You’ve devoted long hours and sleepless nights into your technology or product and committed yourself to seeing it succeed. The technology life cycle represents the development of your technology, much like what we go through growing up and the growth of a flower.
Here you’ll find the four stages your technology goes through in its life cycle and the signs to look out for to determine at what stage your technology is at.
During this stage, you’re likely to be pouring a lot of money into its development. Revenue levels are low as this is a time when radical innovations are introduced into the market.
Typically, your customers can struggle to wrap their heads around your technology because of its young age. Yet they still embrace it and give it a go because in the beginning you’ll be attracting the interest of tech. specialists, opinion leaders and technology blogs.
This is a time when you amass a pool of knowledge and new competencies – leading to notable revenue levels.
Despite the success experienced during the growth stage, the adoption rate of the market is still lagging behind.
This is also the point where hype is at its highest and unrealistic expectations are made. Resulting in discontent among customers when the technology arrives on the market.
Yet as your technology continues to evolve, expectations are met with the true value of the technology presenting itself to customers.
However there will be a period where further improvements will be hard to come by as better designs are discovered. Causing incremental variations to be made leading to the next stage of your technology…
The maturity stage is where small improvements are made and new versions are released in order to maintain sales volume.
When the technology becomes familiar to the market – customers and producers start agreeing on general specifications. This can change the focus from product innovation to developing better manufacturing techniques making mass production faster and cheaper.
The technology has reached its physical limits and sales don’t increase with further R&D.
Usually a new replacement technology is readily available and your technology has become obsolete on the market.