Roli Company: Opportunity, Innovation, and Entrepreneurship Report

This report examines Roli, a company revolutionizing music creation through innovative products. It delves into the concepts of innovation and entrepreneurship, highlighting their importance in commercial success. The report analyzes Roli's approach to identifying market opportunities, developing new products, and overcoming challenges, including an interview with the CEO and founder. It explores various theories of opportunity, innovation, and entrepreneurship, demonstrating how these theories were applied to Roli's growth and success. The report covers key aspects such as market research, innovation management, and the challenges faced during the company's initial stages, including financial constraints, hiring skilled employees, time management, and marketing strategies. Furthermore, it discusses Roli's innovation matrix and its strategic positioning in the market, emphasizing the company's focus on meeting the needs of musicians and providing accessible music recording solutions. The report concludes by emphasizing how Roli's entrepreneurial spirit and innovative products have established it as a key player in the music industry.

Opportunity Innovation and
Entrepreneurship

Table of Contents
Introduction......................................................................................................................................1
Main Body.......................................................................................................................................1
Conclusion.......................................................................................................................................5
References........................................................................................................................................6
Appendices.......................................................................................................................................7

Introduction
The term innovation means innovating the new product that is different and new in the
market and it has not has been introduced in the market by any of the rivals. Innovation and
entrepreneurship are essential ingredients which makes a successful commercial entrepreneur.
The opportunities for developing new products in the market should be targeted by the
entrepreneur. The company that has been taken for this purpose is the Roli, the aim of the
company is to innovate new technique for making the music. The report contains the interview of
CEO and the founder of the company. Also the identification of different theories of opportunity,
innovations and the Entrepreneurship would be examined and lastly how this theory helped the
company to grow and succeed in the market is analysed.
Main Body
The introduction of novelty in the market by implementing the new methods, products,
services is known as innovation. Entrepreneurship is defined as the key to innovating at the
individual business level so as to inspire the overall industrial growth. As entrepreneurship is
considered as the process of designing, launching and running a new business which is small
business at the initial stage (Wynarczyk, 2013). It has been identified in the world of innovation
that both the terms innovation and entrepreneurship are important part to address the
development of the challenges which includes the sustainability and shared prosperity of the
products that has been developed. It is seen that the new entrepreneurs innovate the most
successful things for the future of the market and also they also grow the employability in
economy (Greenberg, and Marx, 2017). If the company is innovative then it allows the firms to
specialise and meet the international practice standards. A business opportunity is the packaged
business investment that allows the buyer to begin its business. The business opportunity that has
been fined by the entrepreneur should contain the fact that its products are different and are
unique to the market with having maximum emphasis on the needs and wants of the customers.
It has been considered that one of the biggest problem that arise to an entrepreneur is finding
about the opportunity so as to make a big and successful business plan (Carlisle and et. al.,
2013). The entrepreneur has to search for different business platform so as to invest in and have
to formulate different strategies which would make their product appealing to the global market.
1

As while taking interview of CEO and the founder of the company Mr Roland Lamb he
said that it was a tremendous task to make the innovative product which appeals to the maximum
consumers and the music artist. He said that he developed the idea of innovating a product that
will change the way how music is recorded. It was the innovation of Mr Roland Lamb that he
wanted that any person can make music at their home while using their product. It was decided
by the him that he should make a unique product that would make recording of music easier and
more happening. As the company includes various products that are used for making the music
and recording it (Peter and James, 2013). As while innovating this idea the CEO and the team of
the company were passionate and were spiritual to launch the product. He also said that while
making the product the team was passionate and were working day and night to bring the best
out of the product. Also it was said that all the employees were so motivated and were strict
towards the work ethics (Goldsby, and et. al., 2017). The first key board that was developed by
the company was seaboard, it was the synthesizer controller that was based on the piano key
board. It was the created by the using the continuous surface of silicon. It was the huge success
for the company when its seaboard appeared in the Oscar winning film La La Land. The
company also used the trait of versatility in its products. The companies new product are so
innovative that they always outperform the older one.
The company and its entrepreneur has thought to build a product that is new to the market
and is not at all existing in the market. As the company made a product that gives rise to new
industry so they have made a Radical Innovation. The product that is developed is innovative and
has added value to the companies strategy and its goodwill.
As the enterprise tendency is defined as the tendency to start up and to innovate a project.
The entrepreneur is considers as the restless person who is having the ideas and has an
imaginative approach to innovate the problems. The innovative tendency of the entrepreneur
helps to create the new products and services and the systems so as to achieve the success in the
global market. The company has identified the market and has done a market research that
includes identifying the opportunities which will increase the sales of their product and the area
that is required to produce new product. As market research includes the collection of the data
about a particular market, service or product. This is used to analyse if any competitor is already
prevailing in the market (Parker, 2012). The company should analyse the trends of the market
and should check that how much a particular new product prevails between the customers. But
2

