MGT607 Innovation, Creativity & Entrepreneurship Report Sample

MGT607 Innovation, Creativity & Entrepreneurship

Context:

Following on from the feedback given to you on your Business Concept Plan in Assessment 2, you are now required to pitch your final Business Case to investors or management for approval of your idea. In order to complete, a sound Business Case you need to ensure that you have covered all required aspects, which need to be considered before proceeding with the “build” of an innovation. This assessment requires students to incorporate the theory learnt in Modules 1 through to Module 5 to present a Business Pitch of your concept, which you introduced to us in Assessment 2. It is important you draw on the concepts of innovation, creativity and entrepreneurship to support your presentation.

Instructions:

This assessment has two components:

1. 5-7 minute video presentation

2. One page briefing document

Your presentation will be assessed based on the rubric below and must be a minimum of 5 minutes, and limited to 7 minutes. You need to ensure your presentation is succinct and impactful. Your aim should be to finish your presentation with your audience excited about your opportunity and wanting to be a part of the journey! This presentation will include some or all of the details which you included in your concept plan.

Remember that your audience is investors or management on a Board and as such you will need to pitch your presentation accordingly. The aim her is to be engaging, informative and persuasive. You’re not conveying information, you’re trying to establish a connection and get a deal. The materials you have covered in Modules 1 through to Modules 5 should provide you with the framework for the components to include in your presentation.

Your presentation should include at a minimum the following areas:

1. Description of your Idea:
a. Target market
b. Unmet need
c. Value proposition
d. Business model
2. Marketing Approach:
a. Total Realisable Market – this will be an estimate
b. Competitor analysis
c. Positioning
d. Distribution model
3. Financial Plan:
a. Expense and revenue assumptions
b. Break-even analysis
c. Indicative start-up financing needs
d. Anticipated growth over 3-5 years
e. Customer acquisition costs
4. Organisational Plan:
a. Team – key people / resources required at commencement
b. Exit Plan

To support your presentation, you will also be required to submit a one page briefing document which succinctly captures the key points and effectively summarises your presentation for management / decision makers which you have covered above. This briefing document should be sufficient enough to provide an overview of your presentation in the event where a key decision maker cannot see it or needs something to refer to later.

Solution

Overview of a New Business Venture 

Jet Medical Courier services will work administration and dispatch medical products to direct customers. The business will operate in Australia and aims to expand overseas. It will help patients receive care on time due to on-time delivery of medical supplies, especially in Australia's districts and remote areas. As per the MBA Assignment Expert,  The customer will receive drug store like convenience as they will be able to shop, pay and order medically prescribed products. Also, the client will save on costs while also receiving the product at desired locations, even if it is located in distant or remote regions. The target market for this service line would be all patients that require medications and equipment, majorly from 18 years to 70 years. The older population have a huge need for speciality medicines, so this segmented market will be targeted efficiently. In this view, the pandemic has highlighted the gaps in the medical supply chain, which Jet Medical courier services will fulfil. In general, people used to purchase medicines and related equipment from stores. However, a series of lockdowns and increased demand for medical products provided an impetus for fulfilling unmet needs in remote areas and vulnerable populations.  

The product and service value proposition includes enriching customer experience by offering them drug shopping like e-commerce and cost-saving, reorder reminders, automated suggestions, easy payments, and home delivery. The application or ordering through the website will reduce the stigma of customers when they purchase certain products, while the platform will also safeguard all sensitive information. The business model will be cloud-based; hence the main partners will be small clinics and service providers; activities will include designing integrated practice units. The main value proposition will be ensuring health outcomes for all types and ages type of patients, and customer relationships will be maintained in the long- term. Also, customer segments will be customer relationships; the channels will be majorly online, and main costs will be based on integrated care models, hence measuring costs per patient; revenues will be acquired through incentivised reimbursement models accompanied by an expansion in other locations well. 

The total addressable market for Australia is $2 billion, which is worth 1% of the global market ($200 billion). Pandemic has helped widen the total addressable market by optimising data acquired by the companies. Currently, two competitors dominate the courier market: Med Serve and Pak Air. The positioning of the brand will portray it as a convenience store and bridge the gap in medical supplies. 

The distribution model will be selective, where only a few intermediaries will be selected. For instance, using local distribution logistic chain for reaching customers in remote regions, small centres and clinics. For running its operations, the company will require a minimum of $5 million, while after three years, a profit of 18% is expected with 50% gross profits. The expenses will include legal compliance, rents, brochures, vehicles, human resources, and miscellaneous expenses. The customer acquisition costs are estimated at 3:1, while by the third year, the company will earn $751 000.

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