Develop profiles of current and/or aspiring young entrepreneurs using primary data gathered by your team Link to course material.
Integrating Business Perspectives Spring 2015
Final Group Report
In Integrating Business our focus is to provide you with the opportunity to develop a business plan (incl. pitch and supporting report) which could in the future be presented to an investor in order to secure initial seed funding for your business idea.
In this document you will be presented with your final project brief along with marking criteria for your group report and pitch. These tasks are designed to leverage off the work you have already done to understand the wicked problem space create empathy links to stakeholders etc. in your tutorials essays and lectures.
While it is expected that all students will adhere to the principles of good academic practice (critical writing referencing the source of information etc.) in all of your assessment tasks; in the case of your report and pitch your focus is primarily with justifying the value of your idea to a real world investor as opposed to including detailed coverage of academic concepts. For this reason academic jargon should be kept to a minimum and students should communicate in a clear straightforward style that should both educate and inspire.
UTS BUSINESS SCHOOL URBAN INNOVATION CHALLENGE COLLABORATION
PROPOSED WICKED PROBLEM
An issue connected to broader policy and community debate in the City of Sydney
To develop innovative business solutions which will support young entrepreneurs access to affordable space and other resources in the inner city from which to work and grow their emerging businesses
The City of Sydney has recently enacted moves to position Sydney as a hub for entrepreneurial activity. As part of this initiative they are interested in engaging with UTS students to explore new ways of supporting these business enterprises to achieve their objectives.
Entrepreneurs are recognised as facing a number of challenges to operationalise their business ideas. These challenges include but are not limited to: access to affordable spaces in the inner city and a lack of connectivity between entrepreneurs and the various existing support services that currently exist in Sydneys urban environment.
Owing to the emerging nature of their businesses entrepreneurs frequently need access to high levels of financial logistical and product-orientated support in order to grow and develop. Entrepreneurial operations also tend to prosper when they are positioned in close proximity to other entrepreneurs allowing them to leverage support (including skills and mentoring) to scale their business over time.
Your challenge is to consider ways that such support and opportunity can be provided in the context of the broader growth and development of Sydneys urban environment. This is a big challenge. Competition for land and property in the inner city is intensifying as is the struggle to secure access to finite sources of investment. Sydney businesses are subject to the influence of global competition meaning that the entrepreneurial heart of Sydneys knowledge economy must evolve if it is to take its rightful position as a major player in an internationally competitive market place
How the issue is connected to broader policy and community debate in the City of Sydney
This issue is connected with a range of broader strategic policy directions and desired community outcomes at the City of Sydney. These are reflected in a number of strategic documents:
Sustainable Sydney 2030 our Community Strategic Plan which governs all out work. This has goals for the development of a diverse economy and society.
The Economic Strategy which sets out goals for economy success and diversity including goals for the start-up sector
The Cultural Policy which addresses the importance of access to affordable space to those working in the creative economy
Additionally this issue is addressed through the Citys Grants and Sponsorship Policy which includes access to subsidised space in the City including through the Citys Creative Spaces program (http://www.cityofsydney.nsw.gov.au/explore/arts-and-culture/opportunitiesfor-artists/creative-space)
All of these documents are available at www.cityofsydney.nsw.gov.au
The draft tech start-up action plan that was referred to in the week 2 lecture can be downloaded at http://www.cityofsydney.nsw.gov.au/__data/assets/pdf_file/0004/239530/150803_CFPTC_IT EM15_ATTACHMENTA.PDF
How it will have tangible outcomes for the City of Sydney and other groups that are involved; the outcomes were looking for from the sessions
While the City has specific initiatives intended to provide access to affordable working space for entrepreneurs and support them in other material and non-material ways we cannot achieve these objectives through our own initiatives alone.
More solutions to this complex issue need to be developed through the market including through the business sector and other relevant sectors. Initiatives that are already being trialed in the market need to be expanded. New approaches and initiatives are waiting to be identified and potentially rolled out.
Finding new and innovative ways to address this issue will bring direct benefits to the health and growth of Sydneys economy which is of direct interest to the City of Sydney and all other relevant economic sectors.
Glaeser E. 2011 Triumph of the City UK: Macmillan PricewaterhouseCoopers LLP Cities of Opportunity Index: http://www.pwc.com/us/en/citiesof-opportunity/index.jhtml
Final Group Report
. All team members should contribute equally to the production of the report and associated materials. In this report your aim is to be able to convince a potential investor that you have considered the breadth of issues likely to impact on the feasibility and viability of your business idea. The Marking Criteria for the Report is listed in Table 1. Given that we wish to equip you with some of the tools you will need post-graduation each of the sections of the report (see Table 2. See overleaf) should be written in a very concise manner. Your focus is on developing a very clear narrative for your business concept that could be understood by a lay person with little background in your project area.
