group venture plan. Please refer to the requirement file to see which parts needs to be done. You have to do only executive summery and competitive Strategy & Positioning.
BIZ301_Assessment 1_Group Venture Plan Page 1 of 7 Task Summary • Create a novel 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 and theories from the modules to establish the market validity of the group’s chosen innovation • Identify the client value proposition, the need in the market for the chosen product, and the business model canvas. • Establish market segmentation, channel strategy and the marketing approach to deliver the innovation to the chosen market • Develop a financial model for a viable venture Please refer to the Task Instructions for details on how to complete this Group Assessment. ASSESSMENT 2 BRIEF Subject Code and Title BIZ301 Organizational Creativity and Innovation Assessment Group Venture Plan Individual/Group Group (3-4 Student per group and to be formed in week 4) Length 4,000 words +/‐ 10% Learning Outcomes The Subject Learning Outcomes demonstrated by successful completion of the task below include: b) Identify organizations that develop and foster the processes, practices, and attributes for creativity and innovation. c) Explain the implications for organizational strategy, when developing a culture of creativity and/or innovation. d) Compare and contrast new venture creation using either business model generation or lean startup approaches. e) Assess the suitability of innovators as agents of change Submission Due by 11:55pm AEST/AEDT Sunday of Module 5.1 (week 9) For intensive (6 week) class: by 11:55p.m. AEST/AEDT Sunday of Week 5 Weighting 40% Total Marks 100 marks BIZ301_Assessment 1_Group Venture Plan Page 2 of 7 Context Innovation, creativity, and entrepreneurship is growing in importance in order for businesses to remain competitive. The ability of the contemporary employee or entrepreneur to operationalize an innovation is a highly valued characteristic in the dynamic global marketplace. The process of developing your Group Venture Plan will provide you with key learnings on how to potentially take an idea from a concept to a globally scalable business. Your final Group Venture Plan will be similar to a Business Plan, so imagine you are sending your Plan to a potential investor to seek funding in your novel and innovative idea. Task Instructions You will utilise all relevant theories, models, and ideas covered in the subject to develop a Group Venture Plan that demonstrates an understanding of where and how innovation transitions to entrepreneurship in a new venture. You must also demonstrate that you understand, and have properly considered, a number of theories and methods for bringing the innovation to market. The Group Venture Plan needs to be comprehensive and compelling in terms of funding and ongoing sustainability. PLEASE NOTE: The innovation must be novel and not already on the market. Groups who do not report on a novel idea will result in an automatic failure for the assessment. Suggested Outline & Content of Group Venture Plan Report: a) Cover Page – subject name, assessment name, student names, IDs b) Company Information - including your company name, logo, tagline, vision and mission. c) Executive Summary d) Table of Contents e) Introduction f) Market Gap & Opportunity, e.g., background to the industry, what problem does your idea solve, is there a market need for it, who’s your target customer? etc. g) Value Proposition, e.g., what is unique about your idea, why should somebody buy it, why are you different to the competition, what is your target market segment, etc. h) Marketing & Channel Strategy, e.g., Key Partners, Key Activities, Key Resources. A Marketing plan such as website, social media, promotions, advertising, campaigns, etc., and Channels such as direct, indirect, online, physical location, and the 4Ps or 7Ps of marketing, etc. i) Competitive Strategy & Positioning, e.g., Competitors, Market Share, Positioning Strategy, Porter’s 5-forces, SWOT, PESTLE, etc. BIZ301_Assessment 1_Group Venture Plan Page 3 of 7 j) 3-Year Financial Viability, e.g., how will you fund your idea, how much money do you need to start the business, what are your costs, and what are your prices and revenue streams, etc. k) Conclusion l) References – minimum of 10 m) Appendices – including at a minimum a comprehensive Business Model Canvas. You should undertake further reading on the organization, in order to enhance your analysis. Referencing It is essential that you use appropriate APA style for citing and referencing research. Please see more information on referencing here in the Academic Writing Guide found via the Academic Skills website. Submission Instructions Submit the Group Venture Plan via the Assessment link at the bottom of the group homepage by the end of week 9 (one submission per group). Submission