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In 2010, a hybrid entrepreneur working at a full-time job has come up with the idea for his first product, a smartphone car stereo. He has invested $10,000 of his own money plus $3,000 from an early investor to develop his prototype. He needs to put together a viable commercialization plan and is considering crowdfunding as a viable funding source. He also needs to decide whether to distribute his product through direct sales or a traditional retail model.
·Understand the benefits and limitations of crowdfunding compared with other sources of finance. ·Understand the costs and benefits of using remote outsourcing of technical tasks and product manufacture over the Internet through virtual product development and virtual supply chains. ·Learn the pros and cons of entrepreneurs selling new products through existing retailers or directly to consumers. ·Understand the pricing of a new product when no benchmark price exists. ·Understand the transition of a part-time hybrid entrepreneur to a full-time entrepreneur and the implications of hybrid entrepreneurship when exploiting an entrepreneurial opportunity. ·Learn the tasks required to move from a new technical idea to its commercialization into a viable consumer product.