Business Plan for new innovation
Congratulations! It is the year 2020 and you have just received The Young ICT Entrepreneur Award and your face is on the cover of Time magazine! This is for your innovation that exploited current and emerging digital technologies and created a new business/product/service/application/technology or business model that the world had not known about before and that delivered great benefits to users. You wonder why no-one had thought of the idea before; the media is amazed at its popularity.
Your task is to go back in time to 2015 and write the Proposal/Business Plan for starting your new company that won essential investor capital to commercialise your innovation. The Business Plan was presented to “Angel Investors”; very experienced venture capital business people who support only a small number of start-up companies based on a unique proposition. It was difficult to get an opportunity to present your Business Plan and even more difficult to convince them of the soundness of your idea. Typically the Angel Investors only invite back for further discussions one out of every 20 entrepreneurs who present to them.
This assignment specifically addresses the following learning objectives of the course:
• demonstrate applied knowledge of people, technology and management skills in practice across global contexts of change and apply these to organisational systems and processes
• solve complex organisational problems theoretically and practically and critically reflect on the effectiveness of management processes to real-world problems
• communicate professionally and effectively in written and oral communication to various audiences.
Requirements for your Report:
1: Activity log/journal (approx. 500 words)
Prepare a log which records your activities and progress related to completing this assignment. In date order, list the following:
>Date of research activity/discussion/meeting
>Topic researched or discussed
>Brief description of research activity/discussion
>Status – not started, in progress, completed, withdrawn
>Responsibility – if you are in a team show which team member has responsibility for each activity
Submit this log as an appendix to your report.
2. Report Cover letter: your cover letter (letter of transmission) should explain to the Angel Investors the purpose of the overall document and why you have a compelling case for investment
3. Executive Summary: a summary of the key points of your report
4. Details of your innovation
Write a summary of your proposed initiative addressing the following:
• What your innovation is about
• Current business/consumer/supply/quality problems your innovation will address/solve
• Competitors and competitive products/services and why your initiative is different
• The key areas where your innovation is likely to have impact
• Who your customers will be, how large the market is, why they will buy your innovation, how you will retain them
• How you can measure the success of your initiative (key performance indicators)
5. Your company
Describe your proposed new company to commercialise your initiative in terms of the following:
• the industry (e.g. manufacturing, B2C, B2B, services, banking, healthcare, logistics) your company operates within,
• your company’s key products/services,
• your corporate vision and mission,
• your business strategy,
• your corporate structure,
• your major business processes
• your company’s relationship with external entities e.g. other organisations, government etc.
• A risk management plan: the risks your company must consider, severity, probability and planned mitigation (use a table).
6. Technology requirements and infrastructure
Describe and analyse how information systems could assist your company to service your customers, integrate your suppliers and provide operational efficiency, including the required IT infrastructure.
7. finance and key findings
Estimate figures based upon your research and produce an expected Profit & Loss statement for the first 3 years. Clearly state to Angel Investors how much you are asking them to invest and why; explain the anticipated return they will receive.
8. Presentation of your report
Layout, professionalism, Table of Contents, use of graphics or other ways to enhance readability and impact.
9. References – in-text and at the end using Harvard style
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