BUS 2403 Fundamentals of Innovation & Entrepreneurship Project 02

Opportunity Analysis Project

Project 2: Team Based
Worth 20%
Due Week 12
Part A: Written Report
Part B: Elevator Pitch

Learning Outcomes Addressed

1. Students will examine the importance of entrepreneurial ecosystems and innovation

clusters to healthy society and economies. LO2
2. Students will learn how to differentiate between an idea and a viable opportunity.
LO4

Introduction
The Opportunity Analysis Project (OAP) allows students to leverage the many tools that they
have learned so far in the course. By Session 11A/11B, study teams will develop a 3-page
“story” and narrative regarding the OAP. During this session, student team should pick an
idea and use the time in class to determine whether or not their idea is a true opportunity that
can be turned into a scalable enterprise. You will make a presentation to your peers and
develop a corresponding written report on your analysis and learning from contacting users,
customers, and partners.

We recommend five basic steps in the process of analyzing an opportunity:

1. Identify potential opportunities. Combine your own personal experiences and
creativity with external forecasts and trend analysis. How is the world changing with
respect to new technologies? What is the impact of globalization on current solutions?
What new requirements will those changes produce? Recent media articles on trends
are often a good place to start.

2. Define your purpose and objectives. Identify your most promising opportunity, being
careful to discriminate between an interesting technological idea and a viable market
opportunity. Prepare an outline which will help you to determine what types of data
and information you need to demonstrate the attractiveness of your chosen
opportunity.

3. Gather data from primary sources. It is crucial for you to obtain data from primary
sources. Potential investors will place more trust in well conducted primary research
than in stacks of data from secondary sources. There is simply no substitute for
talking to potential customers from the target market in order to validate the
opportunity you have identified. Consequently, we prefer that you spend time
gathering data from primary, not just secondary, sources. Past teams have found
Survey Monkey to be helpful in gathering primary data. The basic service is free and
provides most of the features you’ll need. Visit Survey Monkey at
www.surveymonkey.com

4. Gather data from secondary sources. Countless secondary sources exist on the web
and in various library resources. Try not to get too bogged down in financial and
accounting data.

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 BUS 2403 Fundamentals of Innovation & Entrepreneurship Project 02

5. Analyze and interpret the results. Persuasively summarize your results. A key success
factor for a successful project is the depth of your analysis and what you learned from
it. If, after careful research, you have determined that your business idea is not as
promising as you originally thought, it is acceptable to present an OAP that describes
why your idea will not make sense now rather than why it is the next big thing. An
honest, rigorous analysis of an idea that did not survive further scrutiny is preferable
to either (a) a half-baked presentation of an idea your team is unsure of, or (b) an
enthusiastic job of over selling your current idea, even though you know it is
problematic.

Part A: Written Report – Worth 100 marks

Students should use the skills, knowledge, tools and techniques gained in the course (in
weeks 1 – 11) to prepare a report on their innovative concept. The report must include the
following sections:
1. Concept and Visions (10%)
Identify your theme and briefly describe a specific issue (problem or area for
improvement) linked to this theme. Describe a product, service, or process linked to
this issue that you would like to innovate, outlines a brief description of limitations to
current specification, functions, uses, and benefits if improving an existing
product/service.
2. Generating Knowledge and Awareness (10%)
Relate how you became aware of this issue and how you increased your knowledge of
this issue. Test your (OAP) idea by talking to at least ten potential users, customers,
and partners, document these discussions, and share what you learned.
3. Generating Ideas (10%)
In formulating your creative and innovative concept, apply at least two of the Tools &
Techniques to actively generate ideas (Brainstorming, Analogy, Attribute Analysis,
Gap Analysis, and Why-Why-Why Analysis). Present your findings and outputs from
this activity (in an appendix if necessary) and analyse these findings and outputs in
the body of the report.
4. Approach to Innovation (10%)
Based on the idea generation outputs and findings, develop a proposal for how you
would like to innovate the product, service, or process. Detail which aspects of the
product, service, or process you propose to change and why. (Specify the ‘Type of
Innovation’; add images, sketches, diagrams, or graphs to illustrate your point).
Describe how your proposed innovation would change the application (function /
benefit / uses / users, etc.) of the product, service, or process.
5. Limitations (10%)
Classify and rate at least three potential risks or limitations to the implementation of
your innovative concept.
6. Market Analysis. (10%)
What industry or sector of the economy are you addressing? Why is this market
attractive? What segment of the overall market are you pursuing? What market
research can be done to describe this market need? What are the total industry or
category sales over the past three years? What is the anticipated growth for this
industry? If this is a new market, what is the best analogous market data that

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BUS 2403 Fundamentals of Innovation & Entrepreneurship Project 02

illustrates the opportunity? Project the potential market size and growth for your
opportunity.

