{"id":237614,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/case-study-go-pro-subject-entrepreneurship-and-marketing"},"modified":"2018-10-24T08:58:51","modified_gmt":"2018-10-24T08:58:51","slug":"case-study-go-pro-subject-entrepreneurship-and-marketing","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/case-study-go-pro-subject-entrepreneurship-and-marketing\/","title":{"rendered":"Case Study &#8211; Go Pro , Subject &#8211; Entrepreneurship and Marketing."},"content":{"rendered":"<p>Aim<br \/>\nThe following questions are all based on the GoPro case study published in the Forbes Magazine. Basing your<br \/>\narguments on the topics that you have studied throughout the unit, write a report addressing all of the<br \/>\nfollowing questions. The report\/questions will cover both aspects of the unit.<\/p>\n<p>Assignment structure and marking allocation<br \/>\nPart A<br \/>\nEntrepreneurship (25 marks)<br \/>\nQuestion 1: Entrepreneurs have been identified as having certain traits and characteristics. Discuss the extent<br \/>\nto which GoPro founder Nick Woodman exemplifies these traits and characteristics. Justify your response with<br \/>\nreference to academic sources (e.g. academic journal articles, textbooks, etc.). (10 marks)<br \/>\nQuestion 2: Peter Drucker, a leading scholar in the fields of entrepreneurship and marketing, is cited in your<br \/>\nunit material numerous times. When speaking of entrepreneurship, Drucker once stated: \u2018Most of what you<br \/>\nhear about entrepreneurship is all wrong. It\u2019s not magic; it\u2019s not mysterious; and it has nothing to do with<br \/>\ngenes. It\u2019s a discipline and like any discipline it can be learnt\u2019.<br \/>\nWhat evidence exists in the GoPro case study that supports and\/or refutes this statement? Ensure your<br \/>\nargument(s) are developed through direct reference to concepts, tools and techniques evident in the unit<br \/>\nmaterial. (15 marks)<br \/>\nPart B<br \/>\nMarketing and Strategic Planning (60 marks)<br \/>\nThe role of planning within the firm has been discussed at length in this unit. We introduced aspects of<br \/>\nentrepreneurial planning and explored how marketing planning gives direction to both corporate planning and<br \/>\nmarketing management.<br \/>\nQuestion 1: How did GoPro gain a competitive advantage from their marketing processes? Provide a<br \/>\ntheoretical analysis of the reasons for the achievement of this advantage. (30 marks)<br \/>\nPage 2 of 2<br \/>\nQuestion 2: The GoPro case study specifically identifies future threats to the company\u2019s strategy. Provide a<br \/>\ntheoretical analysis of this threat scenario and give recommendations on how GoPro should respond to this.<br \/>\n(30 marks)<br \/>\nAcademic rigour (15 marks)<br \/>\nThis is a substantial piece of scholarly work and will require extensive engagement with both unit theory and<br \/>\nthe case study.<br \/>\n\u2022 Your arguments have to be based on concepts and tools discussed in the first 5 topics of this unit and must<br \/>\nbe supported through direct reference to academic literature (academic journal articles, academic books,<br \/>\netc.). Your report will be assessed based on your ability to develop and argument supported by academic<br \/>\nsources (please also refer to marking criteria). Therefore, newspapers, magazines, website opinion pages or<br \/>\nWebsites like Wikipedia etc. are certainly not acceptable as foundation for your arguments. All sources<br \/>\nmust be properly referenced.<br \/>\n\u2022 However, you are encouraged to undertake further research on GoPro to gain a deeper understanding of<br \/>\nthe case (e.g. financials, company vision and mission statements, investor relations, etc.). The GoPro<br \/>\nwebsite and other trustworthy non-academic sources are acceptable in this context and this context only. If<br \/>\nyou use further information for the case study, make sure you reference your sources correctly. If you are<br \/>\nunsure whether your sources are appropriate, seek your tutor\u2019s advice.