Define Innovation; apply to a product or service; entrepreneurship or intrapreneurship
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Part 1
Define the term innovation. Then, research what you think is an example of an innovative product or service. Include the following within your discussion:
- What is your product, and why do you feel the product you have selected is innovative within its industry?
- How was the product introduced to the market, and which approach was used - entrepreneurship or intrapreneurship?
- What were the advantages or disadvantages resulting from using the particular approach?
- What were the challenges faced in bringing the innovation to market?
Part 2
Using your previous product example, answer the following:
- What is your product, and why do you feel the product you have selected is innovative within its industry?
- How was the product introduced to the market, and which approach was used - entrepreneurship or intrapreneurship?
- Give a brief description of some advantages, disadvantages, or challenges resulting from using the particular approach?
Part 3
Then, create a scenario that illustrates what might have happened had the following occurred:
- The intrapreneurial product been brought to market through entrepreneurship.
- The entrepreneurial product been brought to market through intrapreneurial means.
- Explain the different risks, skill sets, organizational assets, funding, and keys to success that would have been necessary to accomplish this different approach.
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Part 1
Define the term innovation. Then, research what you think is an example of an innovative product or service. Include the following within your discussion:
The term innovation means that a new idea, method, or device is introduced. An invention when introduced to the public is an innovation.
What is your product, and why do you feel the product you have selected is innovative within its industry?
The product that I plan to introduce into the industry is new smart-phone that accepts voice data inputs. So an internet search can be whispered into the new smart-phone or even an e-mail can be dictated into the new smart-phone and sent to any contact.
How was the product introduced to the market, and which approach was used entrepreneurship or intrapreneurship?
The product will be introduced to the market as a smart phone with advanced voice recognition and voice processing abilities. The approach used was intrapreneurship. The reason was that teams within our organization were given the task of improving the smart-phone and this is what they developed.
What were the advantages or disadvantages resulting from using the particular approach?
The advantage from using intrapreneurship is that risk of failure is reduced encouraging greater creativity and invention within the company.
What were the challenges faced in bringing the innovation to market?
The challenges faced in bringing the innovation to market were to first produce a standard version of the new phone, to make it versatile so that customers can use it easily, and to bring the cost down. The other challenges were to correctly price the product so that customers bought the new smart-phone in large numbers, the selection of retail channels that would ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
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