Traditionally the military, industry and enterprise were the adopters of emerging technology, but today Fenn says it's the consumer side that often heralds innovation.

Today's business collaboration software, she noted, can be traced to such offerings as MySpace which earned early adoption in the consumer space. "Very often, because of security and performance issues, enterprises will not dive into a new technology until it's been tried in the consumer world."

The ability to accurately identify the "success potential" of a new technology or product is crucial for venture capital firms such as Ottawa-based Precarn.

The company offers funding for the pre-commercial development of emerging technologies. It recently launched a national nanotechnology research and development (R&D) network.

Adoption of a new technology largely depends on three key factors: need, solution and benefit, according to Paul Johnston, CEO of Precarn. He said Precarn's beliefs about what makes a new technology succeed are reflected in its funding procedure. "[We] approve projects that identify a need, offer a valid solution, and demonstrate that the product will generate economic and social benefit."

The introduction of a technology tends to build an expectation about what it could offer to user. If this expectation is not met, Johnston said, the technology will probably disappear from the public's radar screen.

"The idea of artificial intelligence, for instance, first appeared in the 1950s, when it was thought day-to-day appliances would somehow

become human-like in helping people make decisions." Johnston noted that the word disappeared until the late 1980's when gadgets such as microwave ovens, computers and VCRs with so called "built-in intelligence" came out.

The Gartner Hype Cycle identifies such a hibernation period as the 'Trough of Disillusionment', when a product fails to meet expectations and becomes unfashionable.

Even during this period, some businesses or organizations might continue working on the technology waiting for the time when its benefits and applications are further understood -- the 'Slope of Enlightenment' phase.

As a technology evolves to its more stable second and third generations, it hits the 'Plateau of Productivity'. It is at this stage that the

technology achieves acceptance either by the broad public or by a niche market.

Technology needs to achieve mass adoption in order to realize value says Paul Race, director of innovation and marketing for the financial group of global automated teller machine manufacturer NCR.