BUMGT5977 INNOVATION AND ENTREPRENEURSHIP
BUMGT5977 INNOVATION AND ENTREPRENEURSHIP
Executive summary
The study's main points are summarised in the executive summary, which also highlights New Tech Ltd.'s proposal for a strategic initiative. It highlights the company's background and standing as a supplier of technological solutions. The planned partnership seeks to satisfy changing client needs while addressing service diversification and aligning with New Tech's core competences. The synopsis highlights the venture's contribution to supporting innovation, improving market positioning, and fostering growth. The CEO's interest in original, well-researched ideas is highlighted in the conclusion, along with the venture's significance in guiding New Tech towards a prosperous and exciting future.
Table of Contents
TOC o "1-3" h z u Introduction PAGEREF _Toc147237141 h 4Justification for the Strategic Initiative PAGEREF _Toc147237142 h 4Proposed Business Information PAGEREF _Toc147237143 h 5Business plan PAGEREF _Toc147237144 h 6Networking and ICM PAGEREF _Toc147237145 h 9Leadership PAGEREF _Toc147237146 h 10Plan of Implementation PAGEREF _Toc147237147 h 11Funding PAGEREF _Toc147237148 h 12Recommendation PAGEREF _Toc147237149 h 12Conclusion PAGEREF _Toc147237150 h 13References PAGEREF _Toc147237151 h 14
IntroductionWithin the quickly changing field of technology services and solutions, New Tech Ltd has effectively established itself as a reliable partner for companies looking for customised solutions. With a foundation in 2012, New Tech has grown throughout major Australian cities and made a name for itself as a prominent player in identifying and satisfying a wide range of technical demands. A strong intrapreneurial opportunity that could drastically alter the course of our company's future has been discovered throughout the course of the study carried out within New Tech Ltd. The goal of this endeavor is to meet our client's evolving needs while utilising our key skills. This signifies a calculated turnabout that is in line with New Tech's expansion goals and its dedication to remaining at the forefront of the technology industry. The study will include a thorough strategy, justification, and practical measures to guarantee the project's success in this proposal. Through the integration of creative ideas with our current competencies, the study can establish New Tech as a leader in the rapidly changing field of technology.
Justification for the Strategic InitiativeAlignment with New Tech's fundamental capabilities: New Tech's fundamental capabilities are its ability to comprehend and interpret complicated technological needs and provide clients with exact solutions (Trouillet, 2020). The proposed strategic venture fits these needs flawlessly. Over the years, New Tech has established a solid reputation as a reliable technological partner, and this endeavor expands on that knowledge. Through the use of our current strengths in project management, procurement, and technology solutions, the proposed collaboration guarantees a logical expansion of our service offerings. Because of this congruence, there is less need for our employees to undergo extensive retooling or reskilling, which the study implementation risks and increases the chance of success.
Handling Changing Client Demands: The strategic initiative is based on a proactive approach to meeting our clients' changing needs (AlTaweel and Al-Hawary, 2021). New Tech understands the need to adapt as technological trends change quickly and organisations demand more specialised solutions. With the help of this endeavour, the study can continue to be flexible and adaptable, catering to new client demands outside of the conventional IT and communications domains (Sulistyo et al. 2020). By expanding our offerings to encompass robotics, manufacturing equipment, and state-of-the-art technology, the study better positions to efficiently meet the needs of a wider range of customers.
Growth Objectives and Market Positioning: This project is essential to New Tech's efforts to reach its growth objectives and increase its market share in the technology solutions sector. It enables us to enter new markets, draw in a larger clientele, and position ourselves as a pioneer in a variety of technologically advanced industries in addition to IT solutions.
Proposed Business InformationVenture Overview:
By expanding its offerings outside conventional IT solutions, the proposed venture signifies a strategic shift for New Tech Ltd. It means providing state-of-the-art technological solutions, such as sophisticated IP software, robots, and manufacturing equipment. With this growth, New Tech hopes to broaden its range of offerings and establish itself as a one-stop shop for all things tech-related companies looking for cutting-edge solutions (Bertoni et al. 2022).
Market study:
The industrial and technology sectors have substantial room for expansion, according to a detailed market study. With its current industry contacts, experience, and reputation, New Tech is the study-positioned to take advantage of these opportunities (Carayannis et al. 2020). Additionally, the analysis identifies particular client categories and geographical areas where there is a growing need for these services, offering a study-defined target for market penetration.
