Develop a Comprehensive Venture Plan for an Innovative Idea

a)Identify organisations that develop and foster the processes, practices and attributes for creativityand innovation

b)Compare and contrast new venture creation using either business model generation or lean start up approaches

c)Explain the implications for organisationalstrategy when developing a culture of creativity and/or innovation

d)Assess the suitability of innovators as agentsof change

1. Create an idea of the group’s choice that is innovative, and develop a venture plan that could bring it to market

2. Demonstrate the use of various creative tools to establish the market validity of the group’s chosen innovation

3. Identify the client value proposition and the need in the market for thechosen product

4. Establish market segmentation, and channel strategy and marketing approach, to deliver the product/solution to the chosen market

5. Develop a financial model for a viable venture

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.

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 forsection.

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

Understanding

Identify a suitable

idea/project to

develop a venture

plan and scale to a

globalorganisation

Limited demonstrated

potential for the

group's idea/project.