MGMT20143 Think Big: Identify an Innovative Business Idea

Identified an innovative business idea that has the best chance of securing a high proportion of a potential investment, assumed to a maximum of $100,000.

In summary, there are two parts. 

The first requires everyone in the team to present the idea and sell the proposed business venture to an 'investor'.

The second involves the group/team providing a portfolio of materials (three items) that supports the pitch together with the ‘team charter’ that has guided the performance of the group/team. Each of these is detailed below:

The Pitch

1. Make a 2-minute pitch, which succinctly describes the important aspects of the business concept and the business model to be used.
2. Each team member presents their aspect of the pitch in no more than 4-minutes.
3. Where appropriate, showcase the portfolio of materials to support the presentation
4. The pitch should be structured to include the following:

1. Comprehensive description of the proposed venture idea and underlying business model
2. A high-level discussion of the business case, including: the problem solved; how the idea is monetised; financial feasibility, operational feasibility; and the the scope and scalability of the idea for commercialisation.
3. What you are seeking from the investor
4. What you are offering in return

Portfolio of Materials and Team Charter

The group/team must submit three of the following as part of a portfolio of materials in support of the business idea pitched by the group/team:

1. Description and justification of the innovation process used
2. Cash flow projections and Income Statement for the first two years
3. Short video or animated PowerPoint that explains and sells the business idea to potential investors and customers


A draft website (maximum six pages) that explains and sells the business idea to potential investors and customers
An example of a blog or newsletter or similar communication that explains and sell the business idea to potential investors and customers
A 2-page plan/outline that explains how social media will be used
A related application software
A short brochure in pdf
A prototype of the product
A schematic or simulation of the planned service offering
Any other item/aspect that demonstrates a key aspect of the product/service you want to develop and which will persuade investors to fund your project.

Answer:

It is important for all the companies to develop promotional mix which is extremely useful for communicating the business idea to the people at large. The notion of waste management through recycle bins is resourceful and it will entail suitable communication strategy in order to convince the target market about the idea and make them aware about the problem that is being faced (De Vries et al., 2012). Because of the increasing problem of pollution and associated issues it is very important for to look for a solution that will be effective in solving such problem. The platforms of social media that will be used in the process of communication are: “Facebook, Twitter, YouTube and Instagram”. The company will ensure that the accounts, profiles and pages in various social media will be connected so that the same post can be shared at multiple locations. Audiovisual media is very effective in communicating important message to the target audience in an interesting way, thus a dedicated audio visual can be prepared about the product to be offered (De Vries et al., 2012).

Facebook: There will be an official Facebook page of the company which is very essential in modern times to be effectively conducting a business (Vinerean et al., 2013). Most of the people with access to internet are in Facebook in present time. The company will regularly post about their product and the benefits of their product in Facebook, they may host quiz or other interactive activities. The paid promotion will also be activated in which the company will select their target customer and will post videos and graphic messages that will attract the customers (Ashley  & Tuten, 2015).

Twitter: Twitter is a micro blogging site which is very useful in keeping continuous communication with the followers and keeping them updated. “The company will be continuously tweeting and re-tweeting the conversations with the customers. This will be a dynamic communication of sorts with the customers” (Ashley & Tuten, 2015).

YouTube: “Targeted audience will be approached by displaying the audio visual that explains about the service provided by the company in YouTube” (Ashley & Tuten, 2015). The targeted audience will be chosen for the marketing and the visual will be effective in convincing the people about the product.

Instagram: The Company will promote short videos about their product in Instagram. There will be photos and textual advertisements as well. These will be made very professionally (De Vries et al., 2012).

Pitch

Hi, I’m…..

From ...

The problem we are solving is….. the pollution due to wastage dumping. People often lack proper places and facilities of disposing of the wastes properly. Indiscriminate disposing of the wastes gives rise to bacteria and large-scale pollution.

Our solution is…. there has to be some unique business technology that will be providing new machinery called the recycle bin. This will not only help in reducing the waste but will also help in converting the waste into fertilizer.

This is huge opportunity because…. Environmental degradation due to pollution is the greatest problem in today’s world. It is creating havoc problem in the society. Pollution due to untreated and unplanned waste dumping needs to be checked as soon as possible. This technology will help in that process.  

Our target customers are…. Companies, factories, and householders. The recycle bin will be customized according to the need of the client. There will be smaller bins for households and larger ones for factories and commercial usage.  

Our competition includes…. Manufacturers of similar products which are very less in number.

We are better because…. We have a team of trained and educated employees who cater to the betterment of the business by sharing their valuable knowledge. We will concentrate on technology even more.

We make money by….

• Providing the best quality and most advanced waste recycle bins that has multiple functions.
• We also aim to innovate the product and manufacture one of a kind machine that will produce fertilizer from organic wastes.

Our team can do this because…. This business startup idea is much viable. The business idea is unique and extremely practical. It is based on practical solution to one of the most burning problem of the time. The team is very enthusiastic in providing such a service to the society.

Next we will…. Innovate new kind of machines, devices and products that will be aimed at solving the problem of pollution.

What we need right now is…. We need investment in order to start the manufacturing process of the first lot of products. Also the customers’ needs to be informed by communication process.

To summarize… People often lack proper places and facilities of disposing of the wastes properly. Indiscriminate disposing of the wastes gives rise to bacteria and large-scale pollution. It is for this reason that a very innovative business idea would be to develop recycle bins that will break down each waste particle into degradable substances and convert them into natural manure.

Goals

Members of Students United (SU) pledge to contribute their skillsets in the best of their capabilities, regardless of culture and background for the objective of achieving a score of 95 in this team project and win funding for our project. Should the team accomplish this milestone, we shall reward ourselves with a meal and drinks at Melbourne’s best venues.

Member Roles

SU recognizes the factor needed for maximum contribution by every member through specialization of tasks. This has led to SU segregating specific roles to each of its members being :

• Team Leader/Organizer/Facilitator: Member 1
• Researcher/Devil’s Advocate: Member 2
• Planner/Time Keeper/Editor: Member 3

It is acknowledged by SU that members will capitalize on their strengths to perform specific tasks in areas in which they have expertise on and provide insight to other members who may not be as proficient. This will enable members to build fundamentals in leading different areas of the team project which includes:

Member 2 Lead Researcher

The main engine of generating different ideas and operational feasibility of proposed business model, sourcing out relevant market information and advising on latest technology advancement.

Member 3 Lead Writer/Editor

Lead writers will develop and plan writing the business pitch and presentation for investors and academic board. Keeps track of the flow and grammar of the written business model innovation proposal and content. The editor holds the responsibility of proofreading the assessment, advising improvements on areas of the assessment where needed before final submissions and presentation.

Member 1 - Leader/Organiser

Leaders will overlook the entire procedures and processes involving idea generating, developing and choosing a business model suitable for the chosen idea, leads discussion and organizing team in selecting the best idea, identifies potential partners and investors for the proposed business venture. The leader sets deadlines and assigns tasks to members to accomplish for each deadline. The leader helps members through conflict of opinions and ideas to ensure the continuous flow of constructive criticism.

Member Obligations

In order to achieve a common objective, the members of SU pledge to conduct themselves accordingly:

1. Utilise team meetings for maximum efficiency - members will engage in lively discussion and contribute to their fullest extent
2. Construct a detailed “plan of attack” for each section of the assignment
3. Maintain prompt, clear and open communication with other members of the group
4. Accomplish assigned duties promptly and to the best of our abilities
5. Review the work of our peers honestly and openly
6. Be open to constructive feedback and contrasting perspectives
7. Foster a respectful and supportive environment that allows for the generation of new ideas
8. Maintain correct academic conduct, including but not limited to, the preclusion of plagiarism in any form or way
9. Ensure our work is of a satisfactory standard as agreed upon by the team
10. Submit our work punctually

Conflict Resolution

1. It is expected that team members fulfill their assigned share of work by the specified date and time
   1. Any problems encountered by a team member will be discussed individually with a team leader or at a team meeting
   2. Alternate arrangements will be organised and any conflicts resolved
2. Major decisions will be made collaboratively with the inclusion of all team members. The opinion, viewpoint, and thought of each member will be fully considered and reviewed, in order to reach a consensus of majority
3. Should arguments or brainstorming sessions get too rowdy or heated, parties with contrasting ideas will be required to:
   1. Take turns holding a talking stick and explain the pros and cons of their idea
   2. Listen intently to the opposing party’s suggestion
   3. Allow for majority decision from other group members

Meetings & Communication Channels

Two face-to-face meetings per week where attendance is compulsory for all team members: Example

11 am - 12 pm    Monday

10 am - 12 pm    Tuesday

Main Communication: Facebook & Google Drive

Secondary Platforms: CQU Email, SMS Text, Team Wiki, Phone

Room bookings [By Leader]: CQU Melbourne Level 2 Library

Contingency Plans

In the case that external, unforeseen circumstances influence strict promptness, alternate arrangements are required to be organized by the parties resolving such conflicts. Some examples include:

• In the event of absenteeism, members are responsible for keeping up to date with other parties, any new developments (detailed in our Google Document) and meeting their obligations
• At the first team meeting, the team selected Monday 11am-12pm and Tuesday 10am-12pm as favourable meeting times. In case of unexpected timetabling clashes, a contingency time of Friday 3pm-4pm was established. Alternatively, if several parties were unavailable during the week, Skype group calling was discussed.
• The team designated 27 April to be our internal deadline. This meant there was one week’s worth of leeway to account for any unforeseen circumstances

References:

Ashley, C., & Tuten, T. (2015). Creative strategies in social media marketing: An exploratory study of branded social content and consumer engagement. Psychology & Marketing, 32(1), 15-27.

De Vries, L., Gensler, S., & Leeflang, P. S. (2012). Popularity of brand posts on brand fan pages: An investigation of the effects of social media marketing. Journal of interactive marketing, 26(2), 83-91.

Vinerean, S., Cetina, I., Dumitrescu, L., & Tichindelean, M. (2013). The effects of social media marketing on online consumer behavior. International Journal of Business and Management, 8(14), 66.