New Venture Creation builds insights and skills in the tools and processes by which new business ventures are created by entrepreneurs. The course introduces participants to the process of identifying new business opportunities, researching and developing an innovative business concept and business model, and analysing the resources and strategies necessary to implement it in the form of a new venture. 

The course is delivered through workshops, in-class exercises and experiential learning in which participants work in small teams taking on the role of new venture proponents.  At the end of the course, participants present their business concepts to an examiners' panel - representing hypothetical investors or other stakeholders. Participant teams are actively mentored by the course lecturer. Exercises and assignments are designed to encourage participants to engage pro-actively with the ACT’s new venture creation ecosystem.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

Upon successful completion of the requirements for this course, students will be able to:

1. Identify opportunities and the drivers of new venture creation processes;
2. Summarise techniques for identifying new venture opportunities;
3. Design a new venture concept (for-profit, not-for-profit or social venture) and an innovative business model for implementing it;
4. Evaluate the resources required for implementing the designed concept and business model;
5. Create a comprehensive new venture proposal with supporting documentation;
6. Integrate new venture concepts and techniques in a pitch to an investor panel.

 

Research-Led Teaching

The course provides students with a framework to experience new venture creation.

Field Trips

There are no field trips in this course.

Additional Course Costs

There are no additional class costs expected in this course.

Examination Material or equipment

Additional examination information will be available closer to the examination period at https://exams.anu.edu.au/timetable/.

Required Resources

Business Model Generation

Author: Ostwerwalder, A. & Pigneur, Y.

Publisher: John Wiley and Sons

Edition: Any

ISBN: 9780470876411

Availability: Co-op Bookshop. A digital version is also available online.

Price: $47-50 (hardcopy); $33 (ebook)

Notes: A digital copy of this book is available from Chifley Library on short term loan.

Staff Feedback

Students will be given feedback in the following forms in this course:

• Written comments
• Verbal comments
• Feedback to the whole class, to groups, to individuals, focus groups

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). The feedback given in these surveys is anonymous and provides the Colleges, University Education Committee and Academic Board with opportunities to recognise excellent teaching, and opportunities for improvement. The Surveys and Evaluation website provides more information on student surveys at ANU and reports on the feedback provided on ANU courses.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Seminar 1 - Week 1: Introduction to Entrepreneurship & the Business Model Canvas; am I an entrepreneur, can I be taught to be an entrepreneur?	Readings: Business Model Generation, pp. 14-16; 200-211; 244-261. Activities: Each student studying MGMT7161 shall bring a ‘new business venture idea’ to Class 1. Given recent events, the new venture should be related to the Covid19 ’new normal’ If a student feels the topic is too emotionally difficult to manage, please discuss an alternative with the Lecturer.
2	Seminar 2 - Week 2: The Value Proposition & Customer Segments; what tools do I need/can I use to generate an idea that will survive?	Readings: Business Model Generation, pp. 20-25; 56-65; 212-225. Frow & Payne, 2011; Gronroos, 2009.
3	Seminar 3 - Week 3: Customer Relationships & Channels; how do I sell my solution/the company/myself?	Readings: Business Model Generation, pp. 26-29; 76-87. Ritter & Gemuden, 2003.
4	Seminar 4 - Week 4: Revenue Streams - How do I launch products/services?	Readings: Business Model Generation, pp. 30-33; 88-107. Hinterhuber, 2008. Activities: Assessment Task 1 Presentations
5	Seminar 5 - Week 5: Key Activities & Key Partners - how do I approach/negotiate with investors?	Readings: Business Model Generation, pp. 36-39; 108-117; 134-145. Wiklund & Shepherd, 2009.
6	Seminar 6 - Week 6: Key Resources & Cost Structures - How do I live with a modest budget – at a company and personal level?	Readings: Business Model Generation, pp. 34-35; 40-41; 66-75. Baker et al, 2003. Activities: Exam preparation.
7	Seminar 7 - Week 7: Organisational Plan - what is the best strategy/plan to form a founding team?; how do I recruit employees to a company that no-one knows?	Readings: Launching New Ventures, pp. 265-292. Activities: In-class consultation and discussion.
8	Seminar 8 - Week 8: Marketing and Sales Plan	Readings: Launching New Ventures, pp. 313-341. Activities: In-class consultation and discussion.
9	Seminar 9 - Week 9: Financial Plan & Sources of Funding; how do I raise money and what are the tricks for ‘young players’; how do I not run out of cash?	Readings: Launching New Ventures, pp. 173-197. Activities: In-class consultation and discussion.
10	Seminar 10 - Week 10: Growth Plan, Harvest & Exit - how do I expand, scale and exit?	Readings: Launching New Ventures, pp. 390-417; 431-438. Activities: Finalising the business plan; In-class consultation and discussion.
11	Seminar 11 - Week 11: Pitch Practice	Reading: Business Model Generation, pp. 170-179. Activities: Pitching workshop and rehearsal; In-class consultation and discussion.
12	Seminar 12 - Week 12: Final Pitches	Activities: Assessment 3 & Assessment 4 due; Final comments and course wrap-up.

