In last week’s Comm 101 class regarding entrepreneurship, we were introduced to actual entrepreneurs, Janice Cheam and Wade Larson, who shared their innovative product ideas to our class. Both Janice and Wade are in the process of developing and releasing their products in the near-future, and after listening to their sales pitches, both seem to have developed potentially successful products.
Janice Cheam
Janice’s main product, the PowerTab, aims to assist users in lowering energy usage/costs, while also bringing attention to sustaining the environment. By measuring and displaying the amount of energy a household uses, families will begin to apprehend the amount of electricity they use, and consequently look to use less energy. This is a brilliant idea, but will individuals be willing to spend $50-$100 to measure their energy use?
The PowerTab helps you track your energy use, saves money and the environment at the same time!
Wade Larson
Wade’s innovative idea, URTHECAST, is a service that provides real-time HD satellite imaging that brings a revolutionary experience to the world. Although the idea is risky due to the high startup costs, I believe the wide interest it will gather will allow the service to become lucratively profitable. Wade’s partnership with RSC Energia is one of the companies greatest strengths, as it allows him to forgo the multimillion dollar cost of purchasing a satellite by sharing it instead, thereby giving his company a competitive advantage.
https://www.youtube.com/watch?v=wVZA1V4Ttc0
Although both entrepreneur ventures are impressive, I personally believe URTHECAST will become a more lucrative business due to its broader target market. People of all ages will find this service intriguing.