<br \/>\n\u2022 Assignments strictly have to be within the word limit (- \/ + 10 %)<br \/>\nSchool extension policy<br \/>\nStudents wanting an extension must make a request at least 24 hours before the assessment item is due and<br \/>\nthe request must be received in writing by the unit assessor or designated academic.<br \/>\nExtensions within 24 hours of submission or following the submission deadline will not be granted (unless<br \/>\nsupported by a doctor\u2019s certificate or where there are exceptional circumstances \u2013 this will be at unit<br \/>\nassessor\u2019s discretion and will be considered on a case by case basis). Extensions will be for a maximum of 48<br \/>\nhours (longer extensions supported by a doctor\u2019s certificate or exceptional circumstances to be considered on<br \/>\na case by case basis).<br \/>\nA penalty of 10% of the total available grade will accrue for each 24 hour period that an assessment item is<br \/>\nsubmitted late. Therefore an assessment item worth 20 marks will have 2 marks deducted for every 24 hour<br \/>\nperiod and at the end of 10 days will receive 0 marks.<br \/>\nExtensions will NOT be approved because of problems with personal computers or storage devices. Back up<br \/>\nyour work every day to a secure location.<br \/>\nThe Mad Billionaire Behind GoPro: The World&#8217;s Hottest Camera Company &#8211; Forbes 22\/10\/2014 21:45<br \/>\nhttp:\/\/www.forbes.com\/sites\/ryanmac\/2013\/03\/04\/the-mad-billionaire-behind-gopro-the-worlds-hottest-camera-company\/print\/ Page 1 of 8<br \/>\nhttp:\/\/onforb.es\/XEDJGn<br \/>\nFORBES 3\/04\/2013 @ 6:59AM 433,416 views<br \/>\nThe Mad Billionaire Behind<br \/>\nGoPro: The World&#8217;s Hottest<br \/>\nCamera Company<br \/>\nThis story appears in the March 25, 2013 issue of Forbes.<br \/>\nComment Now<br \/>\nGoPro founder and CEO Nick Woodman poses with his signature camera. (Photo: Eric Millette for Forbes)<br \/>\nNick Woodman is 37 years old. His constantly tousled sepia hair and<br \/>\npermanent, mischievous half-grin make him look 27. And he acts 17, as I learn<br \/>\n30,000 feet above the Rocky Mountains, after Woodman packed me, his wife,<br \/>\nJill, and a dozen of his favorite colleagues and buds into a chartered<br \/>\nGulfstream III en route to Montana\u2019s Yellowstone Club, the most exclusive ski<br \/>\nhill in the U.S.<br \/>\nAlready hopped up on Red Bull, tempered by a liter of coconut water,<br \/>\nWoodman darts about the cabin, occasionally breaking conversation to<br \/>\nunleash his trademark excited wail that friends liken to a foghorn.<br \/>\n\u201cYEEEEEEEEEEEEEOW.\u201d A flight attendant emerges with breakfast on a<br \/>\nRyan Mac Forbes Staff<br \/>\nI cover technology and billionaires for the rest of the 99.9999999%.<br \/>\nThe Mad Billionaire Behind GoPro: The World&#8217;s Hottest Camera Company &#8211; Forbes 22\/10\/2014 21:45<br \/>\nhttp:\/\/www.forbes.com\/sites\/ryanmac\/2013\/03\/04\/the-mad-billionaire-behind-gopro-the-worlds-hottest-camera-company\/print\/ Page 2 of 8<br \/>\nsilver platter. \u201cYou know what the best thing about morning ski trips are?\u201d he<br \/>\nasks the cabin rhetorically. \u201cMcDonald\u2019s!\u201d And with that he inhales a<br \/>\nMcGriddle in all of three bites.<br \/>\nThe man-teen routine is more than an act: It\u2019s the recipe for how he\u2019s become<br \/>\none of America\u2019s newest and youngest billionaires. A decade ago Woodman<br \/>\ncraved a camera he could strap to his wrist so that his buddies could see his<br \/>\nsurfing exploits. The result is now a consumer phenomenon called GoPro,<br \/>\nAmerica\u2019s fastest-growing digital imaging company.<br \/>\nGo anywhere active these days, whether it\u2019s the mountains of Vail or the<br \/>\nscuba-diving depths of Honolulu\u2019s Hanauma Bay, and you\u2019re bound to see a<br \/>\nGoPro or 20. Kids these days don\u2019t film their wave rides or half-pipe tricks.