- Class Number 7312
- Term Code 3160
- Class Info
- Unit Value 6 units
- Mode of Delivery In Person
- Stewart Rendall
- Stewart Rendall
- Class Dates
- Class Start Date 26/07/2021
- Class End Date 29/10/2021
- Census Date 14/09/2021
- Last Date to Enrol 02/08/2021
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.
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:
- Identify opportunities and the drivers of new venture creation processes;
- Summarise techniques for identifying new venture opportunities;
- Design a new venture concept (for-profit, not-for-profit or social venture) and an innovative business model for implementing it;
- Evaluate the resources required for implementing the designed concept and business model;
- Create a comprehensive new venture proposal with supporting documentation;
- Integrate new venture concepts and techniques in a pitch to an investor panel.
The course provides students with a framework to experience new venture creation.
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/.
Business Model Generation
Author: Ostwerwalder, A. & Pigneur, Y.
Publisher: John Wiley and Sons
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 FeedbackStudents 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 FeedbackANU 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.
|Week/Session||Summary of Activities||Assessment|
|1||Seminar 1 - Week 1: Introduction to Entrepreneurship; 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. This can be 'for profit' or 'not for profit'|
|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? Ideas and Models Visiting companies #1||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? Customers and Prototypes||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? Selling and timing Visiting companies #2||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? Competition and culture||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? Global and risk Visiting companies #3||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? Team and legals||Readings: Launching New Ventures, pp. 265-292. Activities: In-class consultation and discussion.|
|8||Seminar 8 - Week 8: Marketing and Sales Plan Investors and Finance Visiting companies #4||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? Debt and exit||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? Board and scaling Visiting companies #5||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 Advice and government||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.|
Further details about the structure and teaching activities for this course will be available on the course Wattle site by start of Week O.
|Assessment task||Value||Due Date||Return of assessment||Learning Outcomes|
|1. Venture Concept (15%)||15 %||20/08/2021||03/09/2021||3|
|2. Mid-term Exam (30%)||30 %||17/09/2021||*||1,2|
|3. Business Plan (40%)||40 %||04/11/2021||*||3,4,5|
|4. Final Pitch (Oral assessment) (15%)||15 %||29/10/2021||*||4,6|
* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details
PoliciesANU 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:
Assessment RequirementsThe 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 AssessmentMarks 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.
Students are expected to attend all classes and attempt all assessments.
Additional examination information will be available closer to the examination period at https://exams.anu.edu.au/timetable/
Assessment Task 1
Learning Outcomes: 3
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 eg 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 completed in the second half of the course. During the week 4 seminar each venture concept 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 and pitch. 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
Word limit: See below.
During the week 4 seminar session, each participant must deliver the following:
3 page concept outline (worth 5%), including:
- Identifying and explaining the problem, need, gain or pain that the venture will be addressing, including who is affected by it and how they would benefit from having the problem solved;
- High level analysis of the opportunity, including existing solutions, major competitors and the overall size of the market or industry;
- 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:
- Brief description of the problem, including existing solutions, competitors and the overall size of the opportunity;
- 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;
- Using the business model, or other, framework to provide a high level description of the proposed venture;
- 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.
Marking criteria/Rubrics will be made available in class at least one week before assignment due date and on Wattle
Assessment Task 2
Learning Outcomes: 1,2
2. Mid-term Exam (30%)
Details of task:
This course will include a mid-term exam focusing on a practical analysis of a real organisation using 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 open-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 teaching break. Further advice will be provided by end of Week 4.
Due date for return of assessment: Marks will be provided three weeks after submission.
Marking criteria/Rubrics will be made available on Wattle
Assessment Task 3
Learning Outcomes: 3,4,5
3. Business Plan (40%)
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. 25 pages (plus appendices)
The Business Plan should include the following:
- Executive summary identifying and describing the new venture, while providing an overview of the major points from the plan;
- Describe the motivations of the team in proposing the venture, including their skills, roles and why they are well-suited to undertaking the project;
- A recruitment strategy providing insight into how the team will attract talent;
- Research and analysis of the context in which the new venture will operate, including the competitive and regulatory environment;
- 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;
- Marketing strategy for the new venture, emphasising its consistency with its proposed customer segment/s;
- Operations strategy for the new venture, emphasising how the team will continuously learn about the market and any relevant technology;
- Describe resource requirements for establishing the new business, highlighting how the team will ensure an ongoing supply;
- Develop financial projections for the venture, including start-up costs, cash-flow forecasts, P&L and balance sheets for the new venture;
- Estimate the value of the new venture, providing a financing proposal and an offer structure for potential investors;
- Action plan for the set-up year and the following two years, including a harvest and exit strategy.
Although this may be 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.
Submission date: 04 Nov 2021.
Due date for return of assessment: Marks will be provided post week 12.
Marking Criteria/Rubrics will be made available on Wattle
Assessment Task 4
Learning Outcomes: 4,6
4. Final Pitch (Oral assessment) (15%)
Details of task: The final stage in the major project for this course is a pitch-style presentation (in-class preferably but may be Online depending on pandemic-related circumstances) 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, amongst others, 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. Marking criteria will be discussed in class leading to rehearsal. Presentations will be recorded for review purposes.
Individual assessment or Group task: Individual assessment (or group with approval of the Course Convenor and containing Individual Component)
World limit: N/A
Presentation requirements: 10-minute presentation followed by 5-minute Q&A.
The content of this presentation should include:
- The problem addressed by the business model, including the size of the opportunity and any relevant demographic and/or industry information;
- A clear and credible value proposition, along with any validating research;
- Strategy for execution, including marketing, operations, and learning processes aimed at continuous improvement;
- 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;
- 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.
In the event that 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.
Submission date: During the week 12 seminar.
Due date for return of assessment: Marks will be provided after the release of final grades.
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