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:

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. New venture research draws on a variety of scholarly disciplines including management and economics. In this course, particular attention is paid to how the understanding of unknowns, risks, and outcomes could help us find and apply evidence relevant to addressing problems in the creation of a new venture.

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

There are no examinations in this course.

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	Introduction to Entrepreneurship	The list of weekly pre-readings and case studies to be discussed in class will be announced on the Wattle Course Site in week 1.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	The Value Proposition & Customer Segments:Ideas and Models
3	Customer Relationships & Channels:Customers and Prototypes
4	Revenue Streams:Selling and timing	Assessment Due: Venture Concept
5	Key Activities & Key Partners:Competition and culture
6	Key Resources & Cost Structures:Global and risk
7	Organisational Plan:Team and legals
8	Marketing and Sales Plan:Investors and Finance
9	Financial Plan & Sources of Funding:Debt and exit
10	Growth Plan, Harvest & Exit:Board and scaling
11	Pitch Practice:Advice and governance
12	Final Presentations (in-class)	Assessment 2: Final Presentation (Pitch)Final comments and course wrap-up.

Tutorial Registration

Seminars consist of lecture sessions, discussion questions, discussion of pre-readings, and in-class exercises.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Venture Concept	30 %	14/03/2024	31/03/2024	1,3
Final Presentation: Pitch	30 %	23/05/2024	02/06/2024	1,2,3,4,6
Business Plan Report	40 %	03/06/2024	27/06/2024	3,4,5

* 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

The course will be taught Face-to-Face (F2F). Attendance at seminars, while not compulsory, is expected in line with "Code of Practice for Teaching and Learning," Clause 2 paragraph (b). Where students will not be able to attend a seminar they should advise the Convenor and discuss how to address the learning materials instead.

Examination(s)

There are no examinations in this course.

Assessment Task 1

Venture Concept

Weighting: 30%

Assessment type: Group with Individual Component

Description:

This group task represents the first stage of the major project for the course. It allows course students to use, for example, the business model framework in the development of an early stage entrepreneurial venture concept. The purpose of this task is to increase students’ 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.

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, teams will work together for the remainder of the semester in developing a business plan and pitch. Although these concepts are the starting point for the major project, they will likely evolve and change over time. Some time in each week will be allocated toward teamwork for the major project. Students are also encouraged to schedule a consultation during weeks 1-3 to discuss their concepts with the convenor.

Presentation requirements:

During the week 4 seminar session, each team must deliver the below 2 components

Component 1 (weighting 15%): a 5-page or 1,500 words* concept outline, including:

1. 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;
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;
4. Identifying the critical unknowns in each of the five areas of solution, customers, team, metrics and finance.

*NO penalty for going over the word count, although assignments over 5 pages or 1,500 words will not be read and marked. You may include a cover page that will include the name of your team/venture concept, your team members' student names and student IDs.

Component 2 (weighting 15%): 3-minute* presentation, 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, or other, 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.

*strictly 3-minute presentation, any content presented beyond 3 minutes will not be considered for marking. Presentations will be recorded for review purposes.

While this is a team-based assessment, each member will be assessed on individually. This will require you to take responsibility for certain key aspects of the project and work collaboratively with the team to make sure those aspects are completed successfully.

Formatting: further formatting guidelines will be provided in seminars.

Submission date: Thursday 14 March 2024, Week 4 during the seminar - written material to be uploaded on Turnitin via the Wattle site before the week 4 seminar.

Return of assessment: written feedback in Week 6.

Marking Criteria: A detailed rubric will be made available on the course Wattle site from Week 2.

Late submissions: Late submissions are not accepted. 5% per working day or part thereof, as school policy. If you are unable to submit on time you should apply for an extension.

Assessment Task 2

Final Presentation: Pitch

Weighting: 30%

Assessment type: Group with Individual Component

Description: This group task involves a pitch that is an important part of new venture creation in securing resources and support.

Content of the pitch should include:

• The problem or opportunity 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;
• Identification of the major unknowns, examples of how some have been validated and/or resolved;
• The team, each member’s skills and roles, and why you are the best suited to execute the venture. Also, consider including any stakeholders who have already offered their support;
• Financial potential of the venture, including clear offering/request for funding (if applicable), other resources or support. This should include anticipated returns for investors and/or other supporters.

You are encouraged to use any necessary audio-visual materials to support your pitch. There is no limit to the amount and type of materials used other than your time limit.

While this is a team-based assessment, each member will be assessed on individually. This will require you to take responsibility for certain key aspects of the project and work collaboratively with the team to make sure those aspects are completed successfully.

Presentation requirements: 10-minute* presentation followed by ~3-5 minutes of Q&A. Further guidelines will be made available in seminars and on the course Wattle site.

*strict 10-minute presentation. Any content presented beyond 10 minutes will not be considered for marking. Presentations will be recorded for review purposes.

Submission date: 23 May 2024 @23:59 AEST (slides for all groups should be uploaded to Turnitin via the Wattle site), the presentations will take place during the week 12 seminar.

Marking Criteria: A detailed rubric will be made available on the course Wattle site.

Return of assessment: verbal feedback will be given during the seminar, and marks will be provided by by the Review Week.

Late submissions are not accepted. 5% per working day or part thereof, as school policy. If you are unable to submit on time you should apply for an extension.

Assessment Task 3

Business Plan Report

Weighting: 40%

Assessment type: Group with Individual Component

Description:

Details of task: This group task represents the 3rd stage of the major project for the course. Its purpose is to bring together the different components of the business model and plan in a structured, concise and coherent plan that can be presented 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. To assist teams with this task, a sample business plan structure will be made available on the course wattle site and presented in class seminars.

The Business Plan should include, amongst others, the following:

• Executive summary identifying and describing the new venture, while providing an overview of the major points from the plan;
• Identification of the major unknowns and how these have been/will be isolated and validated
• 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 be assessed individually. This will require you to take responsibility for certain key aspects of the project and work collaboratively with the team to make sure those aspects are completed successfully.

AI USE: the use of AI such as ChatGPT to generate an essay or report is not allowed as it is akin to plagiarism. Students are required to demonstrate achievement of critical, analytical, and synthesis skills in high-quality works.

Formatting: further formatting guidelines will be made available in seminars and on the course Wattle site.

World limit: max. 15 pages or 4,500 words* (plus appendices).

*NO penalty for going over the word count, although assignments over 15 pages or 4,500 words will not be read and marked.

Submission date: 03 June 2024 @23:59 AEST to be uploaded on Turnitin via the Wattle site.

Marking Criteria: A detailed rubric will be made available on the course Wattle site.

Due date for return of assessment: Marks will be provided upon the release of the final grades on 27 June 2024.

Late submissions are not accepted. 5% per working day or part thereof, as school policy. If you are unable to submit on time you should apply for an extension.

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 through the CBE extension request portal: CBE

Assessment Extension Request Form. Further information on this process can be found at https://rsm.anu.edu.au/study/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 Access 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 all ANU students