Objectives: ? Create an idea of the groups choice that is innovative, and develop a venture plan that could bring it to market ? Demonstrate the use of various creative tools to establish the market validity of the groups chosen innovation ? Identify the client value proposition and the need in the market for the chosen product ? Establish market segmentation, and channel strategy and marketing approach, to deliver the product/solution to the chosen market ? Develop a financial model for a viable venture Context Innovation, creativity, and entrepreneurship is growing in importance within organisations, as they pursue excellence and growth in a competitive business world. The ability of the contemporary employee or entrepreneur to operationalise an innovation is a highly valued characteristic, in the global market place. The process of developing the Group Venture Plan will provide you with key learnings on how to potentially take an idea from a concept to a globally scalable business. Instructions: You will utilise all relevant theories, models, and ideas covered in the subject, to develop a venture plan that demonstrates an understanding of where and how innovation transitions to entrepreneurship, in a new venture. You should also demonstrate that you understand, and have properly considered, a number of tools and methods for bringing the innovation to market. The plan needs to be comprehensive and compelling in terms of funding and ongoing management. You should also outline a strategy for how a culture of further and ongoing innovation can occur within the new venture. Output and deliverable parameters of the assessment: Content of Venture Plan: a) Title page unit name, assessment name, student name, ID b) Idea title (with one-line tagline) c) Executive summary d) Analysis on possible market gap/opportunity e) Develop value proposition of the innovative product or service f) Marketing and channel strategy approach g) Competitive strategy and positioning h) Financial viability of the venture using break-even, cash flow, and investment needs