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Learning Outcomes
o Investigate cases of disruptive innovation in different business and social contexts by applying lean entrepreneurship principles
o Develop ideas using conceptualisation frameworks, innovation personas and horizon thinking in different business and social contexts
o Demonstrate an understanding of and apply the stages of the innovation process, including learn how to forecast the success and market diffusion of your innovation using business model design logic
Idea Generation and Business Model Development
Task Description:
The objective of this individual assessment submission is to learn how to develop your own business idea, complemented by research and observational insights that detail why the need is compelling. Please submit a 1500-word business report of your idea, a detailed business model (BM) canvas, discussion of the interrelationships among the BM components that are essential to success, critical risks and assumptions, and overall feasibility. The business model canvas must be discussed in the report and included as an appendix.
Length: 1500-words
Format: Business Report
Verified Expert
The modernization of concepts and ideas is indisputably an essential part of any business processes or activity. Wastage of electricity in street lights is a very familiar phenomenon in many developing and developed countries as well. The strategy of automotive sensors in street lights can bring a breakthrough in the world of automation. In the era where automotive cars are a real thing, automated signals are not only revolutionary but it also considers the environmental and ecological issues that we are facing today. The report discusses the merits of using automated sensors in street lights in order to save electricity.
Critical Success Factors: Critical success factors to be managed during execution of the idea 15% Exemplary identification and very detailed discussion of the critical success factors to be managed during execution of the idea. Evaluation of Feasibility: Evaluation of the overall feasibility of the idea 15% Exemplary and detailed evaluation of the feasibility of the idea. Very compelling. Quality of written submission: Quality of writing, grammar, APA referencing, following business report format. 10% An exceptionally well-written business report, good flow of ideas, no spelling or grammatical mistakes, presented in the required format, and accurate use of APA referencing format.
"Proposed Business Model: Discussion of the proposed business model" 15% Exemplary and detailed discussion of the nine building blocks in the proposed business model. Interrelationships: Identify and discuss the key interrelationships in the BM that will support success of the idea 10% Exemplary and detailed explanation and discussion of the key interrelationships in the BM that will support success of the idea
Weighting Problem Identification: Entrepreneurial problem that needs solving and/or the reason the innovation is required is effectively explained 15% High Distinction Exemplary and succinct explanation of the entrepreneurial problem that needs solving and/or the reason the innovation is required. Benefits Generated: Persuasive argument of the benefits to be generated by the idea. 10% Exemplary and highly persuasive argument of the benefits to be generated by the idea.
Assessment Criteria: 1. Effective explanation of the customer/market problem that needs solving and/or the reason the innovation is required. (15%) 2. Persuasive argument of the customer/client benefits to be generated by the idea (10%) 3. Discussion of the proposed business model (15%) 4. Identification and discussion of the key interrelationships in the BM that will support success of the idea (10%) 5. Critical success factors to be managed during execution of the idea (15%) 6. Identification of critical risks and assumptions (10%) 7. Evaluation of the overall feasibility of the idea (15%) 8. Quality of written submission, minimum 6 peer-reviewed journals, and APA referencing format (10%).
Length: 1500-words Format: Business Report Business Model Canvas format: From Osterwalder &Pigneur (2010) Assessment Due Date: Week 8Monday5:00 PM AEST Referencing Style: American Psychological Association (APA) Submission Instructions: Please submit online via Moodle Return Date to Students: Week 10Monday (20) Results and marker comments will be available in Moodle through Feedback Studio. Please click on the blue Pencil to access feedback. Weighting: 30%
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