MGT807 - Analysis of Nura Headphones: Entrepreneurship and Innovation

This report provides a comprehensive analysis of Nura Headphones, a Melbourne-based consumer electronics company known for its personalized sound technology. The report examines the innovative aspects of their headphones, which automatically measure users' hearing sensitivities to customize sound. It delves into the market analysis, identifying key competitors like Sony and Bose, and the impact of online consumer trends. The market entry strategy employed by Nura Headphones, categorized as a Greenfield investment, is discussed, along with the financing model that utilized Series A funding. The obstacles faced, including intense competition and high product prices, are analyzed. The report highlights key takeaways, emphasizing the importance of innovation in the modern business landscape and the challenges faced by Nura Headphones in a competitive market. It also covers how the firm developed its unique position in the consumer electronics industry and its influence on the revenues.

Running head: ENTREPRENEURSHIP AND INNOVATION ANALYSIS
ENTREPRENEURSHIP AND INNOVATION ANALYSIS
Name of the Student
Name of the University
Author Note

1ENTREPRENEURSHIP AND INNOVATION ANALYSIS
Executive Summary
The report is mainly based on the analysis of an invention or innovation that has been able to
bring major changes and has gained major levels of success as well. The firm that has been taken
into consideration for study is Nura Headphones that is operates in the consumer electronics
industry and offers personalized or customized headphones to the consumers that are based on
their hearing profiles. The innovation is mainly based on the issues related to hearing
sensitivities that are fulfilled by the organization with the help of its innovative headphones. The
market of operations of Nura Headphones and the key players who are a part of the industry will
also be discussed in the report in detail. The strategy related to market entry implemented by
Nura Headphones will be discussed in the report in detail. The financing model that is
implemented by Nura Headphones to start its operations in the industry has been discussed as
well. The obstacles that Nura Headphones has faced in development of its operations are also an
important part of the discussion. The report will thereby be able to offer a detailed view based on
the methods by which Nura Headphones has been successful in developing its operations in the
consumer electronics industry.

2ENTREPRENEURSHIP AND INNOVATION ANALYSIS
Table of Contents
Introduction......................................................................................................................................3
1. Selection of an invention that succeeded commercially..............................................................3
2. Describe the invention/innovation...............................................................................................4
Problems that are solved..............................................................................................................4
3. Analysis of the market and its key players..................................................................................5
4. Strategy of market entry that was chosen for your invention/innovation....................................5
5. Financing model that was chosen................................................................................................6
6. Obstacles faced by the organization............................................................................................6
7. Key takeaways from the analysis................................................................................................7
Conclusion.......................................................................................................................................7
References........................................................................................................................................9

3ENTREPRENEURSHIP AND INNOVATION ANALYSIS
Introduction
Innovation is considered to be a new idea, new imagination or creative thought that is
mainly related to the development of a new method or device. The process of innovation can also
be viewed as an application of the enhanced solutions that are able to meet the new requirements,
existing marketing based needs and the unarticulated needs as well. The innovations can thereby
take place with the proper development of new products, services, processes, business or
technologies that are available to society, governments and markets as well. The innovation is
considered to be something more effective or original in nature and this further breaks into the
society or market (Aversa et al., 2015).
The report will be based on the analysis of the success that has been gained by the
innovative initiatives that are implemented by an organization named Nura Headphones. The
market and the key players will be discussed along with the market entry strategy that had been
chosen by the invention as well. The obstacles faced by Nura Headphones and key takeaways are
also an important part of the analysis (Freiling, 2015).
1. Selection of an invention that succeeded commercially
Nura Headphones is mainly consumer electronics based firm that operates in Melbourne,
Australia. The company is known in the industry for the manufacture and designing of the
headphones which offer personalized sound related technologies. The technology of an
organization like Nura Headphones can automatically measure the hearing sensitivities of users
which are related to different frequencies (Nuraphone.com. 2019). The headphones that are
offered by the organization are able to analyze the opto-acoustic emissions that are gained from
different sounds and sound based technologies as well. The technologies are also monitored in an

4ENTREPRENEURSHIP AND INNOVATION ANALYSIS
effective manner with the support that is offered by the various products of the organization
(Nuraphone.com. 2019).
2. Describe the invention/innovation
The major invention or innovation that has been implemented by Nura Headphones is
thereby mainly based on the methods by which the headphones are able to detect the frequencies
and hearing capabilities of individuals and can customize the sound accordingly. The Nura app is
able to develop a unique hearing based profile of the consumers based on which the headphones
are able to provide the sound (Beha, Göritz & Schildhauer, 2015).
Problems that are solved
The major problem that has been solved by the innovation that is implemented by Nura
Headphones is related to proper understanding that is gained based on the hearing based
sensitivities of consumers. The hearing profiles are considered to be useful for the purpose of
enhancing the experiences that are offered by Nura Headphones to the consumers. The relative
hearing based sensitivities of consumers has been provided high levels of importance for
development of products of Nura Headphones (Dorantes-Gonzalez et al., 2015). The shape of
hearing profile is based on information based on the hearing levels of the consumers or the
individuals. The hearing related sensitivities of consumers in the industry have also been
considered by Nura Headphones for the purpose of manufacturing and designing the products.
The formation of hearing profiles by Nura Headphones is also considered to be a unique step that
has been implemented by the organization in order to develop a differentiated position in the
consumer electronics based industry. The issues related to quality of products and their
effectiveness have been easily solved by the customized products that are provided by Nura
Headphones (Ghezzi et al., 2015).