In completing the various sections of the report students will find ample opportunity to draw on the outcomes of tutorial work lectures and other assessments. In a small number of sections we have asked students to include the completed outcome of tutorial tasks as appendices (see table 2).
A small list of suggested readings is included at the end of this document which deals with a number of the technical aspects relating to different parts of the report and pitch.
Table 1: Report Marking Criteria
Creativity of ideas (attempts at logical and creative responses to each aspect of the problem stakeholder characteristics and competitive strategy) 20%
Demonstration of human-centred innovation approach (empathy research links to needs understanding of problem and stakeholders this work must be supported by appendices i.e. completed research templates images of your field work interview transcripts copies of in-class brainstorming etc.) 20%
Coherent strategies (logical links between each section) 20%
Literacy & conciseness of message 15%
Visual aids (use of images graphics charts sketches prototypes to support your text) 15%
Investment attractiveness of your idea 10%
Table 2: Report Structure
Section Max Word Count Inclusions
Cover Page n/a Business name and owner of business (should be fictitious) branding i.e. logo design color scheme visual representation
Introduction to the Problem 500 Describe the problem you are addressing
Focus on why it matters
Indicate the scale and negative impact (use primary and secondary data)
Images relating to the impact of the problem
Indicate how you and your team arrived to your understanding of this problem space i.e. support your claims with street cred (include a copy of a completed wicked problem concept map and empathy map as an appendix)
Develop profiles of current and/or aspiring young entrepreneurs using primary data gathered by your team
Link to course material: Guest lecture (week 2) Problem space mapping tutorial (week 2) homework research (weeks 2 and 3) Empathy tutorial (Week 3)
Your solution 100 Demonstration of your innovation and how it works (Show the reader how your idea works using one or more of image of a prototype a sketch a systems model an info graphic)
Links to course material: Ideation tutorial (week 5) and prototyping tutorial (week 6)
Sustainability 200 Discuss how your solution helps alleviate a problem related to enabling urban entrepreneurialism Link this with key stakeholders how will they be affected? Discuss the impact do you aim to achieve support with references/data
Link to course material: Introduction lecture (week 1) homework research (weeks 2 and 3) wicked problem lecture (week 2)
Business Model 600 Overview of business model (business model canvas + explanation) with particular focus on:
Value chain incl supply chain & distribution chain (visual representations and description)
How will you make money
Marketing & PR plan
The type of business model you are proposing and why (e.g. double sided long tail social enterprise etc)
Link to course material: Situate/ Evaluate a Business lecture (week 4) Communicate/ Report Value lecture (Week 12) Business Model Canvas tutorial (Week 6)
The following references do not have to be cited in any research output but may be useful for teams as they think about some of the characteristics of good presenting and business plan writing. Students should also cite as appropriate a range of the refs mentioned in the lectures. In the lectures we are including a range of references that will have relevance for your pitch and report.
Brown T. (2008). Design thinking. Harvard Business Review 86(6) 84.
Elsbach K. D. (2003). How to pitch a brilliant idea. Harvard Business Review 81(9) 117- 123.
Fell J. (2011). Five Worst Mistakes Entrepreneurs Make When Pitching Angel Investors from http://smallbusiness.foxbusiness.com/technology-web/2011/08/16/five-worstmistakes-entrepreneurs-make-when-pitching-angel-investors/
Gerber S. (2009). 6 Steps to the Perfect Pitch: Learn to succeed with investorsfrom a guy who failed. . The Entrepeneur from http://www.entrepreneur.com/article/201826
Kelley T. & Kelley D. (2013). Creative confidence: Unleashing the creative potential within us all. Crown Business.
There is also a TED talk available on this topic. http://www.ted.com/talks/david_kelley_how_to_build_your_creative_confidence?lan guage=en
Minto B. (1998). Think your way to clear writing. Journal of Management Consulting 10 33-40.
Minto B. (2014). The Pyramid Principle: Logic in writing and thinking. from http://www.consultingmethodology.com/wp-content/uploads/2014/03/Pyramidprinciple_consulting-methodology.pdf
Rich S. R. &Gumpert D. E. (1985). How to write a winning business plan. Harvard Business Review 63(3) 156-&.
Sahlman W. (1997). How to write
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