Tutorial Registration

Further details about the structure and teaching activities for this course will be available on the course Wattle site by start of Week 1.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
1. Venture Concept (15%)	15 %	20/08/2020	05/09/2020	3
2. Mid-term Exam (40%)	40 %	03/09/2020	02/10/2020	1,2
3. Business Plan (30%)	30 %	29/10/2020	03/12/2020	3,4,5
4. Final Pitch (15%)	15 %	29/10/2020	03/12/2020	4,6

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details

Policies

ANU has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Misconduct Rule before the commencement of their course. Other key policies and guidelines include:

• Student Assessment (Coursework) Policy and Procedure
• Special Assessment Consideration Policy and General Information
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure

Assessment Requirements

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the ANU Online website Students may choose not to submit assessment items through Turnitin. In this instance you will be required to submit, alongside the assessment item itself, hard copies of all references included in the assessment item.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.

Participation

Students are expected to attend all classes and attempt all assessments.

Examination(s)

Additional examination information will be available closer to the examination period at https://exams.anu.edu.au/timetable/

Assessment Task 1

1. Venture Concept (15%)

Details of task:

This task represents the first stage of the major project for the course. It allows course participants to use the business model framework in the development of an early stage entrepreneurial venture concept. The purpose of this task is to increase participants’ ability to identify problems, needs or pains affecting people and organisations, assessing and deciding which of these represent real opportunities to be tackled through a venture project. Participants are encouraged to schedule consultation during weeks 1-3 to discuss their concepts with the convenor.

These concepts will be the basis for the major project to be undertaken in the second half of the course. During the week 4 seminar they will be presented to the class. During the remainder of the course, a venture may be 'killed' but only by the student. In the event of a project being 'killed' the student then joins another venture, and teams will form around these concepts that remain, and will work together for the remainder of the semester in developing a business plan. Please note that this selection process will have no impact on the assessment of this task (see below for presentation requirements). Presentations will be recorded for review purposes.

Although these concepts are the starting point for the major project, it is highly likely that they will evolve and change over time.

Individual assessment or Group task: Individual

World limit: See below.

Presentation requirements:

During the week 4 seminar session, each participant must deliver the following:

3 page concept outline in hard copy (worth 5%), including:

1. Identifying and explaining the problem, need or pain that the venture will be addressing, including who is affected by it and how they would benefit from having the problem solved;
2. High level analysis of the opportunity, including existing solutions, major competitors and the overall size of the market or industry;
3. Identifying the key resources, including skills, networks and others, for the venture, highlighting those that are already available and those that are required or lacking;

3 minute presentation (worth 10%), including:

1. Brief description of the problem, including existing solutions, competitors and the overall size of the opportunity;
2. Clear value proposition, including the customer segment, how they are currently affected by the problem, and the benefits they will receive from having the problem solved;
3. Using the business model framework to provide a high level description of the proposed venture;
4. Describing the key resources necessary for the venture, highlighting those already available and those that could be contributed by other members of the class.

