L E A R N I N G O U T C O M E S
On successful completion of this assessment, students will be able to:
a. Critically evaluate major theories and models of entrepreneurship and innovation management.
b. Identify and assess the characteristics of effective entrepreneurs and innovators.
c. Appraise and appreciate the challenges faced by entrepreneurs and utilise strategies to overcome them.
d. Theorise how strategic innovation practices contribute to clear differentiated positioning.
e. Reflect on the different stages as well as challenges through the innovation process.
B R I E F
Prepare a proposal (3,500 words) outlining your idea for a new business venture or an innovative idea relevant to your
current industry. You will also prepare a pitch presentation for your new business venture or innovative idea.
A S S I G N M E N T I N S T R U C T I O N S
For this assignment, you are required to propose and outline your idea for a new business venture or innovative idea
relevant to your current industry.
Your idea should focus on presenting a solution to a specific problem or issue. Since you have only a limited amount of time to work on your idea proposal, you are not expected to complete a tested, ready–for–investment proposal but rather a well–thought–out idea.
This assignment includes two parts: a proposal and
a pitch presentation.
Part One: Opportunity Proposal Report
For your report, you will need to identify a problem, a set of stakeholders who could/should do something and a
potential pathway to implementation.
Also, you are expected to use a design thinking process, lean start–up theory and business model canvas to guide your proposal. For your proposal report, you should include the following elements:
1. Identify the Problem
a. Explain the problem you need to solve and why it is a problem.
2. Product or Service Analysis
a. Explain how you know this is a problem.
b. Identify the customers (people who are affected by the problem)
c. Identify everyone in the distribution chain
3. Stakeholders
a. Identify your stakeholders
b. Every entrepreneurial initiative needs an owner or champion. This might be yourself (alone or with others involved in the startup), your company (ideally identify a role that would own the initiative) or another company that is well–placed to act on the opportunity.
4. Design Thinking Process
a. Describe the stages of your design thinking process.
b. You should focus only on the first three stages: empathise, design, and idea.
5. Description of Solution
a. Describe the potential solution. Explain why you have chosen your solution.
b. Detail how it solves the company’s viability, competition, capability, etc.
6. Explain the Value Proposition
a. What value do you provide your customer?
b. Each customer should have a separate value proposition
7. Draft Business Model
a. Complete a Business Model Canvas
8. Validation
a. What evidence have you found to provide support for your proposed solution, value proposition, and business model? Include the justification for your proposal by including research and any insights.
9. Testing
a. Explain the most important assumptions are you have made and how you could test it as quickly and inexpensively as possible (minimal viable product).
10. Financial Model
a. Explain how your idea or business will make money. Try to quantify any revenues and costs in your Business Model Canvas.
11. Challenges and Strategies
a. Identify any challenges you anticipate and the strategies you will utilise to manage or overcome the challenges.
Consider the Potential Need to Pivot
If you have conducted all your research and concluded your potential solution is not viable, this outcome is okay. You
should state that at this point, you chose to ‘pivot’ to a different business model and explain why.
You do not have to start all over again but instead, explain the flaws you discovered in your original idea. Then identify alternative business models that you would explore next.
For example, you may suggest a different customer segment, a different pricing mechanism (e.g. subscription versus sale), an alliance with another company, etc. Finally, think
about this assignment using the “What, So What, and Now What” framework.
What? So What? Now What?
What is the problem to solve,
and how would you solve it?
What is the research or
evidence supporting your
proposition? How does this
research support and/or
challenge your idea?
Using the research gathered,
develop a business model that
outlines how your idea could be
developed as a financially
sustainable opportunity.
