solution

Referring to anywhere in the world.

New Venture Inc operates as a course that you will know as ‘Entrepreneurship for Social and Market Impact’. New Venture Inc is organised into working groups that you will know as Tutorials. Each working group has a Venture Development Leader (NVDL) who you will identify.

This New Venture Inc is tasked with developing new venture concepts that address social and market problems. Your NVDL is the designated leader of the working groups responsible for leading teams through a new venture idea development process. The Chief Executive Officer (CEO) of New Venture Inc, who will will know as the Course Coordinator, has requested that the NVDLs to organise teams within the working groups who will each develop a new venture idea that responds to a challenge presented by a social and market problem area.

In this study period, the challenge area is Plastic waste.

Your challenge is to spot an idea and build a new business concept that addresses the challenge area. You will work in teams to develop a new venture proposal to the best of your team’s capability to then recommend whether the venture is feasible to progress to further development. Your teams will be formed across the first few weeks and your NVDL will guide you through this process. Teamwork is vital to the productive creation of new venture proposals.

Your team’s aim is to develop a New Venture Proposal using the Lean Canvas tool that will be introduced during the course. Your objective is to conceive a new venture idea, develop a Lean Canvas that illustrates how the new venture idea will solve a customer problem and provide value, be competitively positioned in the marketplace, have a viable channel to market. The team will further identify the major establishment costs, resource investments and revenue stream opportunities. Your final task will be to review your new venture idea to determine the extent to which it is feasible for moving forward to business development based on a quick feasibility screening tool called CUSTIMR, that assesses seven aspects of the venture proposal.

The concept is turning recycled wasted into roads and bike paths.

Brief feasibility report with a recommendation on whether to proceed to business development, cease further development of the concept, or recommend the next actions necessary to clarify whether to proceed or not if the evidence is unclear.

The Feasibility Report will include a brief discussion/assessment of the following points:

1. Concept Synopsis: A description of your team’s new enterprise concept and an overview of the Lean Canvas strengths and weaknesses for your new venture proposal. Your presented Lean Canvas is to be included as an Appendix item.
2. Customer Value Proposition: The extent to which accessible customers are identified who are willing and able to purchase the product/service and who recognise the benefits and fit of the product/service offering with their customer job(s) to done. Innovators or early adopters are identified as customers.
3. Unfair/Competitive Advantage: The extent to which the concept is difficult to copy by competitors and/or there are no or few alternatives or substitutes.
4. Sustainability: The extent to which the concept provides equitable economic gain, environmental care and is socially responsible.