The Healthband - an Innovative Product

The HealthBand

Shante Williams

MGMT422-1401B-02 Unit 1 IP 1

American InterContinental University

Abstract

This paper will define the term difference of entrepreneurship and identify an innovative product and the reason the product is innovative within its marketplace.  There will be detailed information identifying how the product was introduced to the market and whether it was an entrepreneurship approach or the intrapreneurship approach. This paper will identify the advantages, disadvantages, and challenges, if any, resulting from this particular approach.

Part 1: The Product Idea

The HealthBand

Merriam-Webster defines innovation as the introduction of something different, newly created, or an enhanced method. This definition can be interpreted in multiple facets, for example, in the business field, innovation is viewed as business opportunities, job creations and the improvement of processes or to something that currently exists.  The HealthBand (HB) is an innovative product for individuals that suffer from high blood pressure (HBP), diabetes, and require assistance with taking medication.

According to medical studies, blood pressure plays an important role in the management of diabetes; therefore, keeping track of blood pressure is extremely important (“What is high,” 2012).  Individuals that have both increases the risk of additional complication, including but not limited to heart disease, kidney complications, and strokes (“What is high,” 2012). Over the years, high blood pressure has become known as the ‘silent killer’ and is required to be checked regularly (High blood pressure,”).  The HealthBand eliminates the albatross of sore fingers due to pricking fingertips to check glucose levels. This product also has the ability to do the following:

• Check and maintain glucose levels
• Check blood pressure levels
•  Medication reminders
•  Notify emergency responders

This product will be introduced to the market as an intrapreneurship, which is defined as a form of entrepreneurship techniques that is supported by a major organization or corporation.  Unlike entrepreneurship which involves an individual developing a business idea and testing the idea as a business venture as a financial risk, intrapreneurs produce innovations for the organization/employer and are not financially impacted by the failure of the launch of a new or enhanced product.

The advantage of using this product will provide provider abrasion, impact healthcare costs, assist in fewer trips to the emergency room and doctor office visits, and result in healthier outcomes. The intrapreneurship approach is beneficial for multiple reasons, including: