Why does the diffusion of innovation take so long?

The diffusion of innovation can take up to 10 years. Why is industry so slow to catch up on new technology?

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Money. Innovation is necessarily expensive. For any innovation to happen, someone has to something that no one else has ever done. And that person needs to get paid to do it, because neither warm feelings nor innovation fill stomachs. So then once innovation happens, the innovators and the stock holders need to get what they've earned by taking a risk. Additionally, the materials and processes for this innovation are probably rare/expensive. Keep in mind, that this is something that no other human has ever done before. Some people can pay that price, but most of us can't. But when this year's innovation becomes last year's outdated model, it's not expensive.

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