Business Plan:
The suggested business plan is focused on providing specialised IT solutions, all-inclusive project planning, and effective procurement services. It places a strong emphasis on client-centricity, in which New Tech works directly with customers to comprehend and address their particular needs. There are several other ways to make money, such as through service fees, project management costs, and possible software licencing income.
Resource Requirements:
New Tech will need both financial and human resources to carry out this endeavor successfully. This entails hiring specialists with specific knowledge of robotics and manufacturing technology, setting aside funds for R&D and marketing campaigns, and building or enlarging infrastructure to accommodate the increased service offerings.
Risk Assessment:
A thorough risk assessment identifies possible obstacles including rivalry in the market, quickening technical progress, and changing laws and regulations. To proactively manage these risks and guarantee the venture's resilience in the face of uncertainties, mitigation measures are outlined (Huang et al. 2021). Together, these venture specifics offer New Tech Ltd. a strategic roadmap for effectively expanding into new areas and diversifying its service offering, setting the business up for long-term growth in the dynamic technology solutions sector.
Business plan
The Business Model Canvas (BMC), the 5W+H framework, and forecasting are only a few of the essential elements included in the business plan for the suggested strategic initiative inside New-Tech Ltd.
Considering the company's visible practice of frequently contracting out portions of their work to professionals, significant stakeholders in the envisioned company venture for New Tech Ltd are likely to include advantageous technology suppliers, legal professionals, and specialized technological consultants. The establishment and operation of the new business is going to rely heavily oncollaboration with these important partners. The main responsibilities include understanding and interpreting the changing technological requirements of enterprises, creating tenders, conducting negotiations, project managing installations, and occasionally outsourcing specialized work. The project would entail investigatingand acquiring the moment IP, software, and technological solutions that go beyond traditional communication and IT services. The business model further includes a strong organizational structure that includes partners, government officials, and experts from different departments, as well as an organized operational strategy to allocate resources effectively, reduce risks, and assess success using pre-established performance indicators. The business's willingness to respond to evolving customer needs and industry developments while upholding a constant dedication to innovation and decisions based on evidence is going to be an essential aspect in the achievement of the project.
Forecasting:
Projecting the venture's financial and operational results is the process of forecasting. This covers growth assumptions, cash flow analyses, and estimates for income and expenses (Lozhkina et al. 2020). Based on New Tech's past financial records and market analysis, the study is able to project growth trajectories, break-even points, and possible returns on investment. the study can obtain the resources required for venture implementation and make study-informed financial decisions with the aid of forecasting (Irani et al. 2019).
Business Model Canvas (BMC):
Figure 1: Business Model Canvas (BMC)
(Source: Sparviero, 2019)
The business model canvas, or BMC, is a diagram that shows the essential elements of the venture's business plan. Customer segmentation, value proposition, channels, customer interactions, income streams, important resources, important partnerships, important activities, and cost structure are some of its essential components. the study is able to see the venture's overall strategy for value creation, delivery, and capture by mapping these constituent parts (Sparviero, 2019). This tactical instrument facilitates decision-making, pinpoints possible obstacles, and supports the development of a viable and lucrative business plan.
The CEO of New Tech Ltd., who additionally serves as the Managing Partner and holds responsibility for the company's long-term strategy, is an essential collaborator. The selling point of New Tech is its own unique ability to fully understand and interpret a company's technological requirements, providing specialised solutions that go beyond conventional communications and IT to include emerging technologies like manufacturing industry machinery, robotics, and cutting-edge intellectual property and software. The success of the organisation is based on a collaborative approach, frequently engaging the help of specialists, legal experience, and technological advances professionals to provide accurate and effective responses. The planned business, TechInnovate Solutions, is in line with New Tech's dedication to innovation and expansion. By providing customers with an unparalleled selection of revolutionary, complete solutions, the venture could establish New Tech as an emerging leader in the competitive technological solutions industry.
