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USA TODAY Collegiate Case Study: Technology & Entrepreneurship

USA TODAY Collegiate Case Study: Technology & Entrepreneurship

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Published by USA TODAY Education
Innovation drives America’s economy and fuels its competitiveness. Henry
Ford exemplified this by channeling his affinity for mechanical equipment into
the development of the self-propelled Quadricycle and the Model T, the first
affordable automobile. Today, transforming an idea into an entity relies on innovative
technology and has led to such mind-boggling creations as digital music,
RFID (radio frequency identification) and man-made diamonds. This case
study explores the various ways technology affects entrepreneurship. How do
the challenges and advantages of being an entrepreneur in the 21st century differ
from being one in Henry Ford’s time? Read these articles before you answer.
Innovation drives America’s economy and fuels its competitiveness. Henry
Ford exemplified this by channeling his affinity for mechanical equipment into
the development of the self-propelled Quadricycle and the Model T, the first
affordable automobile. Today, transforming an idea into an entity relies on innovative
technology and has led to such mind-boggling creations as digital music,
RFID (radio frequency identification) and man-made diamonds. This case
study explores the various ways technology affects entrepreneurship. How do
the challenges and advantages of being an entrepreneur in the 21st century differ
from being one in Henry Ford’s time? Read these articles before you answer.

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Published by: USA TODAY Education on Mar 25, 2010
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CollegiateCaseStudy
THE NATION’S NEWSPAPER
 Web puts undiscoveredmusicians, listeners in tune
By
Kevin Maney
...................................................................................3
Man-made diamonds spark with potential
By
Kevin Maney
..................................................................................4-6
Books might have to start newchapter to avoid extinction
By
Kevin Maney
..................................................................................7-8
Scared of new nano-pants? Hey, you may be onto something
By
Kevin Maney
........................................................................................9-10
Case Study Expert
Karen ThorntonUniversity of Maryland
......................................................................................11-12
 www.usatodaycollege.com
By Kevin ManeyUSATODAYNEW YORK — You know you're at arecord company when there is a piano inthe reception area.I'm here at EMI Music to see a recordcompany executive. The industry hastaken a beating the past five years. Lastweek, numbers released by NielsenSoundScan showed the industry headingfor yet another full-year slump for 2005.Everybody in tech talks about how therecord companies don't “get it.”But nobody ever seems to talk to therecord companies to see what they don'tget. So here I am, expecting to meet sometechno-phobic dolt who calls everyone"baby" and aches for the days whenAmerican Bandstand mattered. He nodoubt wears a scarf.Instead, I get Adam Klein, an urbane Britdressed in gray corduroy pants and a graysweater over a button-down shirt. He isEMI's executive vice president in chargeof strategy. At one point before joiningEMI in 2004, Klein had been president of search engine company Ask Jeeves. Heowns a video iPod. Amazingly, given theportrayals of his profession, there is acomputer on his desk. And it's turned on.Over the next hour, Klein does a coupleof things I don't expect.First, he lays out how technology hascreated challenges for the music industrythat go deeper than most people realize— certainly deeper than just the piracy of copyrighted songs.And then, instead of dwelling like apsychopath on how to stop piracy, Kleinfocuses on how the industry isreengineering itself to get ahead of technology and start growing again."It's unfortunate that the industryallowed itself to be seen as Neanderthal,"Klein says. "We're not asleep at theswitch. It's just that of all the industriesI've studied, none has had to deal withsuch a confluence of events."Actually, once Klein gets into it, you
© Copyright 2006 USATODAY, a division of Gannett Co., Inc. All rights reserved.
 Top tech items
Nearly half of respondents say they are likely to buytechnology products within the next six months forwhen they are on the go. Top technology items to bepurchased:
USA TODAY Snapshots
®
By Jae Yang and Marcy E. Mullins, USA TODAY Source: Harris Interactive online survey of 1,174 adultsage 18 and over. Margin of error
±
3 percentage points.
C  e  l  l   p  o  e  C  e  r   p  t  o   p   c  o   p  u  t  e  r  P  e  r  s  o  l   u  s  i  c  d  e  v  i  c  e  V  i  d  e  o   c  e  r  
1  7   %   1  4   %   1  0   %   8   %   7   %   
Innovation drives America’s economy and fuels its competitiveness. HenryFord exemplified this by channeling his affinity for mechanical equipment intothe development of the self-propelled Quadricycle and the Model T, the firstaffordable automobile. Today, transforming an idea into an entity relies on inno-vative technology and has led to such mind-boggling creations as digital music,RFID (radio frequency identification) and man-made diamonds. This casestudy explores the various ways technology impacts entrepreneurship. How dothe challenges and advantages of being an entrepreneur in the 21st century dif-fer from being one in Henry Ford’s time? Read these articles before you answer.
Technolog
 
