澳洲technological innovation and entrepreneurship 11408代写,技术创新和企业家精神论文代写

往期写作 587 2年前

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Question:
Now that your team has ‘successfully applied’ for a standard Australian patent, the next step is to secure resources for your entrepreneurial venture. A business plan is a useful tool not only in enticing investors but also a preferred planning tool for a new venture. In the second half of the semester, you will be developing elements of a business plan for your hypothetical business.
In the Group Report, 1 (Patent Application) project your team has identified a unique ...

 

Question:

Now that your team has ‘successfully applied’ for a standard Australian patent, the next step is to secure resources for your entrepreneurial venture. A business plan is a useful tool not only in enticing investors but also a preferred planning tool for a new venture. In the second half of the semester, you will be developing elements of a business plan for your hypothetical business.

In the Group Report, 1 (Patent Application) project your team has identified a unique technological innovation. Now it is time to take this idea/concept through the innovation process to the point of completing a business plan for the potential commercialisation of the idea/concept.

Business Plan

Working in Teams of 5-6 members, you will be developing a Business Plan for the commercialisation of your innovation identified in Group Report 1. Between Weeks 9-13, working in your teams (from Group Report 1) you will develop several elements of a typical business plan.

You will follow the project Roadmap outlined in Table 2. The lecture content and the tutorial material are developed in a way to help follow the stipulated roadmap.

The requirements for the Group Report 2 are,

  1. Include a front page with Title and team details (i.e. team number e.g. 11408_ONLINE_FRI_0830_Team01 and team member names/ID)
  2. The business plan (see Table 1 for requirements for each cohort and Appendix A for details)
  3. Pt 12 size Arial (or similar legible) fonts with double spacing with 1.5cm margins
  4. The documents should be in either MS-Word or PDF format only
  5. Any references should be formatted in Harvard style

Each member of the team is required to maintain a weekly project logbook. In this logbook each member should capture,

  1. Date of entry
  2. Team members present
  3. Points discussed, names of contributors and any relevant material
  4. Any outstanding issues
  5. Future action points/tasks and their owners
  6. Your own contributions to the project.

1.The logbook serves as documentation of progress and your contributions to the collective IP of the team/project. Any outstanding issues noted should be resolved at the earliest possible. It is your responsibility to discuss these with your team first and if not resolved, should be brought to the attention of the tutor during the weekly tutorials. The tutor will then act as a facilitator to help resolve them in a timely manner. The logbook should document such steps/interventions taken.

This information has been extracted from the Textbook for your reference only. This material is copyrighted.

  1. Opportunity Analysis and Market Validation

The market analysis section should reflect your knowledge of your industry, and present highlights and analysis of your market research. Detailed market research studies, how-ever, should be provided as appendices to your plan.

Because your market analysis offers the only basis for your prospective sales and pricing estimates, make sure that this section clearly demonstrates that there is a market need for your product or service, that you as the owner not only understand this need but can meet it, and that you can sell at a profit. This section should also include an estimate of your market penetration annually for the next five years.

  1. The Venture’s Vision, Value Proposition and Business Model

The company description section must provide an overview of how all of the elements of your company fit together without going into detail, because most of the subjects will be covered in depth elsewhere in the plan. Writing this section is the first real test of your ability to communicate the essence of your business. If this section lacks a clear description of the key concepts of your company, the reader will assume that you have not yet clearly defined the idea in your own mind. Therefore, you must be certain that this section concisely and accurately describes the substance of your new business.

  1. Product/Service, Product Life Cycle, Intellectual Property Protection

This section should seek to clearly articulate the product and/or service to be offered by the venture. It is good to take the user’s perspective when describing the product, to avoid dwelling on technological features without highlighting how the technology creates value for the user. The specific benefits of the product, as well as how the product meets the needs of users, should be outlined. Competitive advantages could be mentioned, particularly if there are elements that are hard for competitors to copy. The business plan should also mention the stage of the product’s development (idea, prototype, small production runs, etc.) and how it is expected to be scaled up. Then, the product/service’s current position within its life cycle can be described, along with factors that may change the anticipated life cycle. Last, the company’s intellectual property (IP) needs to be described convincingly, including existing or pending patents (or other filings) and anticipated patents. Key aspects of the product or service that cannot be patented or protected, key aspects that qualify as trade secrets and existing legal agreements with owners and employees (including non-disclosure agreements and non-compete agreements) should be detailed. Special attention should be paid to the readers of your business plan as you develop this section. Too much detail will have a negative impact on most external readers of the plan. Avoid turning this section of your business plan into a policies and procedures manual for your employees.