It has created an exhaustive plan for establishing a fresh company in my capacity as the Business Development Manager at New Tech Ltd. in response to the CEO's demand for a comprehensive proposal. The proposal proposes a tactical strategy for entering a niche market that is in accordance with current market trends and customer requests by using our company's core expertise in technological solutions. The business is going to improve our current offerings while establishing New Tech Ltd as a pioneer in its field. The proposal includes information on the project's explanation, theoretical framework, operational approach, intended outcomes, and comprehensive execution schedule.
The key factors of this given scenario are as follows:
Client needs and market trends: Current developments in the market and requests from customers need to be thoroughly examined by New Tech Ltd. Understanding the most current advances in technology is critical because of how quickly it is changing. In order to identify the changing requirements and desires of our clients, it is important to perform customer feedback and needs analysis, involving interviews and survey responses. This helps to identify any weaknesses in the current products and assist in determining how well the newly created company is going to meet these changing demands.
Competitor Analysis: The competition is required to be thoroughly evaluated. This entails determining their benefits, disadvantages, and potential markets for New Tech. Understanding the market competitors allows us to effectively position the proposed business to take advantage of white spaces and make its goods stand apart from the competition. The results of this study are also going to be employed to create a unique offering of value which reinforces New Tech's goals.
The Business Model Canvas (BMC) factors:
Customer Segments: Businesses with a wide range of technological requests, such as those related to communications, IT, manufacturing, and robotics, are served by New Tech.
Value Propositions: Acquiring IT, manufacturing, robotics, communications, and other technological solutions.
Channels: Partnerships and alliances designed to increase reach and service capabilities.
Customer Relationships: Collaboration and ongoing contact over the course of the project.
Revenue Streams: Income from the upcoming business, TechInnovate Solutions.
Key Resources: People working in a variety of areas, including Business Development, Business Analysis, Sourcing, and Delivery/Implementation.
Key Activities: Purchasing technological solutions and managing contracts are examples of sourcing.
Key Partners: Future collaborations for the TechInnovate Solutions project.
Cost Structure: Expenses related to marketing and business expansion.
5W+H Framework:
A systematic method that offers a thorough understanding of a venture or project's operational details, the 5W+H framework makes business planning easier. Below is a brief description of every element in this framework:
Who: This has to do with figuring out who the venture's key partners and target market are. It aids in identifying the main players and laying the groundwork for joint marketing and collaboration initiatives.
What: Describes the venture's primary offerings, including the technologies and services it will offer. This defines the company's scope and makes its value offer clear.
When: focuses on the venture's launch schedule, which includes important deadlines and benchmarks. It aids with time management and offers an organised timeline for implementation.
Where: Indicates the venture's operational location (physical or virtual) as the study of the geographic markets it plans to serve. This directs choices on distribution, market access, and logistical issues.
Why: Examines the motivation behind the project, outlining how it fits into New Tech's strategic objectives, takes advantage of market opportunities, or overcomes obstacles. This element provides to the central query of why the endeavour is necessary.
How: Describes the venture's implementation strategy, including risk management, marketing tactics, and resource allocation. It describes the doable actions needed to make the project a reality.
Networking and ICMNodes and Linkages:
Building and maintaining relationships with important internal and external stakeholders is a vital component of networking in this endeavour. Internally, the current team members and partners of New Tech contribute their knowledge and experience as vital nodes in the network (Grama et al. 2020). Externally, technology providers, manufacturers, and clients can establish important connections through strategic partnerships that promote information sharing, teamwork, and resource sharing.
Patents and copyrights:
Intellectual property protection via patents and copyrights is essential given New Tech's participation in cutting-edge technologies and software. Patents can protect novel ideas or procedures created throughout the project, guaranteeing exclusivity and possible sources of income (Andrews et al. 2022). Copyrights prevent unauthorised use, distribution, or replication of New Tech's creative works, including proprietary software and information. Maintaining compliance with intellectual property regulations and protecting New Tech's competitive edge are two benefits of proper patent and copyright management.
The hypothetical company attempts at Innovative Tech Ltd have the objective ofdeveloping and putting into use creative technological remedies. The enterprise comes under the category of "intra-corporate," meaning it is an endeavor produced and carried out within the organization itself, because it is an internal endeavor within New Tech Ltd. The enterprise can employ both patents and copyrights to safeguard its intellectual property. If new techniques or technologies are used in the technological solutions created, such as cutting-edge manufacturing machinery or robots, patent protection is likely to be required. However, if the business includes creating original software or intellectual property linked to innovative technologies, copyrights might become relevant.
