There are lots of reasons why the Segway failed. Many people have written about it extensively. I liked what Alain Bertaud shared in his “Conversations with Tyler” interview. He compares scooters to the Segway and reveals how the former fits his needs much better than the latter. It’s a case of user-centered design. The scooters meet user needs, while the Segway is still looking for a problem to solve.
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