In Austrian economist Joseph Schumpeter’s definition of entrepreneurship, he emphasizes the NEW PRODUCTS that a company offers. The first thing that came to mind for me was Lululemon, a brand of yoga wear for men and women. Lululemon’s signature fabric, luon, hasn’t been invented of offered at any other athletic wear brands. Along with luon, luxtreme and TechFleece are all special fabrics that Lululemon uses for their clothing products. Luon doesn’t permanently stretch, but stretches temporarily 4 ways, and is preshrunk to offer what most other athletic products don’t: a great fit without sagging in the product.

Lululemon identified a problem in the market which was the lack of athletic wear that would fit the body shape without permanently sagging. To solve this problem, they offered a unique fabric to solve consumers in this market for once and for all.

Luon