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.