MGT607 Innovation Creativity & Entrepreneurship
Context:
Identifying an opportunity is great! For example, before Uber became a global icon the idea of a technologically based journey service was just an embryonic idea by Garrett Camp and Travis Kalanick. However, before any idea or opportunity can proceed you need to be able to articulate some key things to obtain buy-in to continue before significant time and investment is spent developing a product / service / process innovation that may require some adjustments and/or other considerations if you want it to be successful.
This assessment requires students to develop a Business Concept Plan that articulates what your idea is and what you would like to do with your idea to exploit the opportunity you have identified. This clarity of your vision will serve as evidence that you have thought critically about the idea. When investors and other business people see this, they will have a better sense of the risk they would take by working or investing with you just by reading this document.
You will need to incorporate the theory, which you have learnt in Modules 1 to Modules 3 to provide you with the tools and structure for the components that you need address in your plan.
Instructions:
You are required to develop a Business Concept Plan which provides a business solution to an opportunity which you have identified. You need to ensure that the plan demonstrates that your idea is a feasible and viable solution and something that will obtain support from an executive or management team to develop in to a business case, ultimately seeking funding and approval to develop / implement (This will be Assessment 3!).
Consider what it is that will attract approval and funding of your idea. What it is that makes this a great opportunity and something worth developing or progressing?
Whilst the format may vary for your plan, it must include the following:
- Cover Page
- Industry Background [1-2 paragraphs]
- Problem / Opportunity – description of your idea [1-2 paragraphs]
- High-level Solution [1-2 paragraphs]
- Business Model – how will you make money? [1-2 paragraphs]
- Gap Analysis
- Competitor Analysis [use a 2-axis matrix]
- Unique value proposition – what makes you unique, better and different from your competition
- Ideal Customer Profile – before using your product / after
- Total Addressable Market [use a diagram to illustrate]
- Business Model Canvas
- Value Proposition Canvas
- References
Your report will be assessed based on the Rubric below and is limited to a word count of 1500 excluding the cover page.
Referencing:
You must recognise all sources of information; including images that you include in your work. Reference your work according to the APA 6th edition guidelines. Please see more information on referencing here http://library.laureate.net.au/research_skills/referencing
Submission Instructions:
Submit your report in the Assessment 2 Business Concept Plan submission link in the Assessment section found in the main navigation menu of the subject Blackboard site. A rubric will be attached to the assessment. The Learning Facilitator will provide feedback via the Grade Centre in the LMS portal. Feedback can be viewed in My Grades.
Please note the following additional information
- You should adhere to the correct use of academic writing, presentation and grammar.
- It is important to check your similarity in turnitin. All sentences highlighted must be either paraphrased in your own words or put in quotes and referenced accordingly. You should be aiming for as low a similarity score as you can. Similarity highlighted in a contents page, reference list or appendices is nothing to be concerned about.
- It is important to adopt the appropriate use of the APA 6th edition style when citing and referencing research. Please comply with all academic standards of legibility, referencing and bibliographical details (including reference list).
- You are advised to include a minimum of five (5) academic references which should be textbooks or academic journals. Appropriate websites may be used in addition to these.
- The attached learning rubric guides the marker when awarding marks for your essay. You should review your paper in line with this, to ensure there is nothing you have missed.