7. Customers and Customer Development. (10%) 

This is extremely important. You need to have a clear idea of who your target
customer is. The only way for you to be able to do this is to "get out of the building"
and speak with your potential customers. You will need to answer questions such as:
What does the customer need? Why does the customer need it? What is the customer
using today? What is the customer willing to pay for your solution? Why? How will
you reach this customer? You should include both primary (or first-hand) research
and secondary research, emphasizing primary over secondary.

8. Competition and Positioning. (10%)

Who else serves this customer need? Who might attempt to serve this market in the
future? What advantages and weaknesses do these competitors and would-be
competitors have? What share of the market do specific competitors serve? Are the
major competitors' sales growing, declining, or steady? What are the barriers to entry
for you? What are the barriers to entry for additional competitors? How could partners
and allies best help you overcome competition from established enterprises or other
startups?

9. Business Model and Lean Startup Philosophy. (10%)

Now that you have discovered an opportunity and talked to potential customers, how
will you turn it into a business? How will you make money and when do you expect
your venture to be profitable? What is the major risk to address right away (e.g.,
market or technical)? In other words, which hypothesis regarding product or market
strategies needs to be tested right away?
10. Learning and Adaptation (10%)
What did you learn between the time you chose the idea and wrote the first draft of
the report and producing the final written report? Is this idea a true opportunity or
not?

Grade Scale
Minimum Above
Unacceptable Satisfactory Outstanding
requirements requirements
0 – 59 65-74 85-100
60– 64 75-84
Largely free of
Most Clear, well-explained,
Significant errors,
Errors so information error-free work
errors, demonstrates
significant is correct and demonstrating critical
information critical thought
that the work well- thinking, with clear
mostly with well-
is not passing presented, evidence of
unclear or explained
quality with few independent work and
incorrect coverage of all
errors authentic research.
topics.

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BUS 2403 Fundamentals of Innovation & Entrepreneurship Project 02

Grading Rubric
Marks
Report Contents Comments
Awarded
1. Concept and Vision (10%)
 Student clearly identifies a theme and describe the specific
issue (problem or area for improvement) linked to the theme.
 Student describes a product, service, or process linked to the /10
issue they want to resolve.
 Student outlines a brief description of limitations to current
specification, functions, uses, and benefits if improving an
existing product/service.
2. Generating Knowledge and Awareness (10%)
 Student demonstrates awareness of the theme.
 Student highlights how they increased knowledge of the /10
issue.Student tests their (OAP) idea by talking to at least ten
potential users, customers, and partners, document these
discussions, and share what they learned
3. Generating Ideas (10%)
 Student applies at least two of the Tools & Techniques to
actively generate ideas (Brainstorming, Analogy, Attribute
Analysis, Gap Analysis, and Why-Why-Why Analysis). /10
 Student presents findings and outputs from the activity (in
appendices if necessary) and analyses the findings and outputs
in the body of the report.
4. Approach to Innovation (10%)
 Based on the idea generation outputs and findings, student
proposes how to innovate a product, service, or process.
 Students details which aspects of the product, service, or
process to change and why. (Specify Schumpeter’s ‘Type of
Innovation’ (e.g. new or improved, new process, new market, /10
new materials, etc.)’; add images, sketches, diagrams, or
graphs to illustrate point).
 Describe how your proposed innovation would change the
application (function / benefit / uses / users, etc.) of the
product, service, or process.
5. Limitations (10%)
• Student classifies and rates at least three potential risks or /10
limitations to the implementation of the proposed innovative
concept, and suggests mitigation.
6. Market Analysis (10%)
 Student discusses the industry and sector of the economy they
are addressing. /10
 Student addresses market size, segmentation, growth for their
opportunity

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BUS 2403 Fundamentals of Innovation & Entrepreneurship Project 02

7. Customers and Customer Development (10%)

 Student discusses customer’s needs
 Student addresses what the customer is using today /10
 Student discusses what the customer is willing to pay
 Student discusses how to reach the customer
 Student includes primary and secondary research
8. Competition and Positioning (10%)
 Student discusses the competition
 Student discusses who else might serve this market in the /10
future
 Student highlights barriers to entry
9. Business Model and Lean Start-up Philosophy. (10%)
 Student discusses how they will make money and when do
you expect their venture to be profitable. /10
 Student discusses what the major risk to address right away is
(e.g., market or technical).