<br \/>\nThey GoPro them, strapping the $200 to $400 cameras to helmets,<br \/>\nhandlebars and surfboards. The cinema-grade, panoramic \u201cpoint-of-view\u201d<br \/>\nfootage that comes out of a GoPro transforms mere mortals into human<br \/>\nhighlight reels, without blowing a huge hole in the budget. Shaun White, who<br \/>\nsays he used to tape old cameras to his hand, used GoPros on his runs during<br \/>\nthe Winter X Games. Hollywood directors, including Michael Bay, keep crates<br \/>\nof them on set. The NFL has tested them in their end zone pylons to capture<br \/>\ntouchdown replays. The Rolling Stones deployed them on stage. Police forces<br \/>\nand the U.S. military have started to incorporate the cameras into training<br \/>\nexercises. Woodman, who calls it a \u201clife\u201d camera, proved the point by wearing<br \/>\none on his chest at the deliveries of his sons. On the plane to Montana,<br \/>\nWoodman\u2019s GoPro crew rigged their devices in every cranny in the cabin,<br \/>\nincluding on the pilots\u2019 heads, to document their journey.<br \/>\nGoPro sales have more than doubled every year since the first camera\u2019s debut<br \/>\nin 2004. In 2012 the company sold 2.3 million cameras and grossed $521<br \/>\nmillion, according to Woodman; with $100 million in sales in January alone,<br \/>\nthat annual figure should again double this year. For the month of December<br \/>\nGoPro was the highest-grossing digital imaging brand at Best Buy, knocking<br \/>\nout Sony for the first time in the chain\u2019s history. Just ten years old, GoPro was<br \/>\nresponsible for 21.5% of digital camcorder shipments nationwide in the first<br \/>\nhalf of 2012, according to IDC data. Among \u201cpocket camcorders\u201d that figure<br \/>\nswells to a third.<br \/>\nThis type of growth and niche dominance have made for a \u201crad\u201d business<br \/>\nproposition, with Chinese electronics manufacturer Hon Hai Precision<br \/>\nIndustry Co., better known as Foxconn, making a $200 million investment in<br \/>\nGoPro in December. That valued the San Mateo, Calif. firm at $2.25 billion<br \/>\nand shot Woodman, who sources say still owns about 45% of the company,<br \/>\nonto the FORBES World Billionaires list with a net worth of $1.3 billion.<br \/>\nThe Mad Billionaire Behind GoPro: The World&#8217;s Hottest Camera Company &#8211; Forbes 22\/10\/2014 21:45<br \/>\nhttp:\/\/www.forbes.com\/sites\/ryanmac\/2013\/03\/04\/the-mad-billionaire-behind-gopro-the-worlds-hottest-camera-company\/print\/ Page 3 of 8<br \/>\nIt\u2019s a head-spinning turn of events for a 37-year-old Peter Pan running a<br \/>\nbillion-dollar technology company. As he barrels through Yellowstone\u2019s<br \/>\nfreshly groomed powder in a pea-green helmet, it\u2019s clear he\u2019s found bliss.<br \/>\n\u201cYEEEEEEEEEEEEEEEOW,\u201d he howls from his bloodied and chapped lips as<br \/>\nhe GoPros his every turn.<br \/>\nForbes<br \/>\nWorld&#8217;s Billionaires 2013: Nicholas Woodman<br \/>\nThe World\u2019s Billionaires The names, numbers and stories behind the 1,426 people who control<br \/>\nthe global economy. In Pictures: The Richest People on the Planet<br \/>\nAs the youngest of four children, Woodman has always been something of a<br \/>\nschemer. Growing up in Silicon Valley\u2019s prosperous Atherton (his father<br \/>\nbrokered Pepsi\u2019s purchase of Taco Bell), he was, as his teachers recall, a<br \/>\n\u201csupremely confident\u201d boy who wasn\u2019t afraid to challenge those in charge.<br \/>\n\u201cThere was always a smile on his face, either a great big one or a kind of sly,<br \/>\nsmirky thing,\u201d said Craig Schoof, Woodman\u2019s former baseball coach and<br \/>\nhistory teacher. \u201cThere was the, \u2018yeah, I\u2019m happy\u2019 or the \u2018yeah, I\u2019m happy, and<br \/>\nI\u2019m planning something.\u2019 \u201d He once made a fiver by betting a biology teacher<br \/>\nhe could run a mile under 6 minutes (he ran it in 5:40).