Entrepreneurship and Intrapreneurship
What is your product, and why do you feel the product you have selected is innovative within its industry?
The product to be introduced to the industry is a house paint with a reduced odor. The primary benefits for this new product are safer painting and a quicker return to the room, or rooms, repainted. The chief danger to painters is the cloying odor and the chemicals that cause it. Reducing the use of these chemicals and replacing them with compounds that perform much the same function with safer results is the intention of this innovation.
How was the product introduced to the market, and which approach was used—entrepreneurship or intrapreneurship?
The product will be introduced to do-it-yourselfers as a safer way to improve, or merely change, the look of a room. The method of innovation used was intrapreneurship, because the product was created by a paint manufacturer as a result of continuing research and development with this specific product in mind.
Give a brief description of some advantages, disadvantages, or challenges resulting from using the particular approach?
The advantages of using the intrapreneurship approach is that if the company can provide a culture, structure, and freedom necessary to employees so that they can innovate, there will be large numbers of innovations in the company. The disadvantage of intrapreneurship is that the company has a low level of control over invention activities and the cost of invention can be very high. The reason is that very few inventions are perceived to have value in the market place. So, most inventions cannot be developed into products for the market place. However, this disadvantage can be viewed as an advantage, as well. The chemists employed within the corporation are employed to improve the condition of the product, and as such any failures can be viewed as successes, in that the product already produced is first-rate.
The primary challenge overcome for bringing the innovation to market
The product to be introduced to the industry is a house paint with a reduced odor. The primary benefits for this new product are safer painting and a quicker return to the room, or rooms, repainted. The chief danger to painters is the cloying odor and the chemicals that cause it. Reducing the use of these chemicals and replacing them with compounds that perform much the same function with safer results is the intention of this innovation.
How was the product introduced to the market, and which approach was used—entrepreneurship or intrapreneurship?
The product will be introduced to do-it-yourselfers as a safer way to improve, or merely change, the look of a room. The method of innovation used was intrapreneurship, because the product was created by a paint manufacturer as a result of continuing research and development with this specific product in mind.
Give a brief description of some advantages, disadvantages, or challenges resulting from using the particular approach?
The advantages of using the intrapreneurship approach is that if the company can provide a culture, structure, and freedom necessary to employees so that they can innovate, there will be large numbers of innovations in the company. The disadvantage of intrapreneurship is that the company has a low level of control over invention activities and the cost of invention can be very high. The reason is that very few inventions are perceived to have value in the market place. So, most inventions cannot be developed into products for the market place. However, this disadvantage can be viewed as an advantage, as well. The chemists employed within the corporation are employed to improve the condition of the product, and as such any failures can be viewed as successes, in that the product already produced is first-rate.
The primary challenge overcome for bringing the innovation to market
References: Hofstrand, Dan (2010) “What is an Entrepreneur?” Retrieved on April 28, 2012 from: http://www.extension.iastate.edu/agdm/wholefarm/pdf/c5-07.pdf Lambing, Peggy A. and Kuchl, Charles R. (2007). Entrepreneurship (4th Edition). Upper Saddle River, New Jersey: Prentice-Hall Pinchot, Gifford (2011) “The Intrapreneur’s Ten Commandments” Retrieved on April 26, 2012 from: http://www.pinchot.com/perspective/intrapreneuring/ Shukla, Amitabh (2009) “Risk Factors of an Entrepeneur” Retrieved on April 27, 2012 from: http://www.paggu.com/entrepreneurship/risks-factors-of-an-entrepreneur/