LeadershipThe success of the suggested strategic venture scenario at New Tech Ltd. is largely dependent on self-efficacy and components of Social Cognitive Theory, with leadership playing a major role.
Social Cognitive Theory:
This theory highlights how social interactions and modeling shape behaviour and contends that people pick up knowledge from watching others. Leaders in the New Tech industry have an obligation to set an example for others by exhibiting self-assurance, flexibility, and a growth mentality (Miao and Cao, 2019). Team members are influenced by their behaviour, which encourages them to embrace innovation and take measured riskstwo traits necessary for successful entrepreneurship.
Self-Efficacy:
The belief in one's own ability to achieve particular activities and objectives is known as self-efficacy. In order to foster self-efficacy in their team members, effective leaders in this endeavour should offer opportunities for skill development, support, and training (Beiping et al. 2019). A group that has a high sense of its own abilities is more likely to take on difficult assignments, persevere in the face of setbacks, and innovate with assuranceall qualities that are vital to the venture's success.
Plan of ImplementationTimeframe and Milestones: The venture's execution timeframe and important milestones are outlined in the implementation plan. It starts with a preliminary phase of preparation that includes recruiting team members and conducting market research. This is followed by the new technology solutions development and testing phases (Liu et al. 2022). The strategy culminates in a launch phase that has a study-defined go-to-market approach. The timetable is roughly eighteen months long, including milestones at important points to monitor progress and guarantee on-time delivery.
Resource Allocation: Careful resource allocation will be made in order to carry out the project. the study will allocate human resources to research and development, project management, and customer service. Amounts of money will be set aside for marketing initiatives, infrastructure development, and research and development, with an emphasis on economy and productivity.
Marketing and Communication Plan:
Figure 2: Marketing and Communication Plan.
(Source: Mustaphi, 2020)
The marketing and communication plan places a strong emphasis on positioning New Tech as a provider of all-inclusive technology solutions. Building a solid market presence, entails client engagement programs, content production, and focused marketing efforts (Mustaphi, 2020). The main points of emphasis center on New Tech's proficiency, customised solutions, and dedication to innovation.
Project Management: The effective completion of a project depends on a strong project management strategy. This involves forming a cross-functional team, selecting a project manager, and using project management software to monitor advancement. Agile approaches, performance evaluations, and frequent meetings will guarantee efficient project management and flexibility in response to evolving conditions.
FundingSecuring the initial stages ofinvestment serves as essential to guaranteeing the effective establishment and continued growth of the planned business venture at New Tech Ltd. Seeking seed finance seems like the best approach given the creative nature of the undertaking and its potential to alter the game for the business. The creation of an organizational framework, market research, and the production of a product with minimal viability are all covered by this early expenditure. Even while the project might not need crowd funding or crowdsourcingat this point, looking into these possibilities in subsequent stages could improve engagement with the community, promote loyalty to the company, and offer extra monetary support for expanding the operations.
RecommendationIn order to guarantee the prosperous execution of this endeavor, the study suggests a targeted strategy. First, get the top management team at New Tech to commit to the initiative and to provide the leadership and resources needed to see it through to completion. Second, use resources wisely, striking a balance between studying cash investments in marketing, infrastructure, and specialised skill acquisition and human resources for R&D, project management, and client engagement. Thirdly, implement a market penetration plan that makes use of our current customer base and expands into designated growth areas. Finally, in order to make sure that our solutions continue to be closely aligned with customer expectations, give top priority to client involvement and ongoing performance reviews. These suggestions act as a guide to help New Tech Ltd. effectively traverse the constantly changing environment of technology solutions and reach the maximum potential of this calculated risk.
ConclusionTo sum up, the suggested strategic initiative represents a critical turning point in New Tech Ltd.'s development. This endeavour is a proactive move to better match our capabilities with the dynamic demands of the technology solutions industry rather than a reaction to market dynamics. It is a perfect example of our dedication to growth and innovation. Based on New Tech's core competences, the business presents itself as a logical advancement, providing a range of services such as advanced IP software solutions, robotics, and manufacturing technologies. With this growth, the study will be able to serve a wider range of customer demands and solidify our position as a holistic technology partner.
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