before penetrating into the product, it is important to define clear market research goals. The
goals that a company must fulfil includes the following:
 Identifying the target audience
 Recognizing the distinctive feature of local consumers and their buying habits
 Explore competitors marketing research opportunities and strategies
 Shape the product or service identity
 Understand what clients like most/least about the existing product
 Define the true unique selling proposition
It is seen that contemporary models of economic growth is based on the investment and
is exploitation of knowledge as the prime source of economic development. As growth
performance of the company differs across various countries so the company should analyse in
which country the product has to innovated. The CEO of the company also said that as they are
the first mover who has founded the scope of creating and recording the music with the help of
single device the funds that were required by the company to increase the its production and
advertisement were high (Huarng and Ribeiro-Soriano, 2014). The cost of production of its
products are high because of which in starting phase the company was not able to generate
maximum revenue. As the demand of the product increased, due to economies of scale they were
able to achieve the targeted revenue and the profits so as to generate their products.
The company is managing its innovation ideas as it is simply the process of coming up
with and introducing new things and developing the business. The key aspects of innovation
management includes four characteristic which are typically used in managing the innovation of
the company. These are
 Capabilities: it is termed as the Umbrella which is used to cover the different abilities
and the resources of the organisation (Duval‐Couetil, 2013). The capabilities aspect
moves around the people, as the process of innovation relies mainly on the abilities of
the individuals and the groups. It is considered as the know and how and the practical
skills of the people of the company. The capabilities of the company must includes the
information capital, tacit knowledge as well as the capabilities to avail the finance
capital. Which is the main ingredients to raise and create innovation.
 Structures: The company should maintain a structure that makes a link between the
capabilities which enables the effective use of the capabilities. This means the
3

organisational structure, processes and the infrastructure of the organisation. If the
company is not having the right communicational channels then the right process for
making the decisions would make the firm hamper its innovation and success within the
country.
 Strategy: An organisation should build a strategy that would make its product success
and would enable the company to achieve the target customers at a much faster rate. It
should include the understanding of making the deliberate choice between the number of
options available (Brown, 2016). As it is seen that the link between the innovation and
the strategy is an extensive topic but it can be considered as one of the means to achieve
the strategic goals.
 Innovation matrix: Company has followed innovation matrix which would help them in
designing the product and making their supply chain in a way that would increase their
productivity. This is used by company to clarify the concepts and to classify the
initiatives in portfolio of innovative products.
While talking with the CEO of company he emphasised that the idea for the product has
came from the requirements of the musician and singers who wants record the music but doesn't
want to pay a huge amount for recording. Also they wanted one single device that helps them to
record the music and edit it. So this was the opportunity which made the mind of entrepreneur to
innovate a product that is best and is useful to customers.
While taking interview of CEO of the company he set out various challenges that were
faced by him during the initial stages of company formation and while doing its operations.
There were various challenges that were faced by entrepreneur which includes the following:
 Money: This is one of the main issue that arise in front of entrepreneur. As in the case of
Roli they were forming a product that was having a high cost of production and it has to
be made in huge numbers (Gundry, Ofstein and Kickul, 2014). So managing fund was
the main problem for the company. It was the earlier year of company and they were
struggling to pay the debts of the suppliers. Company managed to raise money from the
Angel investor who helped them to provide a good amount of money at the cost of
dilution of funds.
 Hiring employee: This includes the hiring of the skilled employees at the cheaper rate as
the company is in the initial stage. The employees should posses the sufficient amount of
4

skills which would help them in building their products. As Roli is in the initial stage of
business and does not have huge amount so as to pay to the employees. So they targetted
the option of diluting the shares of the company. They also help the company to get the
desired employee and help to hold the skilled employee with themselves.
 Time management: “In startups there is never enough time” this statement was given
by the CEO of the company. The company has million of decision that has to be taken
only in 24hr of the day. The management of the company should check that there is
minimum distraction while running the business.
 Marketing strategy: This is the challenge that has to be tackled by the management of
the company at the first and the foremost position (Turner, and Pennington, 2015.). This
includes the thinking and planning the strategies that would increase the sales of the
product and the distribution of the product that they offer.
 Positioning the product: This is stage where the product of the company is to positioned
among the targeted customers. This includes making the innovative product appear ion
front of the targeted customers through different techniques and stages. This includes
various tools advertising on the basis of print media, online advertising and using various
marketing mix of the company (Feldman, Link and Siegel, 2012). If the company does
not have the marketing strategies then they can outsource this through other departments.
For a business to grow and extend is dependent on the opportunities which are available
to them. It includes the growth aspects of the company which may be obtained through new
brand partnership programmes or leveraging the referral marketing. As in the case of Roli they
are now using different partnership for making their products available to the different parts of
the world.
It has been evaluated from the response of entrepreneur and CEO of the company and
also through the business report that companies idea of making the product is huge success. The
company got the tremendous response from the people which make their sales figure outperform
the other rivals and increases their profitability.
Conclusion
From the above report it is analysed that innovation is the key essence of the new and
emerging companies. The companies should innovate the new ideas to emerge in the global
market and to make there business sustainable. For any entrepreneur it is important to explore the
5

entrepreneurial trails and tendencies so as to make success in the global market. Also the
company should follow the growth opportunities so as to expand their business in the coming
future.
6

