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.Group assessment product and guidelines in attached documents- I only need the section Marketing and strategy approach done.