Submission date: Week 4 during the seminar

Due date for return of assessment: Marks and feedback will be provided by end of week 6.

Assessment Task 2

2. Mid-term Exam (40%)

Details of task:

This course will include a mid-term exam focusing on the theory, frameworks and topics covered in weeks 1 through 6. The exam aims to allow course participants to demonstrate their understanding and ability to apply these concepts and frameworks.

This assessment will take the form of a 3 hour closed-book exam, and will include three types of question:

• 1 business model exercise focused on demonstrating understanding of the key concepts and frameworks explored in the course;
• 3 out of 5 short answer questions integrating topics covered in the course;
• 1 short essay question reflecting on course topics in the analysis of a particular case study.

Individual assessment or Group task: Individual

Submission date: During the mid-semester examination period. The ANU Examination Office will communicate all examination information directly to students. Further advice will be provided by end of Week 4.

Due date for return of assessment: Marks will be provided three weeks after submission.

Assessment Task 3

3. Business Plan (30%)

Details of task: This task represents the third stage of the major project for the course. Its purpose is to bring together the different components of the business model in a structured, concise and coherent plan that can be presented in order to obtain support and financial backing.

The business plan is not an academic document. The style of writing should reflect the intended audience, which is to be determined by the team and communicated to the course convenor. In order to assist teams with this task, a sample business plan structure will be made available on the course wattle site.

Individual assessment or Group task: Group (or Individual with approval of the Course Convenor) Assessment with Individual Component

World limit: max. 20 pages (plus appendices)

Presentation requirements: To protect student IP, Business Plans must be delivered as hard copy.

The Business Plan should include the following:

1. Executive summary identifying and describing the new venture, while providing an overview of the major points from the plan;
2. Describe the motivations of the team in proposing the venture, including their skills, roles and why they are well-suited to undertaking the project;
3. A recruitment strategy providing insight into how the team will attract talent;
4. Research and analysis of the context in which the new venture will operate, including the competitive and regulatory environment;
5. Research and analysis of the commercial potential for the new venture, clearly identifying customer segments and end users, including evidence supporting its case for success;
6. Marketing strategy for the new venture, emphasising its consistency with its proposed customer segment/s;
7. Operations strategy for the new venture, emphasising how the team will continuously learn about the market and any relevant technology;
8. Describe resource requirements for establishing the new business, highlighting how the team will ensure an ongoing supply;
9. Develop financial projections for the venture, including start-up costs, cash-flow forecasts, P&L and balance sheets for the new venture;
10. Estimate the value of the new venture, providing a financing proposal and an offer structure for potential investors;
11. Action plan for the set-up year and the following two years, including a harvest and exit strategy.

Although this is a team-based assessment, each member will select an equal number of items to be assessed on individually. This will require them to take responsibility for certain key aspects of the project and work collaboratively with the team to make sure those aspects are completed successfully. Team formation will be organised with the course convenor after the presentation events of Task 1.

Submission date: Handed over during the week 12 seminar.

Due date for return of assessment: Marks will be provided post week 12.

Assessment Task 4

4. Final Pitch (15%)

Details of task: The final stage in the major project for this course is a pitch-style presentation of their final project. The purpose of this task is to provide participants with practical experience in delivering presentations aimed at obtaining support, financial or otherwise, for their projects.

In order to improve the validity of the learning experience, a panel of influential actors from the local entrepreneurship & innovation ecosystem will be invited to attend these pitches. This aims to simulate a competitive pitching environment. This panel will not be assessing teams’ pitches, but will be providing feedback and questions that can be of significant value to the students.

