ASSESSMENT TASK: DESCRIPTION
The project work is the only assessment for CV 5011 and so it is expected to be a significant piece of work, up to 5,000 words.
The project requires the student to describe an example of innovation using the techniques taught in the subject. The work wiII describe the: scope/frame of the innovation and research into the scope; the business model; the ideation process; and the audience.
The project work will also show a scenario or prototype of the innovation - a visual representation of how the innovation might work, using the techniques described in the subject.
Finally, the student will describe a sales strategy for the innovation; an organizational structure; and a financial/funding model/plan for the innovation.
Project Description
PROJECT -
You only have one deliverable for this subject, and it is a project work. The project is directly based on the practical lectures, and you will get the information you need to deliver the project from each of these lectures , cases studies and readings.
I want you to take an existing Business Model and disrupt it by mixing it up and developing an innovative product or service idea yourself.
I want you to make some combinations that don't currently exist, and I also want to make sure that whatever concept you choose has multiple channels - as talked about in the Framing lecture.
Keep it simple though ok? There is quite a lot of work in this, so you may not want to completely re-invent the automobile industry for example. Find a manageable frame - it can be one specific area of an industry or a business.
Objectives-
The objectives of the project work are:
-Show that you have an understanding of the process I've talked through - Understanding, Framing, Ideation, Personas, Scenarios and Prototyping, Organisational and Financial thinking.
-To show a unique combination - to create an innovation mixing something that exists with something that doesn't to make something new
-Clearly communicate this to me, in a way that I can get it clearly by reading through your project
Now, I want to be clear - I don't expect to see your world changing idea here - if you have a world changing idea, I suggest you keep it to yourself and actually make it. Don't share things that you don't want copied!
I want you to find an example that clearly shows what you have learnt in this subject, and demonstrate that you understand this process and practice of innovation I have talked about.
It doesn't have to be brilliant - it just needs to follow the process.
Now, I am going to talk about things now that we haven't covered yet, but we will - all the components of the project are based on lectures - and you can start on each part of the project sequentially. Although you may find yourself coming back and making changes as you learn more.
Components of your project
1. Identify your frame.
I want to see a background paper on the frame or current business and business model you are about to innovate within. I want to see the status quo.
I want to see that you have spent some time understanding this business or industry. You may have talked to people or managers within it, or read widely about it.
Do some deep research, describe the domain.
I am anticipating four to five pages that tell me about this industry, how it operates and I also want to see a snapshot of it in a Canvas structure. Remember the Canvas is a workshopping tool to provide a summary - I also want to see detailed descriptions based on the Canvas segments.
2. Ideas
Summarise for me the problem areas that you sense in this current model, what are some of the opportunities you have sensed here - is it a new type of audience, a new type of channel that can disrupt this industry?
Talk about how you have combined something or plan to introduce something new into the Canvas to disrupt or radically improve the new model.
What are you drawing on to make these assumptions? Where have you found your ideas for change?
Perhaps there are a few ideas you considered - talk me through them and why you selected the approach you have.
3. Frame a new Business Model
Now, create a new Canvas, and bullet point all the key components of your new model. Then describe for me each piece in detail underneath. Don't go into too much detail with Revenue and Costs - you do this separately later.
One thing I do want to see is multiple-channels. Even if the channel isn't the piece you mixed up to create something new, I want to see when you get to your scenarios, sales and organisational structure - how you deal with multiple media, how you plan to bring the multi-disciplined into the business frame.
4. SWOT
Show me a strengths, weaknesses, opportunities and threats table for the idea - just so I know you have considered everything pertinent.
5. Audience and Personas
In your Business Model you will have shown me your customer segments. Now break these down into at least two personas.
If you can't do some actual research with potential customers, then I want you to write a future ethnography piece for me. A story along the lines of which I talked about in the Understanding and Ideation lectures. Write me a few pages describing your customer segments - and from this deduce the personas.
Or, if you are able to research potential customers to identify tasks and goals - end goals, experience goals and life goals - then summarise the interviews for me.
For each Persona I want a short biography, an image, their tasks and goals for using your product - split into End, Experience and Life Goals.
6. Scenario
Show this working as a customer journey using your personas.
Show how each of your personas would use the product as a one or more page illustrated scenario.
Now, in the examples I used, I worked with one of our illustrators - I realize this is possibly a luxury or a skill you don't have - but see what you can do. You need to show me the customer journey from when they become aware of you, through to when they purchase and then start using your product. I want to see how they use your product in the real world to meet a future need.
If you can't draw - use Plasticine, Clipart or Barbie dolls, whatever you have to - the point is I need to SEE the Customer journey to get the story.
If you can prototype your idea - perhaps you used paper prototype sketches of your idea to interview some potential customers - include that as well.
7. The Elevator Pitch
Write out the Elevator Pitch you would use to sell this product to an investor - explain why it is such a good idea, using the technique I explained. If you have multiple customer segments, write one for each.
Think of some possible objections, either your investor, or a customer might make to your idea - and tell me how you would respond.
Also, assume you get a meeting with said investor and describe your sales strategy - based on the Revenue models and Channels you identified in your Canvas. Identify which of the techniques along the spectrum I identified you would use - or others if you can think of them.
8. Organisational Structure
What kind of company are you going to create to make this innovation - what kinds of skills do you need?
Describe for me your team - who are your dream team to create this innovation and what skills do they have. If you were doing this for real - this would be your brief to a recruitment agent.
9. Financial Model
What are your sales projections? How much do you need to sell to meet your goals over say three years?
Have a go at plotting out how much this might cost in terms of cost of production and also in terms of cost of sales, in relation to how much you might expect in terms of revenue, over three years.
The investor from the elevator pitch will be interested in this to see when he might expect a return.
Now again, its ok if this isn't really accurate. The point is to have a go and see some of the issues and questions that arise when you try to do this. Probably more important than actually doing it.
How much investment do you think you will require and when. Tell me how much of your company you are prepared to trade in equity in exchange for capital, or skills, and when.
Video Link: https://www.youtube.com/watch?v=k1VEbgRVPZw&feature=youtu.be.