entrepreneurship and innovation entrepreneurship and innovation assignment whethe

Entrepreneurship and Innovation Assignment Whether you are considering developing a new product, service or innovation in your own workplace or preparing to start your own business, you will need the skills to develop a clear and succinct proposal or pitch. This assignment will require you to explore a potential solution to a problem and empathise, design and ideate (the first three steps in design thinking). It will be in two parts. Part A: A research report (approx. 2000 words) supporting your idea. Part B: You will need to submit a pitch deck of approximately 7 slides (approx. 500 words), This new venture idea could be for your own business (startup), or a new or innovative idea relevant to your current industry. Part A: Research Report The report you submit to support your pitch will be the bulk of the marks. Use these hints, as well as the design thinking methodology as a guide as to what needs to be thought about and articulated. Product or service hypothesis. What is the problem you need to solve and why? Potential solutions and why you chose the solution you have? Viability, competition, capability etc Product or service analysis. How do we know this is a problem? Identify the customers and initial testing framework. The customer. Who will this benefit? Provide evidence of some market testing/research or market analysis. Synthesis. What the research has proven or identified? Justification for your proposal and includes research and insights. Financial model. What are the anticipated upfront costs? What would be the best way to fund this particular idea? How much would you need from an investor? Challenges you may face and strategies you will utilise to manage or overcome these challenges. Any theories models you have used to help you develop your proposal and report. NOTE: If you do all of the research and realise that your potential solution is not viable, this is ok. You can state that at this point you would chose to pivot and explain why. You do not need to start all over again, just work with the original idea but ensure that it is clear at the very beginning of the report that after all the research, you would have chosen to pivot. It might be useful to 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? What is the research telling you and how does it support your idea? Using the research gathered develop a plan that outlines how you would build this business or internal venture. Part B: Pitch Deck Your pitch deck acts as a summary of your research report. This should be designed like you would be presenting it, in person, to either investors or your boss. In your pitch deck you will need to consider the following: The viability of the idea. Is it a problem worth solving? Could your solution be financially viable? A proposed solution and what your minimum viable product would be. Competitors and points of differentiation. The market for this solution, including potential personas or segments that this product or service would be for How you would see this capability move from ideation, incubation, through to pilot, launch and scaling milestones. Rough financials (back of the napkin), illustrating costs and expected revenue, as well as identifying a point where cross over should occur or how this solution can be sustained over time. NOTE: Presentation is key here. Your ability to articulate ideas clearly and professionally is so important in business. Dont go overboard with design, however pay attention to details and make it as visually engaging as possible.

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