The following module learning outcomes and professional body learning outcomes are tested in this assessment:
1. Demonstrate an understanding of international business environment and assess their context (international, local or organisational) for the support and constraints it provides for entrepreneurial activities, and reflect on the implications
2.Identify problems, needs or challenges in their environment and respond to these by generating, investigating and critically evaluating appropriate enterprise ideas.
3. Demonstrate understanding and engagement with an entrepreneurial community
Assignment Brief
This assignment gives you the chance to explore an entrepreneurial idea, with the potential of winning a cash prize and finding mentoring and support through an ideas competition. You should aim to build on your engineering expertise to respond to a real problem. These opportunities are helpful for your cv, and participating in them gives you something to talk about at interview.
The entrepreneurial idea needs to address the UN Sustainable Development Goal 11, Sustainable Cities and Communities.
The lectures and workshops which are being run for you should equip you with the necessary concepts and give you time and space to develop your ideas and receive feedback on them. In particular, you will be able to develop and present your idea in the course of online workshops (Hackathons). During these workshops you will be able to present your ideas for feedback and to entrepreneurship and industry experts. The aim of these workshops is to help you to develop your assignment and your submission to the Bright Ideas competition. All students are expected to attend to develop their skills and understanding of the startup process, hear pitches, give feedback, and learn from feedback provided.
1.To demonstrate your engagement with an entrepreneurial community, you should attend the workshops, and submit your idea to the Bright Ideas competition online by the deadline given above. Provide evidence of this submission as an appendix to the assignment which you submit.
2.To demonstrate your understanding of the international business environment, and your ability to identify needs and address them, you should:
a.Use the Bright Ideas template in MS Word (to be provided, and shown below as Assessment Criteria) for your submission. Submit the same application as you put into the competition online. (1000 words)
b.This template expands on your competition entry by a maximum of 500 words across the boxes numbered 3, 4, and 5. Thus the wordcount total is 1500 words.
c.You can add Appendices and References at the end of the template. Otherwise, please don’t change the template. You do not need a table of contents.
d.Include appropriate figures and tables throughout and in appendices to support your explanations. Wordcount in appendices are additional to the 1500 words maximum.
e.Each of the team members should also submit a diary of their activities in the development of the submission, incorporated as an appendix to the final report. This will support your evidence of engagement in an entrepreneurial community. It may also be taken into consideration in the event of a dispute over contributions.
Section |
Indicative content / questions to answer for each section |
|
1) Elevator Pitch |
10% |
Accurate and impressive short summary of your idea, intended to impress a potential investor based on the contents of the rest of the report– 100 words maximum |
2) The need or problem you are addressing & the target group |
30% |
· Key information about the problem or need you have identified, and the market or group of people who experience the problem. · Who will buy / use your product or service? |
3) The product/ service |
Outline of the product / service or project and how it meets the identified needs. · How does it work? · What are its key features and how does it benefit the target market? · What value will they perceive from your product? |
|
4) Alternatives & Competitors |
30% |
Explanation of how your product or service is different from what is already available in the market. · Who are your competitors? · Why should your customers buy from you, rather than your competitors? · What is a reasonable price for your product considering the cost and value provided, particularly in light of the competition identified? |
5) Market entry |
· Who will be your first customer and how will you attract them? · What is the Minimum Viable Product (MVP) that will deliver the core benefits of your idea, and be of value to your customer? · How will your product/service be made available or distributed to your target market/audience? · What longer term plans do you have? |
|
6) Lean Test |
20% |
· What are your working assumptions about the customer, the service or product, and the technologies that the success of the concept relies on? · How will you test your working assumptions about the concept with the target market? · How will you judge the effectiveness of the tests identified? |
7) Our Team |
· Tell us about yourselves. What is your team’s credentials and credibility to implement these activities and pursue this idea? · How have you engaged as an entrepreneurial community? |
|
8) Entrepreneurial community & presentation |
10% |
Presentation of the report, including effective use of references, tables, charts and supporting information in appendices. Evidence of a competition to Bright Ideas [or additional competition for later cohorts]. Evidence of engagement with an entrepreneurial community |