of the assessment must be in word format and pdf, as well as submitted via SafeAssign. Groups must also submit in the Group’s File Exchange Folder evidence of their individual contribution to the assessment such as drafts, meeting minutes, text messages, Facebook chat, etc. Failure to do this will result in marks being deducted. In addition, each student is required to complete and submit in the Group’s File Exchange Folder their Team Rating Sheet. Failure of a student to submit the Team Rating Sheet will result in mark deductions. The facilitator will provide feedback via the Grade Centre in the LMS portal. Feedback can be viewed in My Grades. The Learning Rubric below is your guide to how your assessment task will be marked. Please be sure to check this rubric very carefully before submission. Academic Integrity All students are responsible for ensuring that all work submitted is their own and is appropriately referenced and academically written according the Academic Writing Guide. Students also need to have read and be aware of Torrens University Australia Academic Integrity Policy and Procedure and subsequent penalties for academic misconduct. These are viewable online. https://laureate-au.blackboard.com/webapps/blackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498847_1&mode=reset https://library.torrens.edu.au/academicskills/apa/tool http://www.torrens.edu.au/policies-and-forms BIZ301_Assessment 1_Group Venture Plan Page 4 of 7 Students also must keep a copy of all submitted material and any assessment drafts. BIZ301_Assessment 1_Group Venture Plan Page 5 of 7 Assessment Rubric Assessment Attributes Fail (Yet to achieve minimum standard) 0-49% Pass (Functional) 50-64% Credit (Proficient) 65-74% Distinction (Advanced) 75-84% High Distinction (Exceptional) 85-100% Knowledge and Understanding Identify an innovative idea/project to develop a venture plan and scale to a global organisation 35% Limited demonstrated potential for the innovation. Limited detailing of content of the venture plan to show it scales to a global organisation. Adequate describes the potential of the innovation. Adequate detailing of the content of the venture plan to show how it scales to a global organisation. Exceeds the basic requirements to somewhat convincingly demonstrate the potential of the innovation. Good detailing of the content of the venture plan to show how it scales to a global organisation. Exceeds the basic requirements to convincingly demonstrate the potential of the innovation. Advanced detailing of the content of the venture plan to show how it scales to a global organisation. Professionally and compellingly “sells” the potential of the innovation. Expert detailing of the content of the venture plan to show how it scales to a global organisation. Application and synthesis of new knowledge Use of relevant creativity tools and approaches for venture development 35% Limited understanding of required concepts and knowledge. Key elements of the class theory are not addressed. Little relevant use of creativity tools to arrive at the chosen venture idea. Adequate understanding of required concepts and knowledge. Resembles a recall or summary of key ideas. Often confuses assertion of personal opinion with information substantiated by evidence from the research/course Through understanding of required concepts and knowledge. Supports personal opinion and information substantiated by evidence from the research/course materials. Demonstrates a Highly developed understanding of required concepts and knowledge. Discriminates between assertion of personal opinion and information substantiated by robust evidence from the research/course materials. A sophisticated understanding of required concepts and knowledge. Systematically and critically discriminates between assertion of personal opinion and information substantiated by robust evidence from the research/course BIZ301_Assessment 1_Group Venture Plan Page 6 of 7 materials. Some level of rationale for the chosen venture and its position in the market. capacity to explain and apply relevant concepts. Begins to develop a clear understanding of the market need, competitive position, and customer need for the venture. Demonstrates a clear understanding and strong approach to meeting the venture in a new market. materials. Excellent demonstration of the venture’s position in a competitive market- place and a strong understanding of the potential of the product. Analysis of the key drivers for financial success for the chosen venture Develop a 3-year financial plan including how to fund your venture, the costs and projected revenues. 15% Limited or poor financial analysis. No clear or convincing path to financial viability of the venture. Acceptable financial analysis. An adequate path to financial viability of the venture. Good financial analysis. A credible path to financial success of the