ENTREPRENEURSHIP

Detailed explanation-1: -Innovators are those rare individuals that come up with a great idea or product that no one has thought of before. Think of Thomas Edison, Steve Jobs, and Mark Zuckerberg.

Detailed explanation-2: -Innovation strategies can be classed as proactive, active, reactive and passive (Dodgson et al. 2008).

Detailed explanation-3: -Innovators are those that adopt new technology first. They tend to be younger in age, take more risks, are in a higher social class, have greater access to wealth, and have access to scientific resources and other innovators.

Detailed explanation-4: -There are 5 types of adopters for products; innovators, early adopters, the early majority, the late majority and laggards. Understanding where these fit into the product-life cycle can enable selective marketing and design activities which are focused on tapping into these adopters’ specific needs.