Running head: Wk1 IP

Product Idea and Business Model Leonard Brzezinski American Intercontinental University MGMT422

William Becker

Wk1 IP Product Idea and Business Model Product Idea

The product is the Eton Corp. hand crank multi device charger with emergency radio and light. It is innovative within its industry simply because it incorporates key emergency features into its design. Originally the emergency specific radio was designed as any other radio but with specific weather and emergency broadcast station channels. It used batteries as any other electronic device and didnt have much more to it. Eton Corp. had already been producing these kinds of radios as far back as 1986 under the company name of Lextronix, as they progressed through the years they started incorporating new features and experimenting with alternative power sources for their emergency radios. Finally they figured out how to incorporate a hand crank generator that allows the radio to play for 15-20 minutes on 7 minutes of cranking time. Later they figured out that it would also be possible to add in charging ports for many of todays popular devices. The fact that Eton Corp. realized the necessity to incorporate a manual repetitive charging device into their emergency products and went ahead to create it shows that their products are in essence creative and inventive. Entrepreneurship This product was introduced to the market by partnering with other manufacturers that were in the same type of industry. In their early years they partnered with Porsche Design and later with Sirius Satellite Radio. They have since partnered with and been endorsed and funded by Red Cross and Apple (Eton Corp., 2014) the entrepreneurial approach was used in the beginning with their first designs and has continued through their history with their other creations all the way up to their most recent products.

Wk1 IP Advantages, Disadvantages, and Challenges of Entrepreneurship

The advantages of using the entrepreneurial approach in creating this product are that the company takes full responsibility for its success in the industry. It does not have to share credit or profit for its success. Another advantage is that because it was created from within the company it took longer for competing companies to copy or mimic the designs and make their own versions to compete with Eton Corps. already awesome product. The major advantages of the entrepreneurial approach is obviously the ease of maneuverability and freedom of the company to invest in, produce, and create new products without the need to gain approval from a higher authority. It offers a range of control that is unparalleled if working under another companies guidelines. And last, it offers flexibility to work at a comfortable pace and produce new and interesting things without the stress of deadlines. The disadvantages are obviously mirrored in this approach as well. Making all the decisions is an advantage but also a disadvantage because there is no one else to help take the burden of decision when things get stressful. Keeping up with the times and maintaining a competitive edge can be hard for a small business or new corporation because it requires a sense of diversification in product creation in order to stay ahead of the mainstream competitor. And last, the work schedule involved in the entrepreneurial approach can be very erratic and over exhausting because it is not usually shared with a large work force. (Britt, 2013) The Intrapreneurial Approach vs The Entrepreneurial Approach If this product had been brought to market through intrapreneurial means it would have most likely had to go through a lot of inter-corporate red tape because intrapreneurial activities are usually conducted by employees that work for a corporation that produces certain products, therefore they have to seek out and receive permission for any type of project that is outside of

Wk1 IP the scope of normal production. Intrapreneurial working capacity take a lot of the autonomy out

of being able to produce and invent a product. The process of creation is ultimately slowed down in a multiple of ways and for a multiple of reasons such as financing which has to be approved through corporate hierarchy, design or concept approval from senior officials, constant over watch of the product including having to take into account outside influence and suggestion. Along with this the originator of the idea may not be given full credit or compensation for the project ideas or designs. Many corporations have specific contracts that are signed when an employee is hired that claims possession of all intellectual or creative property rights of its employees in relation to a product or service idea that directly relates to the corporations known products and services. On top of this the originator of the idea, concept, or invention may be held fully liable if the finished invention is unsuccessful or causes some type of failure within the corporation as a whole. Risks, Skill Sets, Organizational Assets, Funding, and Keys to Success The risks involved in the intrapreneurial approach are that the originator of the idea may lose his/her property rights to the invention or idea for the invention. Red tape and lack of interest could ultimately take possession of and then shelve the idea. Skills or knowledge needed to get the project off the ground are an intimate knowledge of how the corporate system works, and knowing what channels to go through to get the idea recognized and considered for funding.

Conclusion Whether a corporation or company wants to create a new and inventive product and introduce it to the public or a person wants to introduce a new product internally through a

Wk1 IP corporation or company it is imperative to consider all the pros and cons of doing so. It is important for both the entrepreneur and intrapreneur to recognize the risks and advantages of both approaches in order to figure out what decision would best serve to promote the creation and proliferation of the products invention and dissemination.

Wk1 IP References Britt, D. (2013). Pros and Cons of Being an Entrepreneur. Retrieved from http://source.southuniversity.edu/pros-and-cons-of-being-an-entrepreneur-96101.aspx Eton Corp. (2014). Etons Story. Retrieved from http://www.etoncorp.com/en/about/story