Futuristic devices and new technologies always interest the American public, but certain pitfalls, such as failed marketing strategies, defects in the tech products, high costs, competition and/or a lack of interest from the public, can cause the product and technology company to fail. Here are some examples:
The Segway: Few embraced this new technology because it failed to fulfill a need in the population. Also, Jimi Heselden, the owner of Segway, Inc. died in September 2010 when he drove a Segway scooter off a cliff into a river contributing to a negative perspective from the American public.
Betamax videotape recorder: This product failed because it lost the competition for popularity to VHS.
Microsoft BOB: This operating system released in 1995 failed because of how hard it was to use. Many other software and operating systems have failed for this same reason.
TwitterPeek: This device was designed to replace smartphones with an all-tweet alternative. Its limited use led to its ultimate failure.
Ping: This social networking system released by iTunes in 2012 due to competition from Facebook and Twitter. iTunes decided to launch an integration with these social networking sites as an alternative.
Satellite Phones: This new technology failed due to the high cost and unreliable service.
Avoid these pitfalls by making sure that you have a reliable product, a public need for the product and a solid business plan.
If you are interested in creating a technology business, contact one of Boyer Law Firm’s business law attorneys today.