<br \/>\nThe Mad Billionaire Behind GoPro: The World&#8217;s Hottest Camera Company &#8211; Forbes 22\/10\/2014 21:45<br \/>\nhttp:\/\/www.forbes.com\/sites\/ryanmac\/2013\/03\/04\/the-mad-billionaire-behind-gopro-the-worlds-hottest-camera-company\/print\/ Page 4 of 8<br \/>\nWoodman focused more on sports than books, maintaining a B+ average and<br \/>\ncopping a middling SAT score. He eventually became wave-obsessed,<br \/>\nattending the University of California, San Diego because of its proximity to<br \/>\nsunshine and salt water. \u201c I remember my parents not being very supportive<br \/>\nof it,\u201d he says. \u201cBut if I didn\u2019t follow my passion for surfing \u2026 I would have<br \/>\nnever come up with the concept to make a wrist camera.\u201d<br \/>\nThat concept came a few years after college after an online gaming service he<br \/>\nstarted, Funbug, went belly-up in the dot-com crash of 2000-01, taking with it<br \/>\n$3.9 million of investors\u2019 money. \u201cI\u2019d never failed at anything before except<br \/>\ncomputer science engineering classes,\u201d he says. \u201cSo it was like, \u2018Holy s\u2013t,<br \/>\nmaybe I\u2019m not capable of doing this.\u2019\u201d<br \/>\nTo get his head straight again, Woodman lit out on a surf odyssey through<br \/>\nAustralia and Indonesia, one last big trip before what he figured would<br \/>\nbecome a life of comfortable middle-class monotony. He brought a<br \/>\ncontraption he\u2019d made out of a broken surfboard leash and rubber bands that<br \/>\nallowed him to dangle a Kodak disposable camera to his wrist for easy<br \/>\noperation when the perfect wave hit. Close friend and current GoPro creative<br \/>\ndirector Brad Schmidt met Woodman in Indonesia and became one of the<br \/>\nfirst to toy with the strap. One of his first observations: Woodman needed a<br \/>\ncamera durable enough to take the wear and tear of the sea. Five months into<br \/>\nbeing a surf bum, a recharged Woodman returned to California with the seed<br \/>\nof an idea.<br \/>\nWoodman, then 27, holed up in the house he shared in Moss Beach, Calif.,<br \/>\njust over the hills from Silicon Valley. He \u201cchecked out\u201d from his normal life,<br \/>\nincluding friends and family, locking himself in his beachside bedroom to<br \/>\nbuild his first prototypes. Deciding that he had to sell the strap, the camera<br \/>\nand the casing, he armed himself with a drill and his mother\u2019s sewing<br \/>\nmachine and strapped a Camelback filled half with Gatorade and half with<br \/>\nwater to his back (negating the 30-second walk to the kitchen) for 18-hour<br \/>\nwork sessions. \u201cI\u2019d have a sliding door to the outside so I could just go take a<br \/>\npee out on the bushes out on the side,\u201d Woodman recalls. He gave himself<br \/>\nfour years to make it work before he would drop his idea and enter the<br \/>\nworkforce. \u201cI was so scared that I would fail again that I was totally<br \/>\ncommitted to succeed.\u201d&#8221;After he took off, he was like, \u2018I think I\u2019m going to<br \/>\nstart this wrist strap company for surfers,\u2019\u201d says Schmidt, who was skeptical.<br \/>\nSays Woodman: \u201cI thought to myself, \u2018If I made a few hundred grand a year,<br \/>\nI\u2019m, like, in heaven.\u2019\u201d<br \/>\nBetween sewing together old wetsuit material and drilling holes in raw plastic,<br \/>\nWoodman was constantly trolling online and at trade shows for a camera he<br \/>\ncould modify and license as his own. He settled on a $3.05 35-millimeter<br \/>\nmodel made in China, sending his plastic cases and $5,000 on a prayer to an<br \/>\nThe Mad Billionaire Behind GoPro: The World&#8217;s Hottest Camera Company &#8211; Forbes 22\/10\/2014 21:45<br \/>\nhttp:\/\/www.forbes.com\/sites\/ryanmac\/2013\/03\/04\/the-mad-billionaire-behind-gopro-the-worlds-hottest-camera-company\/print\/ Page 5 of 8<br \/>\nunknown entity named Hotax. Woodman received his 3-D models and<br \/>\nrenderings a few months later and sold his first product in September 2004 at<br \/>\nan action-sports trade show in San Diego.<br \/>\nThat was the first validation for Woodman, whose friends thought their<br \/>\nformer surfing buddy had held his breath underwater for a little too long. Neil<br \/>\nDana, his roommate and first hire, recalls a work-obsessed guy constantly<br \/>\nfixated on success. \u201cWe would be at a party,\u201d Dana recalls, \u201cand he would<br \/>\ncome up the stairs and be like, \u2018Dude, check this out, this is how we\u2019re going to<br \/>\nbecome millionaires!