Using your product example from the previous Discussion Board post, begin your paper with 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 usedentrepreneurship or intrapreneurship?
Give a brief description of some advantages, disadvantages, or challenges resulting from using the particular approach?
Part 2: Business Model
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.
This is the product I chose.
What is Innovation? That is the big question of the day. There are so many different definitions of Innovation. One definition is as follows. Innovation is being able to make an idea or invention
into a good or service that has value that a consumer will pay for(Businessdictionary.com, 2013). According to (Kastelle, 2012), Innovation is executing new ideas to create value.
The Innovating product that I chose is Personalized genetic medicine. I feel this is very innovating in its industry because it will helped doctor’s give patients customized healthcare. According
to Partners.org(2013), Partners Health Care Center for Personalized Genetic Medicine(PCPGM) was launched in recognition of the excitement of the Human Genome Project and as a commitment
to the importance that genetic and genomics knowledge would play in human health. This service was introduced to the market by intraprenuership. They are doing this by educating current
and future scientists, clinician and patients in genetics and genomics with programs and materials(Partners.org, 2013). They are supporting and overseeing the practice of medicine and its
change to genetics/genomics-based approach.
There are many challenges facing this type of innovation. They have to deal with regulations from the government. They have to deal with ethical and moral issues on how far to go. Some
consider this to be playing with God. It has the potential in the long run to make a big difference in the medical field in the early detection and preventative medicine.