5ENTREPRENEURSHIP AND INNOVATION ANALYSIS
3. Analysis of the market and its key players
The major competitors of Nura Headphones in the consumer electronics based industry
are Sony, Bose, Apple and Samsung. The online consumer industry has been able to show
immense levels of growth in the last few years due to increasing use of internet. The retailers of
traditional consumer electronics have enabled the enhancement of revenues of the organizations
that are a part of the industry. The online purchases have proved to be an effective alternative to
the traditional brick and mortar based operations of various organizations (Jenkins & Fife, 2016).
The revenues of consumer electronics industry are expected to increase by around 14.8%
annually over the next five years. The innovation in various products and the introduction of
various consumer gadgets have led to the increase in the functionality of various products and
have also driven the growth of the industry. The speed of innovation and expansion of the
industry has been able to influence the demands for various products. The new internet
connections are also able to influence the forecast of demands related to the consumer electronics
based products. The levels of competitiveness in consumer electronics industry are considered to
be quite high and the enhancement of product features is considered to be quite important
(Lüdeke-Freund et al., 2017).
4. Strategy of market entry that was chosen for your invention/innovation
The market entry strategy that has been implemented by Nura Headphones in order to
start its processes in the industry can be termed as Greenfield investment. The process of
Greenfield investment is based on the greatest involvement that an organization has in the
international business. The production facilities and processes of the business are developed in
order to manufacture the products and to provide them to the consumers as well (Naggar, 2015).
Nura Headphones has aimed at offering the products to its consumers through the website and

6ENTREPRENEURSHIP AND INNOVATION ANALYSIS
this is able to enhance the reach in an effective manner. The products are also provided to
consumers in various parts of the world with the help of delivery based facilities that are offered
with the help of the website. The development of manufacturing and production facilities of
Nura Headphones is considered to be helpful for the firm so that it is able to sustain its position
and revenue levels in the industry as well (Massa, Tucci & Afuah, 2017).
5. Financing model that was chosen
Nura Headphones is a Melbourne based organization that has been able to raise around
21 million Dollars of funding with the help of Series A funding method. The funding round of
the organization had been mainly led by the existing investor of the organization Blackbird
Ventures. The funding was mainly raised by the organization for the purpose of developing the
new products and also accelerating global rollout of the flagship product named “Nuraphone”
personalized headphones (Dorantes-Gonzalez et al., 2015). The organization has aimed at
tailoring the products with respect to the unique hearing based profiles of the consumers that can
suit their ears and hearing capabilities as well. The organization was also successful in raising 6
Million Dollars based on the strong levels of interests of the stakeholders. The expectations
related to funding activities had been exceeded with the help of high levels of funding that were
gained by the organization (Oyedele, 2016).
6. Obstacles faced by the organization
The major obstacle that had been faced by the organization is mainly based on the intense
competition that is faced from the big players in the market like Sony, Bose and Samsung. The
competitiveness of the market has been able to offer major levels of issues to an organization like
Nura Headphones that is quite new to the industry. The high prices of the products are also

7ENTREPRENEURSHIP AND INNOVATION ANALYSIS
considered to be major aspects that are related to the issues faced by Nura Headphones
(Dorantes-Gonzalez et al., 2015). The funding related factors also have an influence on the
methods by which Nura Headphones is able to develop its operations in the consumer electronics
based industry. The capital related issues also have an impact on the promotional and advertising
based activities that are performed by the firm (Rana et al., 2017).
7. Key takeaways from the analysis
The analysis has been able to depict that implementation of innovations and the
innovative activities are able to influence the processes of modern firms in different parts of the
world. Nura Headphones is also a major innovative organization that has been able to maintain
its operations with the help of effective innovations that are implemented in order to fulfil the
demands and needs of consumers (Beha, Göritz & Schildhauer, 2015). The organization has been
able to develop the products in an effective manner with the help of proper analysis of the
requirements of consumers. However, the high prices of products and the intense levels of
competition has a major influence on the development of its position in the competitive industry.
The development of capital is also considered to be a key obstacle that is related to the
operations of Nura Headphones in the industry (Naggar, 2015).
Conclusion
The report can be concluded by asserting that an organization like Nura Headphones
offers innovative products to the consumers in Australia and various other parts of the world as
well. The unique demands of consumers have also been effectively fulfilled by the products of
Nura
Headphones. Innovation has been able to play a key part in the development of a unique position

8ENTREPRENEURSHIP AND INNOVATION ANALYSIS
of the firm in the industry. The large players like Sony and Bose have however influenced the
revenues gained by the organization in the industry. The obstacles faced by Nura Headphones in
the industry have also played a key part in influencing the revenues gained by the firm.

9ENTREPRENEURSHIP AND INNOVATION ANALYSIS
References
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modelling: Modularity and manipulation. In Business models and modelling (pp. 151-
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Beha, F., Göritz, A., & Schildhauer, T. (2015, January). Business model innovation: The role of
different types of visualizations. In ISPIM Conference Proceedings (p. 1). The
International Society for Professional Innovation Management (ISPIM).
Craft.co. (2019). Retrieved from https://craft.co/nura
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& Teixeira, F. F. (2015). Improved Business Model Representation of Innovation
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Entrepreneurship, Istanbul, Turkey, May (pp. 28-30).
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Innovation, 11(1), 3-10.
Ghezzi, A., Cavallaro, A., Rangone, A., & Balocco, R. (2015, April). A Comparative Study on
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Lüdeke-Freund, F., Freudenreich, B., Schaltegger, S., Saviuc, I., & Stock, M. (2017).
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from https://www.nuraphone.com/
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