y & Entrepreneurship
 
Band's Net-inspired hit showshow EMI goes with the flow
 
 AS SEEN IN USA TODAY’S MONEY SECTION, WEDNESDAY, NOVEMBER 2, 2005
Reprinted with permission. All rights reserved.Page 2
wonder why the music industry hasn't collapsed like an antcolony that lost its queen.Certainly technology brought an unprecedented level of piracy, and it's hurt the industry. But that's only the beginning.Digital online music has forced the industry to re-examine itssoul. "The record industry has never been consumer-centric,"Klein says.Instead, it has always pushed content on people. If a label hada hot new act, it pushed songs out to radio and, later, MTV. Ittried to dictate tastes and tell us what to buy and how to listento it, instead of paying attention to what we wanted. This ishow consumers wound up with eight-track tapes. And Toto.But the Net puts consumers in control. Teens tell each otherwhat to buy through podcasts and playlists posted on MySpace.They listen to songs on any device they want and use softwareto convert songs to the format they want.This is a massive philosophical switch for the industry, and,"We are just starting to look at the business through that lens,"Klein says.What else? Well, the "retailers" — the entities through whichmusic is sold — are changing, and they all have differentbusiness models that are foreign to anyone who's worked inmusic for the past 50 years. Mobile-phone companies mightgive music away to keep customers. Apple wants to sell musicfor less to drive the sale of more iPods. None of it worksanything like an old-fashioned record store.At the same time, the industry is facing this challenge: 95% of its revenue comes from the sale of physical CDs, which fromnow on will be a shrinking part of the business. The industry'sgrowth will come from digital sales, which are now just 5% of the business. So where do you put your resources? On the 95%,or the 5%?On top of that, a large swath of teenagers — among theindustry's biggest customers — don't have credit cards. Youneed a credit card to buy music online. So the industry is sellingto its best customers at stores at which they can't pay.The past couple of years, Klein says, the industry woke up andstarted a painful process of change. EMI has made hugeinvestments in technology — computer systems, databases anddigital storage it never before had to maintain.It has brought in a new set of people who, like Klein, are asgrounded in technology as they are in music. It has decided itsbrightest future lies in music-subscription services such asRhapsody and the new Napster. Those services are hard topirate, and they eliminate the problem of kids not having creditcards.Underneath all that activity, record companies have had toreally think about why they exist — and should continue toexist. What do they do best?Klein thinks he has an answer: "Developing and growingartists — that's what a music company will be doing," he says.Finding talented musicians, coaching them, putting them infront of the public — and then finding ways to profit from theirwork. Sell it online, sell it into video games or whatever newforms technology brings along. This is how the industry needsto think.Will it work? It's too early to tell. Industry figures show digitalsales shooting skyward and the overall sales misery levelingout. Klein says it's a trough, and growth is on its way. Industryanalysts tend to agree, to a point. Jupiter Research seeszooming digital sales replacing lost CD sales by 2010.While here, I get a glimpse of how a record company canlearn to cope. EMI has a band called OK Go. It wasn't getting alot of attention. Then the band shot a home video in a bandmember's backyard. It's just the four of them doing a goofydance they made up to one of their songs. They put it on DVDand handed some out at their concerts.Next thing, the video started flying around the Internet. EMIran with it, putting the video on the band's website,www.okgo.net. It turned into one of those Internetphenomena, exceeding 2 million downloads. OK Go did thedance on Good Morning America.The night I met Klein, I saw OK Go play in a New York club. Astheir encore, the band did the dance to a packed room of screaming fans.If the music industry can build on experiences like that, itmight yet improve its Neanderthal image.
Brondell founder:Dave Samuel with the Swash electronic toilet.
 
By Dusan Reljin
 
Page 3
 AS SEEN IN USA TODAY’S MONEY SECTION, WEDNESDAY, DECEMBER 7, 2005
Reprinted with permission. All rights reserved.
Artists used to need a record label to beheard. Now, all they need is a powerful PCand a broadband connection.
 Web puts undiscoveredmusicians, listeners in tune
By Kevin ManeyUSATODAYFor any musician with at least a pinchof talent and a desire to perform, theInternet has become a godsend.A new generation of websites — manyof them started by people who came outof the music industry — are opening thebusiness to thousands of artists andhobbyists who in the past had few waysto broadcast and sell their music."Technology has changed things all theway through the chain," says KelliRichards, a digital music pioneer who co-wrote The Art of Digital Music. "You can,in a garage, create (recorded) music that10 years ago would've cost $100,000, andyou can instantly reach a globalaudience."Driving the changes are the increasedpower of PCs and broadband Internet.Independent musicians can now use a PCas a multitrack recording studio. Songscan be inexpensively created, stored,burned to CDs and uploaded onto theWeb.Those websites can be much morethan just a place to post songs in hopessomeone might find them. Jenna Dreywas an undiscovered dance-music artistwho uploaded some of her songs ontoGarageBand.com. The songs rose to thetop of the website's listings, and Dreywound up with a record deal and a songthat reached No. 11 on Billboard's dancechart.Even for a band that's more of aweekend hobby, the Web creates ways toget occasional bookings and sell CDs.Some types of independent musicwebsites:
u
Discover
 
y and development. Therehave long been a couple of problemswith independent musicians postingtheir output on the Web.First, how would anyone sort throughall that music to find quality songs theymight like? And, second, how would anordinary musician fight through thenoise to get noticed?One solution: GarageBand.com. Anyunsigned musician can post music on thesite. Listeners are asked to rate songs.Ratings and traffic on the site drive songstoward the top of GarageBand's charts,which are much like Billboard charts.Listeners looking for popular music cango to GarageBand and check out songs atthe top of the charts in categories theyenjoy.Other sites act as online-only recordlabels. Magnatune, for instance, looks fortalented but unsigned artists and isbuilding a stable of acts, much like arecord label. But Magnatune sellsdownloads and doesn't sign its artists toexclusive contracts.
u
Distribution and sales.Not long ago,there were few ways for unsigned artiststo make any money on their work. Butnow, so what if you can't muscle ontorecord store shelves? Anyone can sellCDs through CD Baby, which has growninto the Amazon.com of independentmusic.Another company, Pump Audio, hasfigured out how to sell independentmusic to the creators of TV shows,commercials and movies for use asbackground music. Pump splits therevenue with the musicians.
u
Live events.Websites are starting toautomate what a professional managermight do. Sonicbids, for instance, postslistings of venues seeking live acts andgives bands a way to reply by clickingand sending an electronic press kit."There used to be only one way to getthe job done: Go through a major label,"author Richards says. "Now, the artist hasa choice."

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