2043IBA Innovation, Creativity & Entrepreneurship
Part A of Assessment 1 requires you to prepare a report where you will identify a unique problem/opportunity related to a key trend in a specific industry, then create a novel solution based on the identified problem/opportunity. The report has several sections:
1.Provide a detailed description of a key trend focusing on a unique problem or opportunity of consumers unmet needs. You are to specifically analyse the industry that is impacted by the key trend.
2.You then create a detailed novel solution based on the identified opportunity or problem within the key trend identified in part 1 above. You should explain in detail how the novel solution differs from existing offerings and from potential competitors. A novel solution is defined here as something that is new and innovative and can be an international solution (i.e. sold in a different country) if relevant.
3.A key focus of the Initial Idea Report is to concentrate on the customer. Here you provide a comprehensive explanation of your target customer using one of the following: Value Proposition Canvas (VPC) OR Persona OR Empathy map. You should provide some narrative explaining the content contained within the VPC OR the Persona OR Empathy map.
4.Lastly, you will illustrate the novel solution's value through the creation of a completed business model canvas (with between 3-5 dot points for each pillar). A brief narrative is to be provided that provides a synopsis of the nine pillars of the BMC.
Students are required to submit the initial idea report via the submission point in the assessment folder in Learning@Griffith. The submission should be a Word or PDF document. Your report must not exceed 1000 words. The word limit must include any tables, figures, references (reference list is not included in word count); please use the APA style. There is no need for a separate title page or table of contents. Your cover page should include a statement of the word count.
b.Industry (or Industries if relevant)
c.Problem or opportunity of consumers unmet needs
2.Proposed Novel Solution
a.Details of the novel solution: Explain what the solution is provide images, draft drawings if appropriate. Highlight how the solution is linked to the challenge/opportunity within the key trend previously identified.
b.Innovativeness of the solution: Explain how the solution is unique, novel, or different.
c.How the solution differs from competitors: Identify your competitors: existing or potential and explain how your solution is unique, novel and/or different from your competitors.
a.Identify who your customer(s) are. If you have more than one type of customer identify them here however choose only one to explain in detail.
b.Using one of the following tools, provide a comprehensive narrative to explain your customer:
i.Value Proposition Canvas OR
4.Business Model Canvas
a.Using the solution identified in section 2 above ‘Proposed Novel Solution’, sketch out the idea using the Business Model Canvas Template.
i.Provide between 3-5 dot points on each of the nine pillars.
b.Provide a brief narrative that provides a synopsis of the nine pillars and outline how the solution creates value for the customer identified in section 3.
5.Reference list and Appendices (if relevant).