Objectives:
- Create an idea of the group's choice that is innovative, and develop a venture plan that could bring it to market
- Demonstrate the use of various creative tools to establish the market validity of the group's chosen innovation
- Identify the client value proposition and the need in the market for the chosen product
- Establish market segmentation, and channel strategy and marketing approach, to deliver the product/solution to the chosen market
- Develop a financial model for a viable venture
Context
Innovation, creativity, and entrepreneurship is growing in importance within organisations, as they pursue excellence and growth in a competitive business world. The ability of the contemporary employee or entrepreneur to operationalise an innovation is a highly valued characteristic, in the global market place.
The process of developing the Group Venture Plan will provide you with key learnings on how to potentially take an idea from a concept to a globally scalable business.
Instructions:
You will utilise all relevant theories, models, and ideas covered in the subject, to develop a venture plan that demonstrates an understanding of where and how innovation transitions to entrepreneurship, in a new venture. You should also demonstrate that you understand, and have properly considered, a number of tools and methods for bringing the innovation to market. The plan needs to be comprehensive and compelling in terms of funding and ongoing management. You should also outline a strategy for how a culture of further and ongoing innovation can occur within the new venture.
Output and deliverable parameters of the assessment: Content of Venture Plan:
a) Title page - unit name, assessment name, student name, ID
b) Idea title (with one-line "tagline")
c) Executive summary
d) Analysis on possible market gap/opportunity
e) Develop value proposition of the innovative product or service
f) Marketing and channel strategy approach
g) Competitive strategy and positioning
h) Financial viability of the venture using break-even, cash flow, and investment needs
i) Appropriate References - minimum of 10 (and using APA standard)
Specifications:
- Assignment with cover sheets submitted via Turnitin
- Report format (section headings and sub-headings are permitted)
- Maximum length, no more than 4,000 words +/-10%
- Spell and grammar-checked
- APA referencing only