This will be my last blog for the course Entrepreneurship and Networks, last Thursday we had the literature examn which was the end of the course.
For my last blog I will be writing on the subject of innovation adoption and diffusion. The assignment was to try and identify an appropriate innovation for entrepreneurs in your professional context. For this I chose the up and coming idea of wireless paying with your bank card.
The idea is that for small payments up to €25 you wont need to enter your pincode or anything, a quick swipe along the cash machine will be sufficient to complete your payment. For larger payments you will still need to enter your pincode but for smaller purchases such as a coffee or anything under €25 you wont need to.
For now the diffusion of the innovation is not remarkebly high since it is not available at all banks. There are few banks trying out the systems, but the idea is to make it accesible to everyone soon. Rogers (2003) would say that the innovation is in the early majority. There are people using it already, but a lot of people that are able to use it, don’t use it just yet. And on the other hand there is the problem that not all shops, cafe’s, restaurants, etc., have the cash machines that allow these sorts of payment. But it is growing rapidly.
To see how other entrepreneurs thought about this new innovation I interviewed three. Two of them were small shop owners, a tobacco and magazine shop and a book store. They both have this system available in their shop and see the amount of people using it grow. This substantiates that the innovation is in the early majority stage of diffusion. The last person I interviewed was a person that paid using the wireless payment method. He told me that it saved so much time and was much easier then having to enter your pincode for just €2 or something. This enhances the fact that the innovation is growing and can be very successful.
Well that was it, I hope you all enjoyed it!