  1. Marketing Strategy and Sales Plan

Your objective here is to describe the activities that will allow you to meet the sales and margin levels indicated in your prospective financial statements. Both general and specific information must be included in this part of your plan. Do not underestimate the importance of presenting a well-conceived sales strategy.

Without an efficient approach to beating a path to the doors of potential customers, companies with very good products and services often fail. The emphasis in this section should be on your company’s unique ability to satisfy the needs of the marketplace. Avoid criticising your competition’s products too severely, because the natural tendency of a reader who is not part of your organisation will be to empathise with the unrepresented party – your competition. Concentrate on the positive aspects of your product’s ability to meet existing market needs and allow your readers to come to their own conclusions about your competition based on the objective  information presented here.

  1. Talent and Team Capabilities

Your management team’s talents and skills are some of the few truly unique aspects of your company. If you are going to use your plan to attract investors, this section must emphasise your management’s talents and skills and indicate why they are a part of your company’s distinctive competence that cannot easily be replicated by your competition.

Remember that individuals invest in people, not ideas. Do not use this section of the plan to negotiate future ownership of the company with potential investors. Simply explain the current ownership. Because your management team is unique, make sure that you stress its members’ backgrounds and skills, and how they will contribute to the success of your product/service and business. This is especially important to emphasise when you are looking for financing

  1. Resourcing and Operational Plan

This section needs to build a thorough understanding of how products/services are to be produced, by what procedures and via what production or service delivery capacity. The use of internal capacity or external contractors to deliver, as well as expected investments in scaling up the capacity, needs to be detailed. Suppliers that can supply critical elements of production should be identified, risks of shortages should be evaluated and existing and anticipated contractual relationships with suppliers should be described. Because many of the aspects of your new business are still theoretical at this point, special care must be taken to be sure that the specifics of your operations do not conflict with the information included in your prospective financial statements. Any inconsistencies between those two areas will result in some unpleasant surprises as your company begins operations. Here again, too much detail can detract from the rest of your plan. Be certain that the level of detail included fits the specific needs of the plan’s users.

  1. Financial Plan and Harvest

The financial data section contains the financial representation of all the information presented in the other sections. Various prospective scenarios can be included, if appropriate. The financial data section of your business plan is another area where specialised knowledge can be invaluable. If you do not have someone with sufficient financial expertise on your management team, you will probably need to utilise an outside advisor.

Any new or additional funding reflected in your prospective financial statements should be discussed here. Alternative funding scenarios can be presented if appropriate, and corresponding prospective financial statements are presented in subsequent sections of your plan.

Remember, because the rate of return is the investor’s most important consideration – and the initial public offering market is sometimes not available – investors will be looking for alternative exit strategies. Therefore, be flexible and creative in developing these opportunities, taking into consideration such recent trends as mergers/acquisitions and strategic partnering. Although details can be worked out later, investors need to know that you understand their primary objectives as you develop your overall business strategy.

  1. Critical Risks

In this section, you need to systematically analyse what you find to be critical risks, before outlining how these risks will be minimised (risk prevention) and handled if they materialise. There may be a number of risk factors: internal to the company (e.g. employees taking another job), external (e.g. supplier delivering bad quality), institutional (e.g. new regulations) and financial (e.g. access to venture capital or other means).

  1. Start-Up Schedule

Outline the plan for the next steps in the start-up process. In the near future, it could be relatively detailed about important activities. The long-term aspects of the plan should be more concerned with important milestones and connecting the interdependent activities – how some activities need to be finished to enable other activities. GANTT diagrams and other tools for time planning are often used to aid and visualise the planning.

  1. Appendices

Any additional details or confidential information that could be useful to the readers of the business plan but is not appropriate for distribution to everyone receiving the body of the plan can be presented here. Accordingly, appendices and exhibits should be bound separately from the other sections of the plan and provided on an asneeded basis to readers.

If you are a student from an English-speaking country, please feel free to contact us at [email protected] and we will provide you with an excellent writing service.

 

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