Microsoft Word - BIZ301_Assessment 2_ Group Venture Plan_M5.docx BIZ301_Assessment 2_Venture plan_M5 Page 1 of 7 ASSESSMENT 2 BRIEF Subject Code and Title BIZ301 Organisational Creativity and...

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Microsoft Word - BIZ301_Assessment 2_ Group Venture Plan_M5.docx BIZ301_Assessment 2_Venture plan_M5 Page 1 of 7 ASSESSMENT 2 BRIEF Subject Code and Title BIZ301 Organisational Creativity and Innovation Assessment Group Venture Plan Individual/Group Groups of 3 – 4 Students to be formed in week 4 of the term. *Please see the ‘My Groups’ tab on the bottom right had side of the subject blackboard page. Contact your facilitator if you have not been assigned to a group by the end of week 4. Length 4000 words +/- 10% Learning Outcomes b) Identify organisations that develop and foster the processes, practices and attributes for creativity and innovation c) Compare and contrast new venture creation using either business model generation or lean start up approaches d) Explain the implications for organisational strategy when developing a culture of creativity and/or innovation e) Assess the suitability of innovators as agents of change Submission Due by 11:55pm AEST/AEDT Sunday of Module 5 (week 10) Weighting 40% Total Marks 100 marks 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 BIZ301_Assessment 2_Venture plan_M5 Page 2 of 7 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 BIZ301_Assessment 2_Venture plan_M5 Page 3 of 7 Submission Instructions: Submit the group venture plan via the Assessment link at the bottom of the group homepage by the end of week 10 (one submission per group). The facilitator will provide feedback via the Grade Centre in the LMS portal. Feedback can be viewed in My Grades. BIZ301_Assessment 2_Venture plan_M5 Page 4 of 7 Learning Rubric: Assessment 2 Assessment Attributes Fail (Unacceptable) 0-49% Pass (Functional) 50-64% Credit (Proficient) 65-74% Distinction (Advanced) 75 -84% High Distinction (Exceptional) 85-100% Grade Description (Grading Scheme) Fail grade is awarded if a student is unable to demonstrate satisfactory academic performance in the subject or has failed to complete required assessment points, in accordance with the subject’s required assessment points. No clear distinguishing approach to the selected idea for the venture. Pass is awarded for work showing a satisfactory achievement of relevant learning outcomes. Identify appropriate entrepreneur and rational for section. Showing a clear approach to the idea and rationale for market success. Credit is awarded for work showing a more than satisfactory achievement of all learning outcomes and a more than adequate understanding of theory and application of skills. A clear understanding of the selected venture and rationale for the chosen product. Distinction is awarded for work of superior quality in achieving all learning outcomes and a superior integration and understanding of theory and application of skills. Evidence of in-depth research, reading, analysis and evaluation is demonstrated while a clear outline and timeline of achievements of the selected venture plan. High Distinction is awarded for work of outstanding quality in achieving all learning outcomes together with outstanding integration and understanding of theory and application of skills. Evidence of in- depth research, reading, and analysis, original and creative thought is demonstrated. Demonstrating clear approach to the value of the selected venture idea and the need in the market. Knowledge and Limited demonstrated Adequately describes the Exceeds the basic Exceeds the basic Professionally and Understanding potential for the potential for the group's requirements to requirements to compellingly ”sells” the group's idea/project. idea/project. somewhat convincingly convincingly potential of the group's demonstrate the potential demonstrate the idea/project Identify a suitable of the group's potential of the group's idea/project to Limited detailing of the Adequate detailing of the idea/project. idea/project. develop a venture content of the venture content of the venture Expert detailing of the plan and scale to a plan to show how it plan to show how it content of the venture global organisation plan to show how it BIZ301_Assessment 2_Venture plan_M5 Page 5 of 7 (35%) scales to a global organisation. scales to a global organisation. Good detailing of the content of the venture plan to show how it scales to a global organisation. Advanced detailing of the content of the venture plan to show how it scales to a global organisation. scales to a global organisation. Application with Limited understanding Adequate knowledge or Thorough knowledge or Highly developed A sophisticated synthesis of new of required concepts understanding of the understanding of the field understanding of the understanding of the knowledge and knowledge. field or discipline. or discipline/s. field or discipline/s. field or discipline/s Use of relevant Key elements of the Resembles a recall or Supports personal opinion Discriminates between Systematically and creativity tools and theory are not summary of key ideas. and information assertion of personal critically discriminates approaches for addressed. substantiated by evidence opinion and information between assertion of venture development from the research/course substantiated by robust personal opinion and Often confuses assertion materials. evidence from the information Little relevant use of of personal opinion with research/course substantiated by robust (35%) creativity tools to arrive information materials and extended evidence from the at the chosen venture substantiated by Demonstrates a capacity reading. research/course idea. evidence from the to explain and apply materials and extended research/course relevant concepts. reading. materials. Demonstrates a clear understating and strong Begins to develop a clear approach to meeting the Excellent demonstration Some level of rationale understanding of the product/venture in a new of the venture’s position for the chosen venture market need, competitive market. in the competitive and its position in the position, and customer market place and strong market. need for the product /venture. BIZ301_Assessment 2_Venture plan_M5 Page 6 of 7 understanding of the potential of the product. The path to market is expertly articulated. Analysis of the key Limited or poor Acceptable financial Good financial analysis. Very good financial Expert financial analysis. drivers for financial financial analysis. analysis. analysis. success for the chosen venture A good demonstration of a Highly sophisticated and No clear or convincing An adequate credible path to Thoroughly understands creative analysis, of the path to a positive demonstrating of a sustainable financial the market size and market size and Develop a 3 year cash financial outcome. conceivable path to success. addressable market addressable market flow and profitability financial success. opportunity. opportunity. analysis demonstrating high- level break even A very good An excellent analysis and exit demonstration of a demonstration of a strategy convincing and thorough compelling and path to financial success. comprehensive path to financial success. (15%) Effective Difficult to understand Information, arguments Information, arguments, Information, arguments, Expertly presented; the Communication for audience, no and evidence are and evidence are well and evidence are very presentation is logical, logical/clear structure, presented in a way that presented; mostly clear well presented; the persuasive and well poor flow of ideas, is not always clear and flow of ideas and presentation is logical, supported by evidence, Correct citation of key argument lacks logical. arguments. clear and well-supported demonstrating a clear resources and supporting evidence. by evidence. flow of ideas and evidence meeting arguments. BIZ301_Assessment 2_Venture plan_M5 Page 7 of 7 APA guidelines for referencing