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
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.
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)
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