Insights Paper

The product will be a smart phone that has a high quality camera. The idea is to figure what specifications about the smartphones cameras that need improving, and then come up with a design and sell it to a cellphone producing company as a limited liability partner. The reason being, as the creator of the idea I would not want to simply sell the design. By being a limited liability partner I get a percentage of the sales profit of the phone at the same time not being legally liable for any irregularities or mistakes in the product. That is the company’s responsibility. However, I do not get a say in managing or marketing the design of the phone itself.

If this product actually makes to the market the probability of success is high giving that it would have a highly demanded quality and little to no competition in the field. However, if the product fails there will be no second chance because the company producing the cellphone will obviously buy all the copy rights of the idea, making it illegal even for me to take the idea to another company. In conclusion, using the idea to be a limited liability partner in a company protects me from any legal issues regarding the design or function of the product and entitles me to a percentage of the profit on it. On the other hand, using the idea in this method risks the idea itself, because of copy right, which will belong to the company that is producing the product.

The second product will be prescription glasses with a button that turns on night vision. The main purpose of this product is to find a solution for those who have night blindness, or “Nyctalopia”, and want to drive at night. Night vision is a high tech feature. The idea is to figure out a simplified version of it and put it on glasses at a sufficient cost to sell at a reasonable price. A sole proprietorship is the best way to go about this idea. Starting a line of frames for prescription glasses in not that expensive and is not complicated. Choosing sole proprietorship for this venture gives me total control over the management and marketing aspect of the company. For example, all frame designs will have to be approved by me. Also, I get to keep all the profit of my selling. On the other hand, sole proprietorship places all the legal responsibilities on the owner of the company. Also, I will have to deal with all the liabilities and debts of the company.

The risk of this product is that it might ONLY be demanded by those suffering from night blindness. In that case, the probability for those frames to survive in the market will be almost nonexistent. However, the plan is to come up with cool modern frame designs to make those frames appealing to everyone.

The third product will be an MP3 player that automatically backs up all of the music in an online storage once it is connected the internet. The idea is to come up with a design for a program that could be installed into an MP3 player and then sell it to an MP3 player producing company, like Apple, as a limited liability partner. The advantage of being a limited liability partner is not worrying about startup cost, or even worry about mp3 player design and cost. On the other hand, being a limited liability partner will limit the authority I will have on what products to use the program on and how.