Applied Entrepreneurship
WARBY PARKER
Case Analysis
Case Overview
RMIT University
School of
Management
2
•
Founded in 2010, HQ in NYC, US$120,000 seed capital, by
•
Four CEOs
Neil, Dave,
Jeff and Andy
•
WARBY PARKER
Innovated the mainstream eyewear industry
by offering
designer eyewear
at a
revolutionary price
while leading the way for
socially conscious
businesses
Lecture 1-
Where do entrepreneurs get their ideas?
RMIT University©
School of Management
21
4%
5%
71%
20%
RMIT
University©
School of Management
22
Sources of opportunities
•
New information, e.g. new technologies
•
Reconstruction of value chain and channels of distribution
•
Market leaders are customer
blind
•
Proprietary advantage (e.g.,
licensing
, franchise, sell IPR)
•
Entrepreneurial
leadership
- Discover through
systematic research
- Swept into the PC
revolution
- Replicate/modify an idea
- Discover Serendipitously
Experience & Observation
Dave kept
squinting
for a semester because he couldn’t
afford to buy pair of prescription glasses for 700 US$
The eyewear industry was dominated by a
single company
;
owning and producing 50 brands, and selling them through
own stores along with vision-insurance plan, which
Charging high prices
to
helpless
customers
Of course…
..it is not the only way that you could design,
manufacture, and sell glasses to consumers
Entrepreneurial Idea
By circumventing traditional channels and engaging with
customers directly, we could provide higher-quality,
better-looking prescription eyewear at a fraction of the
going price
How
Can we do that?
Should we do that?
Recall Lecture- 1
Entrepreneurial Opportunity
•
Personal fit – desirability – is this an opportunity for me?
•
Feasibility – can I build a business around this opportunity?
•
Significance – is the underlying need significant enough so
that customers will pay for the final product or service?
•
Sustainability – I can defend my business against substitutes
and competitors?
Can we do that?
Business Model of WARBY PARKER
1- Target market:
Males and Females who like fashionable eyeglasses at affordable prices
2- Value:
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- Fall '19
- Brand, Sunglasses, Warby Parker
