Advanced Entrepreneurship: Innovation

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Advanced Entrepreneurship
Unit 1 Individual Project
Megan Booz
January 13, 2012

Innovation is an action taken by individuals to create something that is first formed from an idea in the mind, then studied and researched carefully, and then developed. A new innovation or creation often flies in the face of the established and may be contrary to what is already in the marketplace. To think like an innovator, one must learn to question the world around them, to imagine what might be, and to create in one's mind an image of something that does not exist. This is a different way of thinking that is rare and often misunderstood.

Many of us know of products, appliances, household products, things we use at school or in our jobs, tools, equipment, so on and so forth; yet we have no idea where it came from, or even further, who invented it. The product I chose is the folding bed. Many variations of the folding bed have been created along the way, both before and after it creation. The folding bed was invented in 1899 by an African American man by the name of L. C. Bailey (Shakara, 2012). According to the Twentieth Century Union League Directory, of D.C. 1901 Edition, Leonard C. Bailey was a successful African American inventor and business man; he received a patent for the his folding bed on July 18, 1899, U.S. Patent #629,286, 7/18/1899, Folding Bed. He was a director of the Industrial Building and Savings Company in D.C. and A director of the Manassas Industrial School for Colored Youth, located at Manassas, VA (Hilyer, 1901).

One of the more popular stories goes that L.C. Bailey had unexpected company with his wife's family.  Being that they only lived in a one bedroom house, the guests had to share this bed with him and his wife.  After restless nights and becoming very frustrated, Bailey set to creating his idea. To me the folding bed is an innovative idea for all times. By all definitions, the idea and the item itself is in fact innovative;...
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