The Power of Connections: Tech, Networks, and Innovation Spread
The Vicious Cycle: How Technology Networks Drive Innovation Diffusion The world runs on networks. Our social lives, economic systems, and even access to information are deeply intertwined through these complex webs of connections. But what happens when technology becomes a part of this network? What happens when the value of a technological innovation hinges on its widespread adoption? This is where the powerful phenomenon of network effects comes into play. Network effects describe the situation where the value of a product or service increases as more people use it. Think about social media: the platform's worth skyrockets as more friends and family join, allowing you to connect with a larger circle and share experiences. Or consider online marketplaces like eBay:...