\u2019 \u201d Woodman was only three zeroes off.<br \/>\nGoPro grossed $350,000 in its first full year of sales. Woodman was the allin-one<br \/>\nproduct engineer, R&amp;D head, salesman and packaging model. He and<br \/>\nDana rang up surf shops across the country hoping to get some of their<br \/>\nproduct out of Woodman\u2019s father\u2019s home in Sausalito and into the market. In<br \/>\n2005 he appeared on QVC three times, running into Spanx founder and fellow<br \/>\nfuture billionaire Sara Blakely while she was building her company as well.<br \/>\n(\u201cIf she remembers me, I\u2019ll be amazed,\u201d says Woodman. \u201cBut I\u2019d love to get<br \/>\nword to her to give her a digital high-five on crushing it.\u201d)<br \/>\nWoodman eschewed venture capital as he grew\u2013a by-product of his Funbug<br \/>\nexperience and a desire to work without suits interfering. Says Dana, \u201cHe<br \/>\nwanted to keep it private for as long as possible so he could get a Lotus for<br \/>\n\u2018product testing\u2019 and do things and not have to answer to a board about it.\u201d At<br \/>\nthe outset Woodman dropped in $30,000 of his own money, as well as<br \/>\n$35,000 from his mother and two $100,000 investments from his father. The<br \/>\ncompany made money from that point and today boasts profit margins,<br \/>\nFORBES estimates, around 15%. It wasn\u2019t until May 2011 that GoPro took on<br \/>\n$88 million from five venture firms including Riverwood Capital, led by<br \/>\nformer Flextronics CEO Michael Marks, and Steamboat Ventures, Disney\u2019s<br \/>\nventure investment arm, which allowed him, his family and some early<br \/>\nexecutives to take a good chunk of cash out.<br \/>\nThat\u2019s how Woodman can now fly via G-III, versus the days he spent sleeping<br \/>\nout in his 1971 Volkswagen bus or driving Penske trucks to set up trade show<br \/>\nbooths with accessories he would later return to Home Depot after use. Back<br \/>\nthen he was a trade show fiend, learning to sweet-talk executives and sell his<br \/>\npassion on the floors of conference centers from San Diego to Salt Lake City.<br \/>\nHis big break: REI. Woodman spent months messaging executives and<br \/>\nshooting over progress reports before the outdoor sports giant succumbed,<br \/>\ngiving the company (which is still technically called Woodman Labs) a huge<br \/>\ndose of validation.<br \/>\nThe Mad Billionaire Behind GoPro: The World&#8217;s Hottest Camera Company &#8211; Forbes 22\/10\/2014 21:45<br \/>\nhttp:\/\/www.forbes.com\/sites\/ryanmac\/2013\/03\/04\/the-mad-billionaire-behind-gopro-the-worlds-hottest-camera-company\/print\/ Page 6 of 8<br \/>\nWith 2007 revenue in low seven-figures, Woodman had a crisis of confidence.<br \/>\nGoPro\u2019s founder worried that he \u201ccouldn\u2019t take the company any further\u201d and<br \/>\nagreed to turn over majority control to a group of outside investors. And that<br \/>\ndeal likely would have gone down except for the 2008 financial crisis. The<br \/>\ninvestors wanted to lower the valuation, and Woodman, his pride hurt and his<br \/>\nspine stiffened, refused. \u201cWe were going up and to the right, and the economy<br \/>\nwasn\u2019t even affecting GoPro,\u201d he says. The company wound up exceeding $8<br \/>\nmillion in sales that year, and has continued its organic growth. The next<br \/>\nturning point came in 2010 when Best Buy began carrying GoPro. Woodman\u2019s<br \/>\nlittle idea had gone mainstream.<br \/>\n***<br \/>\nA little more than 72 hours after the ski trip to Big Sky country, a handful of<br \/>\nGoPro\u2019s media team and I are half a mile off the coast of Half Moon Bay, Calif.<br \/>\nin a watercraft normally reserved for Navy Seals. Two hundred yards away,<br \/>\nthe world\u2019s best surfers hurtle down the famed Mavericks surf break armed<br \/>\nonly with longboards, hubris and, yes, GoPros.