invention and innovation

Echo is an example of both invention and innovation because its development relied on previously created technology—in this case the invention of voice interactive technology, such as natural language processing (NLP) and text-to-speech (TTS) technology. But Amazon is also spurring on new inventions that can help Echo’s capabilities to grow. In June 2015, Amazon started the Alexa Fund, a $100 million development campaign to support companies that can “fuel voice technology innovation.” According to its website, Amazon is looking for companies that can create new and novel capabilities for Echo, creating “novel voice experiences.” Amazon states: “If you have a visionary idea, we’d love to talk to you.”

3.3.2 Entrepreneurship 1. Objective: Characterize successful media entrepreneurship

The transition from invention to commercial viability generally involves costly false starts. Consider the Internet, whose history as a business enterprise is littered with upstarts, some with big-dollar financing and others that flashed into prominence and quickly dimmed. Remember eToys? And what about Both were the victims of overly rapid growth, marketing budgets that outpaced revenues, and generally poor business plans. For instance, launched an impressive marketing plan for pet supplies, but in the end, cat owners did not want to wait several days for kitty litter when they could pop into their local pet store down the street on their way home from
work. Yet Amazon, as a mega-mega store, has had enormous success in marketing delivering a full range of products, including pet products, and streamlined multiple shipping options for those who want their delivery expedited. One of the reasons that Amazon can provide better, faster shipping options and has been more successful than the is because of its economies of scale (which is another term students should know). The volume of Amazon’s stock and that of third-party vendors associated with it is so great that Amazon outpaces all its competitors and can afford to provide free and expedited shipping.

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