Although final pitches are to be held in the final seminar session, this pitch will draw from the experience of presenting in week 6. There will also be an opportunity to rehearse and prepare the final pitch in week 11. Presentations will be recorded for review purposes.

Individual assessment or Group task: Group Assessment (or Individual with approval of the Course Convenor) with Individual Component

World limit: N/A

Presentation requirements: 10-minute presentation followed by 5-minute Q&A.

The content of this presentation should include:

1. The problem addressed by the business model, including the size of the opportunity and any relevant demographic and/or industry information;
2. A clear and credible value proposition, along with any validating research;
3. Strategy for execution, including marketing, operations, and learning processes aimed at continuous improvement;
4. The team, each member’s skills and roles, and why you are the best suited to executing the venture. Also consider including any stakeholders who have already offered their support;
5. Financial potential of the venture, including clear offering/request for funding, other resources or support. This should include anticipated returns for investors and/or other supporters.

Teams are encouraged to use any necessary audio-visual materials to support their pitch. There is no limit to the amount and type of materials used other than the 10 minute timeframe.

Although this is a team-based assessment, each member will select an equal number of items to be assessed on individually. This will require them to take responsibility for certain key aspects of the project and work collaboratively with the team to make sure those aspects are completed successfully. Team membership will be same as Task 3.

Submission date: During the week 12 seminar.

Due date for return of assessment: Marks will be provided after the release of final grades.

Academic Integrity

Academic integrity is a core part of our culture as a community of scholars. At its heart, academic integrity is about behaving ethically. This means that all members of the community commit to honest and responsible scholarly practice and to upholding these values with respect and fairness. The Australian National University commits to embedding the values of academic integrity in our teaching and learning. We ensure that all members of our community understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. The ANU expects staff and students to uphold high standards of academic integrity and act ethically and honestly, to ensure the quality and value of the qualification that you will graduate with. The University has policies and procedures in place to promote academic integrity and manage academic misconduct. Visit the following Academic honesty & plagiarism website for more information about academic integrity and what the ANU considers academic misconduct. The ANU offers a number of services to assist students with their assignments, examinations, and other learning activities. The Academic Skills and Learning Centre offers a number of workshops and seminars that you may find useful for your studies.

Online Submission

The ANU uses Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. While the use of Turnitin is not mandatory, the ANU highly recommends Turnitin is used by both teaching staff and students. For additional information regarding Turnitin please visit the ANU Online website.

Hardcopy Submission

For some forms of assessment (hand written assignments, art works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.

Late Submission

No submission of assessment tasks without an extension after the due date will be permitted. If an assessment task is not submitted by the due date, a mark of 0 will be awarded.

All requests for extensions to assessment in RSM courses must be submitted to the RSM School Office with a completed application form and supporting documentation. The RSM Extension Application Form and further information on this process can be found at https://www.rsm.anu.edu.au/education/education-programs/notices-for-students/extension-application-procedure/

Referencing Requirements

Accepted academic practice for referencing sources that you use in presentations can be found via the links on the Wattle site, under the file named “ANU and College Policies, Program Information, Student Support Services and Assessment”. Alternatively, you can seek help through the Students Learning Development website.

Returning Assignments

All assignments will be marked and where appropriate feedback will be provided either: in class, or in person by appointment with the course lecturer, or via the course Wattle site.

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure The Course Convener may grant extensions for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.

Resubmission of Assignments

You are allowed to resubmit your assignments before the specific deadlines where specified for each assessment item. Any submission done after the deadline will be considered as a late submission and not be marked.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information. In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service — including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy. If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

Distribution of grades policy

Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes. Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.

Support for students

The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).

• ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
• ANU Diversity and inclusion for students with a disability or ongoing or chronic illness
• ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
• ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
• ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
• ANUSA supports and represents undergraduate and ANU College students
• PARSA supports and represents postgraduate and research students