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Entrepreneurial Small Business 4th Edition by Jerome Katz ,Richard Green
Edition 4ISBN: 978-0078029424Entrepreneurial Small Business 4th Edition by Jerome Katz ,Richard Green
Edition 4ISBN: 978-0078029424 Exercise 5
AltiTUNES: FROM IMITATION TO CONTINUOUS INNOVATION 27
Amy Nye Wolf had completed a backpacking tour across Europe in the mid-1980s when she saw a store selling music at London's Heathrow Airport. Wolf recalled that she was tired of the music she had and was very happy to see it. She purchased some music, and returned to the States excited to have found the store. At that time retail outlets in American airports consisted of food service restaurants and newsstands.
It wasn't until 1994, after Wolf had completed college and worked as an investment banker for Merrill Lynch, that she decided to go into business for herself. She never forgot the music store at Heathrow, and Wolf founded AltiTunes Partners LP, a chain of music stores that eventually grew to over 20 locations, mostly in airports. AltiTUNES' five year mission was to become the leading brand for small format, extraordinary location, music and electronics retailing with an expanding network of domestic and international locations.
Innovative plans included expansions to locations such as hospitals, hotels, and travel plazas and the EARport™ that features a series of interactive listening stations programmed to preview music and help customers decide on their music selections without disturbing other customers. With innovations like these coming and the number of sites growing, AltiTUNES grabbed the interest of one of their bigger competitors, Inmotion Entertainment, who bought the firm and the innovations it developed from Amy. Today Amy is on the lookout for other innovative firms in which she can invest and mentor.
CASE DISCUSSION QUESTIONS
1. How did Amy Nye Wolf discover her business opportunity
2. How did she evaluate whether it was a good opportunity or not
3. What did she copy from the store in Heathrow
4. What innovations did Wolf add to AltiTUNES to make her idea unique
5. How would you continue to identify new opportunities for AltiTUNES successor, Inmotion Entertainment
Amy Nye Wolf had completed a backpacking tour across Europe in the mid-1980s when she saw a store selling music at London's Heathrow Airport. Wolf recalled that she was tired of the music she had and was very happy to see it. She purchased some music, and returned to the States excited to have found the store. At that time retail outlets in American airports consisted of food service restaurants and newsstands.
It wasn't until 1994, after Wolf had completed college and worked as an investment banker for Merrill Lynch, that she decided to go into business for herself. She never forgot the music store at Heathrow, and Wolf founded AltiTunes Partners LP, a chain of music stores that eventually grew to over 20 locations, mostly in airports. AltiTUNES' five year mission was to become the leading brand for small format, extraordinary location, music and electronics retailing with an expanding network of domestic and international locations.
Innovative plans included expansions to locations such as hospitals, hotels, and travel plazas and the EARport™ that features a series of interactive listening stations programmed to preview music and help customers decide on their music selections without disturbing other customers. With innovations like these coming and the number of sites growing, AltiTUNES grabbed the interest of one of their bigger competitors, Inmotion Entertainment, who bought the firm and the innovations it developed from Amy. Today Amy is on the lookout for other innovative firms in which she can invest and mentor.
CASE DISCUSSION QUESTIONS
1. How did Amy Nye Wolf discover her business opportunity
2. How did she evaluate whether it was a good opportunity or not
3. What did she copy from the store in Heathrow
4. What innovations did Wolf add to AltiTUNES to make her idea unique
5. How would you continue to identify new opportunities for AltiTUNES successor, Inmotion Entertainment
Explanation
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Amy Nye Wolf saw a music store in back w...
Entrepreneurial Small Business 4th Edition by Jerome Katz ,Richard Green
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