New Venture Creation
Opportunity spotting: using entrepreneurship and innovation frameworks to develop new markets
New Venture Creation theories are not restricted to understanding start-ups. Concepts and models should be applied to develop new projects and markets in existing businesses, organisations, and government. The group assessment for New Venture Creation allows you to test your ability to use creativity to find a new market for an established product.
Your team (of up to six people) is the founder of a business that has specialised in using Virtual Reality (VR) to provide more “life-like” learning spaces than those offered in Teams, Zoom, and other meeting platforms. You are now ready to grow your business to new markets.
Identify a new use for the VR space and pitch the idea to your first client.
1. Conduct some background research around the Virtual Reality teaching spaces and commercial applications.
2. Attend the Preparation Week Session in the VR space with your team. Familiarise yourself with the space. It will be open for you up until you submit.
3. Research opportunities that exist in Qatar that will capture value for companies and individuals (customers) (read this Harvard Business Review article for guidance on how to spot opportunities https://hbr.org/2013/05/how-to-get-better-at-spotting).
4. Select an idea and client
5. Arrive ready to pitch your idea to your team on day one of delivery week.
6. Decide on the idea to take forward for assessment.
You must be clear on the customer “pains” as well as the “gains” the space provides as “pain relievers” for customers pains to persuade them to use your space. This will be contained in the Value Proposition Canvas for your first customer. You must also present the retail pricing model for the client to consider.
Your team will follow this with a support report on Saturday. This is a document for your internal consideration. It should set out the business model and must include a Business Model Canvas. Other mandatory inclusions are in the assessment guide.
Grant, H. (2013). How To Get Better at Spotting Opportunities. Harvard Business Review. https://hbr.org/2013/05/how-to-get-better-at-spotting Retrieved 2020-06-02