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£69 LO3 Identify the positive and negative attributes of an effective (diverse) team.
Group Project My project is about: Making a double floor street that’s made from recycled materials like ruber from the tiers
Describe the difference between innovation and entrepreneurship. LO1
Explain the processes of innovation and entrepreneurship. LO2
Identify the positive and negative attributes of an effective (diverse) team. LO3
Explain the value of innovation and entrepreneurship for their own career and society. LO4
The Opportunity Analysis Project (SSDEC OAP) is an assignment for students to use the tools and skills they have learned in the course to develop a story and a narrative about a potential opportunity in the SSDEC field. In Week 9, teams will select an idea and use the time until Week 12 to determine if it is a viable market opportunity. Instructions: Summary
Identify potential opportunities. Combine your own personal experiences and creativity with external forecasts and trend analysis. How is the world changing with respect to new technologies? What is the impact of globalization on current solutions? What new requirements will those changes produce? Recent media articles on trends are often a good place to start.
Define your purpose and objectives. Identify your most promising opportunity, being careful to discriminate between an interesting technological idea and a viable market opportunity. Prepare an outline which will help you to determine what types of data and information you need to demonstrate the attractiveness of your chosen opportunity.
Gather data from primary sources. It is crucial for you to obtain data from primary sources. Potential investors will place more trust in well conducted primary research than in stacks of data from secondary sources. There is simply no substitute for talking to potential customers from the target market in order to validate the opportunity you have identified. Consequently, it is important to spend time gathering data from primary, not just secondary, sources.
Gather data from secondary sources. Countless secondary sources exist on the web and in your college’s various library resources. Try not to get too bogged down in financial and accounting data.
Analyze and interpret the results. Persuasively summarize your results.
Assignment Each team member is required to collect data from primary sources by interviewing at least two potential users, customers, and partners, document these discussions. You must include the information from the interviews in your analysis. Students should use the skills, knowledge, tools and techniques gained in the course (in weeks 1 – 12) to prepare a report on their innovative concept. The group report should not be more than as total for all the six parts in table 1, double-spaced, and 12 pt. font. This document has to be in Word or PDF. The report must include the following sections below: 2000 words It is the responsibility of every group to divide the five project contents listed in (Table 1 below). Every student should submit her/his individual report. One member of the group should submit the final group report. Submit the grou p member’s evaluation forms individually. The sixth question in table 1 is supposed to be written by whole group and not individually. It is the project conclusion.
Table 1: Project Contents
1. Concept and Vision.
Where did your idea come from (e.g. a class, brainstorming,etc)?
Explain what the market opportunity is and how your solution addresses this.
What makes your solution particularly compelling?
How does it make the world a better place?
Do you have personal experiences with this market?
Is there existing intellectual property that you must license or new intellectual property you must develop in order to pursue this opportunity?
Has anyone tried something like this before? If so, why did they fail or succeed, and why is the opportunity still attractive?
2. Market Analysis.
What industry or sector of the economy are you addressing?
Why is this market attractive?
What segment of the overall market are you pursuing?
What market research can be done to describe this market need?
What are the total industry or category sales over the past three years?
What is the anticipated growth for this industry?
If this is a new market, what is the best analogous market data that illustrates the opportunity?
Project the potential market size and growth for your opportunity.
3. Customers and Customer Development.
This is extremely important. You need to have a clear idea of who your target customer is. The only way for you to be able to do this is to "get out of the building" and speak with your potential customers. You will need to answer questions such as:
What does the customer need?
Why does the customer need it?
What is the customer using today?
What is the customer willing to pay for your solution? Why?
How will you reach this customer? You should include both primary (or first-hand) research and secondary research, emphasizing primary over secondary.
4. Competition and Positioning.
Who else serves this customer need?
Who might attempt to serve this market in the future?
What advantages and weaknesses do these competitors and would-be competitors have?
What share of the market do specific competitors serve?
Are the major competitors` sales growing, declining, or steady?
What are the barriers to entry for you?
What are the barriers to entry for additional competitors?
How could partners and allies best help you overcome competition from established enterprises or other startups?
5. Business Model.
Now that you have discovered an opportunity and talked to potential customers,
how will you turn it into a business?
How will you make money and when do you expect your venture to be profitable?
What is the major risk to address right away (e.g., market or technical)? In other words, which hypothesis regarding product or market strategies need to be tested right away?
6. Learning and Adaptation.
What did you learn and how between the time you chose the idea in Week 9 and producing the final written report in Week 12?
Is this idea a true opportunity or not?
The items above have no implied order. Some entrepreneurs start with a well-defined concept and then try to identify a market for their idea; others start by studying a market and then stumble upon an idea. Also, please keep in mind that the specific data and information you provide will vary according to the type of opportunity you choose to analyze.
A key success factor for a successful project is the depth of your analysis and what you learned from it. If after careful research you have determined that your business idea is not as promising as you originally thought, it is totally acceptable to present an OAP that describes why your idea will not make sense now rather than why it is the next big thing.
An honest and rigorous analysis of an idea that did not survive further scrutiny is preferable to either
(a) a half-baked analysis of an idea your team is unsure of, or
(b) an enthusiastic job of over selling for your current idea, even though you know it is problematic.
Submission instructions The project has two components individual and group: Individual work : The group should divide the five components in table 1 among the team members. Every student should use tools, secondary and primary resources to work on his/her analysis part or assigned content. Group work : Students should meet from time to time and whenever is required to discuss their findings. Then the whole team should meet after they finish their individual work to complete part 6 of the report contents. This would be the OAP group conclusion.
C. Individual work- not more than 500 words
Every member of the group will select one of the five areas in table 1 and write not more than
for his/her section. 500 words Attach any evidence at the end of the report (interviews, resources, tools)
Use at least two secondary resources, two primary resources and two tools
How much did he/she interpret and link the resources and tools into the analysis?
D. Group report - not more than 2000 words:
Create a final report including all the individual parts.
Complete part 6 of the table above “Learning and Adaptation” conclusion by the whole group. Not more than
500 words. You Must submit only one group report for whole group, which should be submitted by only one member of the team of not more than
2000 words as a total. Attach any evidence at the end of the report (tools & resources)
Late Submissions Late submissions of written assignments are allowed within a maximum of 5 working days of the deadline of the assessment activity. The student grade is reduced by 10% for each working day during the aforementioned 5-day period. If the assignment is submitted beyond the 5-day period, the student receives a grade of 0. Late submission:
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