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