10. Learning and Adaption (10%)

 Student discusses if the idea is a true opportunity
 Student discusses what they learned between the time they /10
choose their idea and the final draft of the report
 Student addresses market size, segmentation, growth for their
opportunity

Total Grade /100

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Part B: Pitch / Presentation – worth 100 marks.

You will in this part do a “dragons den” style pitch that will last no more than 5 minutes. The
pitch will be presented to the class / your team, who will then be given the opportunity to ask
questions and give feedback, as well as questions from your assessor.

Marks will be awarded as follows: The content requirements and marks awarded will be as
follows:

Project 2 – Opportunity Analysis Project/Pitch – 10%

1. Organization and Visuals

Pitch is organized with a clear
Pitch is organized,
introduction, body, and conclusion,
but needs more Pitch lacks organization or
with appropriate visual aids. Visual
structure. Visual structure. Visual aids used
aid used is clear, lacks spelling
aids used could use were not of any use or
mistakes, looks professional, applies
some editing and relevance.
to product type, and addresses target
improvement.
market.
10 9 8 7 6 5 4 3 2 1

2. Understanding
Demonstrates a thorough
Product description Product description has
understanding of the product, and its
and benefits were insufficient information.
benefits. Product description is clear
covered but needed Product benefits were not
and concise. Product benefits
elaboration. covered.
summary is clearly presented.
10 9 8 7 6 5 4 3 2 1

3. Research and ability to identify target market

Target market properly described and Target market

Target market not
clearly identified with supporting described and
identified, or not properly
evidence (primary and secondary identified but
described and researched.
research). insufficiently.

10 9 8 7 6 5 4 3 2 1

4. Idea Generation
Idea Generation usage
(Schumpeter/Discontinuous One Idea
Idea Generation theories
Innovation, Brainstorm, Analogy, Generation theory
were not applied.
Gap Analysis – at least two should be was applied.
presented for minimum marks).
10 9 8 7 6 5 4 3 2 1
 5. Marketing Mix
Student demonstrated that
they have conducted Student Identified two Did not mention marketing
marketing research and research techniques and its research or the 4Ps and its
showed the ability to tie results, then discussed how impact on the business
these results to the business the research was conducted decision-making.
opportunity and its and linked to the marketing Inappropriate or inadequate
competitive advantage mix (4Ps) - (i.e. primary / responses.
through the marketing mix secondary research methods).
(4P’s).
10 9 8 7 6 5 4 3 2 1

6. Competition and Positioning

Student is able to list
competitors/substitutes as
brand or generic Student is able to identify Did not mention
products/services and is competitors in general competitions or
able to explain how their substitution.
offering is differentiated.
10 9 8 7 6 5 4 3 2 1

7. Pricing Strategy
Student explained pricing Student explained pricing Did not mention pricing
strategy and initial pricing strategy but did not cover strategy or pricing
estimates with justification pricing estimates estimates
10 9 8 7 6 5 4 3 2 1

8. Presentation Skills
Student is not reading, has
clear eye contact, and is
clearly prepared.
10 9 8
Student made eye contact
Student was not prepared
every now and then, but
and lacked self-confidence.
needs more preparation.
7 6 5 4 3 2 1

9. Business Model
Student discusses how they Student touches on some
will turn idea into business, aspects of the business model Business model and
how they will make money, and isn’t realistic about the profitability were not
when they will be making money or addressed at all.
profitable. profitability of the business.
10 9 8 7 6 5 4 3 2 1

10. Pitch Duration

More than 5 minutes – had Less than 5
4 to 5 minutes
to be stopped minutes – very short
10 9 8 7 6 5 4 3 2 1

Total Marks: _____/100