Morphsuits Essay Example | Topics and Well Written Essays - 1500 words

Morphsuits - Essay Example The founders of the company include two brothers Fraser and Ali Smeaton, and Gregor Lawson who was their flatmate. The founders of the company lived in Edinburgh, the headquarters of the company, Scotland and this innovation would have phenomenal growth in the country and across the world. The three seized the opportunity in what can be described as an entrepreneurial move and started the production of morphsuits from their apartment (BBC News, 2014). The entrepreneurial characteristic that is important in innovations and development relates to the identification of an opportunity and its maximum utilization as the three founder members did with the introduction of morphsuits. The idea stemming from the party and the dress code of their friend who was prominent at the party getting a lot of attention, being bought drinks and taking numerous pictures spurred the theme behind morphsuits. The three founders took the opportunity and made an investment of one thousand dollars each while ensuring improvement to the bodysuit. The improvement to the morphsuits that distinguished it from the body suit was the provision of better vision. Two additional characteristics are exhibited in the development of morphsuits with the first one being taking of risks in terms of investments. Innovations are done on the projection of positive results in the future, but so are the chances of failure and hence innovations have to be accompanied by an incr eased level of risk acceptance. Innovations are possible when people are risk takers as opposed to being risk averse. The second element visible from the morphsuits example touches on the improvement in quality or an identified aspect of an existing product or idea. The morphsuits designed by the three founders cover the whole body and come in different varieties of designs to suit the expectations of consumers. The name morphsuits might be assumed ambiguous, but on the