Assessment: BUSINESS PLAN
This assessment requires students working in groups to apply the models, concepts and knowledge gained from this subject in participating in a planning exercise for a new business opportunity or venture.
In particular, students will brainstorm and conduct a search for an idea that forms the basis of an innovative venture for an organization. The assignment requires students to formulate and articulate a preliminary business plan for a new venture.
Tasks
Students will form groups to undertake the following tasks
(a) A short script portraying the unmet need from the perspective of the customer or market for a particular organization or industry
(b) Using a range of innovation techniques, including consumption chain mapping, empathic design and value curve innovation, brainstorming, market research, innovation climate, and individual creativity, students will search for new opportunities for this organization.
(c) Time will be given to work on this activity and summary presentation made for feedback and discussion among the group. Using this background the group will then present its initial planning steps. A class presentation (if time permits) of progress and planning will be delivered in class between weeks 7 to 10. This report is assessed at 10% serves to keep the group on track and receive useful feedback.
(d) Based on the insights gained from above, together with subsequent analysis and discussion, each group will write a final report that:
1. develops a preliminary business plan concept for an innovation. This innovation should lead to a new customer value proposition,
2. explains how this innovation will enhance customer experience, society or community benefit (benefit to individual, group or organization, to administrative systems, products, human resources etc). Contrast the ‘business benefits and value add impact of this new experience (the after situation) by clearly listing the advances and opportunities afforded by this project to the customer and organization compared with the before situation (or current state),
3. gives a preliminary assessment of the implementation issues involved in the commercialization process.
Note: The assessment will be based on evidence of the group's application of the innovation techniques and tools explored in this subject.
The assessment is to produce detailed business plan that is appropriate for the type of innovation and entrepreneurial activity. An outline of the report is contained at the end of the course outline.
Word Limit: 4000 words.