovators to the majority of the market. This transition is important because most entrepreneurs need widespread adoption of their products and services to earn sufficient returns to survive over time, yet most entrepreneurs are unable to navigate this transition. To transition successfully, you, as a technology entrepreneur, must adapt your product or service to the different demands of the majority of customers, provide evidence of the value of the new product or service, and offer a complete package that solves customer problems.


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