<br \/>\nFrom our vessel, which is part of a 40-watercraft flotilla of paddleboards,<br \/>\npleasure craft and dinghies, we watch 35-foot waves crash and clatter, mixing<br \/>\nsea spray with diesel fumes. Woodman tested the first GoPro prototypes near<br \/>\nthese same icy waters. If you look around, you see the cameras are ubiquitous,<br \/>\ndangling from the mouths of surfers, held up by spectators and strapped to<br \/>\nthe helmets of Jet Ski-zipping water rescuers. \u201cYou gotta GoPro the GoPro<br \/>\nboat,\u201d yells out one onlooker from her craft, proceeding to point her gray box<br \/>\ntoward our vessel. Hours later, footage of our boat and the day\u2019s surfers ends<br \/>\nup on YouTube.<br \/>\nAnd, indeed, social media friendliness explains how GoPro went from niche to<br \/>\nblockbuster. In the hands of the right athletes the footage shot on a point-ofview<br \/>\naction camera is viral crack. For weekend warriors it\u2019s the easiest way to<br \/>\nget your own three minutes of glory.<br \/>\nThough Woodman personally lacks a Twitter account and is inactive on<br \/>\nFacebook, he spends millions of dollars a year to make sure the GoPro name<br \/>\nis hashtagged with that blood-pumping shot of the GoPro-backed Shaun<br \/>\nWhite pulling off a 1080, or Felix Baumgartner plunging toward the ground<br \/>\nfrom the upper echelons of Earth\u2019s atmosphere (Baumgartner wore five<br \/>\nGoPros on his record-breaking jump). \u201cWe\u2019re building one of the world\u2019s most<br \/>\nengaging and exciting consumer brands, and it\u2019s largely on the content that<br \/>\nour customers are creating with their GoPros,\u201d Woodman says. GoPro boasts<br \/>\n222 million views on its YouTube channel and 4.7 million likes on Facebook.<br \/>\nThe Mad Billionaire Behind GoPro: The World&#8217;s Hottest Camera Company &#8211; Forbes 22\/10\/2014 21:45<br \/>\nhttp:\/\/www.forbes.com\/sites\/ryanmac\/2013\/03\/04\/the-mad-billionaire-behind-gopro-the-worlds-hottest-camera-company\/print\/ Page 7 of 8<br \/>\n\u201cIt\u2019s funny to see so many people with them, but it makes sense and that\u2019s<br \/>\ngreat for the brand,\u201d says surfer Kelly Slater, one of the many GoProsponsored<br \/>\nathletes. \u201cThey\u2019ve quickly monopolized the idea in a way Band-Aid<br \/>\nor Q-tip has where everyone refers to these types of shots as GoPro shots or<br \/>\nexpect it must\u2019ve been shot with one.\u201d<br \/>\nGoPro\u2019s competitors are the first to acknowledge this. Giovanni Tomaselli,<br \/>\nfounder of action camera maker iON Worldwide, says Woodman \u201cdeserves to<br \/>\nbe a billionaire\u201d for his innovation and that iON had \u201ctaken a leaf out of<br \/>\n[GoPro&#8217;s] book\u201d when it came to promoting its first products, which launched<br \/>\nin 2012. But he remains defiant: \u201cWe do not believe this category is one-sizefits-all.\u201d<br \/>\nThere are also those who believe the category may not be here to stay. While<br \/>\nsmartphones killed the need to own camcorders like the ill-fated Flip Camera,<br \/>\nthey may also have the capacity to one day become the device that takes out<br \/>\nGoPro. Valley venture capitalist Greg Gretsch calls GoPro an \u201cephemeral<br \/>\nopportunity.\u201d \u201cThe issue is that they\u2019re a hardware manufacturer in a world<br \/>\nthat\u2019s quickly moving to the \u00fcberplatform: the smartphone,\u201d he says, pointing<br \/>\nout that iPhone and Android operating systems have hundreds of developers<br \/>\nwriting software everyday.<br \/>\nMeanwhile GoPro must now deal with the big boys, who have finally taken<br \/>\nnote of his success. Sony shipped its first action cameras in September and<br \/>\nsays it is positioning itself as a \u201cstrong number two\u201d with features like image<br \/>\nstabilization and stereo sound, which GoPro currently lacks. \u201cWe\u2019re a camera<br \/>\ncompany first,\u201d says Sony product manager Greg Herd. \u201cGoPro is a mount<br \/>\ncompany first that sourced to cameras.\u201d<br \/>\nWoodman says that the market he created is big enough for multiple<br \/>\ncompanies. And he\u2019s only too happy to point out the stat about outselling<br \/>\nSony at Best Buy in December. \u201cFor the first time Sony got beat, and it was<br \/>\nGoPro?