Entrepreneurship & Networks
This week is my final blog post for the course Entrepreneurship & Networks. In my opinion, this week’s assignment is the hardest one. But nevertheless, I will try to make something out of it. I was not able to identify an appropriate innovation for entrepreneurs using my network and therefore I will use a pretty new worldwide innovation: The smartwatch.
A smartwatch is a computerized wristwatch with functionality that is enhanced beyond timekeeping. It has many features like emailing, texting, calling, navigating, gaming and socializing (Facebook, Twitter, etc.). The innovation became popular in 2013, as the year is called ‘the year of the smartwatch’. Since then many people, including entrepreneurs, adopted the innovation. Regardless of the fact that the innovation still doesn’t have reached its tipping point (with the advent of the apple watch I suppose the adoption will go very hard), I think it’s almost reaching the ‘early majority’ phase, as named by Rogers. After the invention, many innovators (± 2.5% of the population) working for large companies took over the invention and made new brands. Hereafter, the early adopters (± 13.5% of the population) started using this invention. Those adopters mainly are wealthy educated people, which distinguishes early from late adopters.
I know myself two male technical entrepreneurs whom always wear their smartwatches. The first entrepreneur is a website designer and for his enterprise the smartwatch is very handy because it accelerates his emailing, texting and socializing. The other entrepreneur has a company which provides ICT workshops. This entrepreneur likes the watch because of the same reasons as the website designer. Both of the entrepreneurs can be categorized as early adopters. They both adopted the innovation due to social learning, one of the three mechanisms described by young. Social learning is related to making a ‘rational decision’ after seeing ‘empirical evidence’. Because the innovation is still in its infancy, the other two mechanisms (contagion and social influence) are excluded.
Unfortunately, I don’t know any other technical entrepreneurs so I couldn’t ask a third entrepreneur about the smartwatch innovation.
Hoped you liked the reading!