References
Books and Journals
Brown, P.B., 2016. Entrepreneurship for the Rest of Us: How to Create Innovation and
Opportunity Everywhere. Routledge.
Carlisle, S., Kunc, M., and et. al., 2013. Supporting innovation for tourism development through
multi-stakeholder approaches: Experiences from Africa. Tourism Management. 35.
pp.59-69.
Duval‐Couetil, N., 2013. Assessing the impact of entrepreneurship education programs:
Challenges and approaches. Journal of Small Business Management, 51(3), pp.394-409.
Feldman, M. P., Link, A. N. and Siegel, D. S., 2012. The economics of science and technology:
an overview of initiatives to foster innovation, entrepreneurship, and economic growth.
Springer Science & Business Media.
Goldsby, M.G., Kuratko, D.F., Marvel, M.R. and Nelson, T., 2017. Design-Centered
Entrepreneurship: A Four Stage Iterative Process for Opportunity Development. Journal
of Small Business & Entrepreneurship. 29(6). pp.477-490.
Greenberg, J. and Marx, M., 2017. When Opportunity Moves To Or Away From You:
Mechanisms Linking Geographic, Economic, Institutional, And Social Space With
Entrepreneurship, Innovation, And Business Performance (No. 17-04). Center for
Economic Studies, US Census Bureau.
Gundry, L. K., Ofstein, L. F. and Kickul, J. R., 2014. Seeing around corners: How creativity
skills in entrepreneurship education influence innovation in business. The International
Journal of Management Education. 12(3). pp.529-538.
Huarng, K. H. and Ribeiro-Soriano, D. E., 2014. Developmental management: Theories,
methods, and applications in entrepreneurship, innovation, and sensemaking. Journal of
Business Research. 67(5). pp.657-662.
Parker, S. C., 2012. Theories of entrepreneurship, innovation and the business cycle. Journal of
Economic Surveys. 26(3). pp.377-394.
Peter, G. and James, S., 2013. China: Transformational leadership for policy and product
innovation. Advances in Management.
Turner, T. and Pennington, W.W., 2015. Organizational networks and the process of corporate
entrepreneurship: how the motivation, opportunity, and ability to act affect firm
knowledge, learning, and innovation. Small Business Economics. 45(2). pp.447-463.
Wynarczyk, P., 2013. Open innovation in SMEs: A dynamic approach to modern
entrepreneurship in the twenty-first century. Journal of Small Business and Enterprise
Development. 20(2). pp.258-278.
7

Appendices
Interview with Roli
CEO name :Roland Lamb
Questionnaire
Q1.How did the idea for your business come about?
The idea of the business came from the demand of people who are music lovers. They
wanted if they could use a single tool that can help them to make and record music.
Q2.What was the key driving force to become an entrepreneur?
The key driving force that made mind my mind to become entrepreneur is that the
product that I made was innovative and appealing to people. This made my mind that I could
use this as the means of doing business. This force helped me to become entrepreneur.
Q3.How did you come out with the name for the company?
The name of the company was difficult task to make. We made a discussion among the
team members and took the name that was recognized by each member and after this a polling
was done in which the maximum votes was decided as the name of the company.
Q4.How did you rise funding for your venture?
The main source of funds that helped the company to expand and grow was external
buying. We used the funds of venture capitalist that helped us in raising maximum capital.
Q5. How did you spot and evaluate the opportunity?
The problem of the people and the cost that they pay to record one track was opportunity
for us. We garbed it by creating the product that is used to record music.
Q6.How did you build a successful customers base?
We used the process of retail selling and made the product available through our site.
We also offered best discount that is available to our loyal customers. This helped us in
achieving the best and successful customer base.
Q7. What helps you to stay competitive on the market, did you come up with any Innovation?
What kind of Innovation?
We offered our client new and innovative products that are made using different
8

element. We also lay emphasis on the cost which matters the most to record a music. Also the
latest and upgraded version of the product is also made available so as to achieve
competitiveness in the market.
Q8. How do you market your business, and which tactics have been more successful?
The business is marketed through different medium of online tools and well as the e-
commerce sites that are used for the purpose.
Q9. Can you describe a typical day at work ?
The day at work starts of from 8:00 AM in the morning and it ends on 8:00 PM at night.
Q10. What motivates you?
The response that we have got from the customer and the positive feedback that they
gave to us for the product that we offer motivated us the most.
Q11. Did you see any growth opportunities, and where you see yourself in 5 years?
We found that our company to be in the highest position where there is no competition
for us in the market and we are set as a benchmark in the global market for the product that we
offer.
Q12. Have you got any advice for a new starter?
The new starter should check and analyse the requirements of the people of the society
and should also make the products that are innovative in nature which are different to the users.
9