\u201d Woodman asks rhetorically. \u201cThat\u2019s pretty awesome.\u201d<br \/>\nNonetheless, he\u2019s also smart enough to know that GoPro needs to step up its<br \/>\ngame. Which likely explains the recent Foxconn deal, which brought in $200<br \/>\nmillion. Woodman says that no one in the company has taken out a penny,<br \/>\ngiving him a very formidable war chest. The intended use? \u201cStrictly<br \/>\nconfidential,\u201d Woodman says. And while they don\u2019t need the cash for now,<br \/>\nWoodman doesn\u2019t rule out the possibility of a public offering. \u201cIt\u2019s something<br \/>\nthat we think about: Would being a public company put us in a better position<br \/>\nto compete?\u201d he says. \u201cWe\u2019ll see.\u201d<br \/>\n***<br \/>\nThe Mad Billionaire Behind GoPro: The World&#8217;s Hottest Camera Company &#8211; Forbes 22\/10\/2014 21:45<br \/>\nhttp:\/\/www.forbes.com\/sites\/ryanmac\/2013\/03\/04\/the-mad-billionaire-behind-gopro-the-worlds-hottest-camera-company\/print\/ Page 8 of 8<br \/>\nThis article is available online at: http:\/\/onforb.es\/XEDJGn 2014 Forbes.com LLC\u2122 All Rights Reserved<br \/>\nTwo months after closing the Foxconn deal, Woodman is trying to say the<br \/>\nword \u201cawesome\u201d again, but in an open cockpit at 2,000 feet it\u2019s a little hard to<br \/>\ntalk. Soaring above the vineyards of California\u2019s Sonoma County in a World<br \/>\nWar II-era biplane, GoPro\u2019s founder flaps his arms in sheer bliss. He takes the<br \/>\npilot\u2019s barrel roll to little ill effect and salutes a stomach-knotting midair stall<br \/>\nknown as a hammerhead with his trademark yell,<br \/>\n\u201cYEEEEEEEEEEEEEEEOW,\u201d which is quickly swallowed by the sound of the<br \/>\nplane\u2019s propeller.<br \/>\nHaving conquered the slopes and the sea, Woodman now wants to make<br \/>\nGoPro the go-to device for capturing \u201clife\u2019s precious moments.\u201d He\u2019s not the<br \/>\nonly who thinks that. \u201cMy vision is to help global consumers build an<br \/>\necosystem in which capturing, sharing, viewing and creating content on any<br \/>\ndevice at any time in any place is convenient, effortless and cost-effective,\u201d<br \/>\nsays Foxconn CEO Terry Guo, who now sits on the company\u2019s board. \u201cGoPro<br \/>\nfits well into that ecosystem.\u201d<br \/>\nThat\u2019s a big leap. But GoPro\u2019s trajectory still remains up and to the right, and<br \/>\nwill continue that way as long as it finds new uses and markets for its<br \/>\ncameras. \u201cIf we can become the de facto standard for image capture of unique<br \/>\nperspectives around the world we have a lot of growth ahead of us,\u201d<br \/>\nWoodman says. Capturing some of those unique perspectives are the eight<br \/>\nGoPros trained on the CEO as he exits the biplane. As he unbuckles himself<br \/>\nfrom his harness and hops out of the plane, the cameras catch some of his<br \/>\nfirst words once he\u2019s back on the ground: \u201cThis does not suck.\u201d<br \/>\nFollow me on Twitter at @RMac18.<br \/>\nThe Early Years of GoPro and Founder Nicholas Woodman<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Aim The following questions are all based on the GoPro case study published in the Forbes Magazine. Basing your arguments on the topics that you have studied throughout the unit, write a report addressing all of the following questions. The <a href=\"https:\/\/www.benedictsol.com\/blogs\/case-study-go-pro-subject-entrepreneurship-and-marketing\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-237614","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/237614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=237614"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/237614\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=237614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=237614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=237614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}