ENTR8000 – Innovation and Entrepreneurship

Assignment #4

ENTR8000 – Innovation and Entrepreneurship

Assignment #4: 35% Final Project Report (Group)

The document is an overview of the format and information to be included in the

ENTR8000 final group report.

Details of the content requirements for each section of the Assignment are
outlined on the following pages.

Formatting guidelines:
(guideline only)

 Arial
 12-point font
 Single spaced
 Use diagrams, charts, and
tables where they aid
communication.
 Reference all sourcing
 12-page limit – appendices
are extra and are not
included in the page count.

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Final New Venture Report Content Requirements – 10 sections

1) Title Page
2) Table of Contents
3) Lean Canvas
4) Business Concept Statement
5) Value Stream Analysis
6) Innovation Analysis
7) Market Analysis (Sections a) to i)
8) Financial Forecast (Section a) to c)
9) References
10) Appendices (include Zoom Tools worksheets, Sales forecast worksheets, 1 yr. sales
monthly forecast, startup capital and operational costs, plus any other appropriate
material)

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Final New Venture Report Content Requirements – 10 sections.................................................2

1) Title Page.....................................................................................................................................4
2) Table of Contents.......................................................................................................................5
3) Lean Canvas – One Page Lean Canvas...................................................................................6
4) Business Concept Statement....................................................................................................7
5) Value Stream Discovery.............................................................................................................8
6) Innovation Analysis....................................................................................................................9
7) Market Analysis........................................................................................................................10
7a) Industry Description & Analysis..........................................................................................10
7b) Customer Market Description & Analysis...........................................................................11
7c) Competitive Description & Analysis....................................................................................11
Zoom Tools 7d) to 7g).....................................................................................................................13
Part One: Zoom Tools..................................................................................................................13
7d) Customer Zoom Tool.........................................................................................................13
7e) Problem Zoom Tool............................................................................................................13
7f) Solution Zoom Tool............................................................................................................14
7g) Unique Value Proposition.................................................................................................14
7 i) Part 2: Empathy Interviews and Conversation.......................................................................15
8) Financial Forecast....................................................................................................................16
References:......................................................................................................................................17
Appendix:..........................................................................................................................................18

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Details of content requirements for each section of the assignment are outlined on the
following pages.

1) Title Page

Your title page should include the following information:

 New Venture name
 Date of submission
 Names of all group members

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2) Table of Contents

This is required to properly navigate the document.

 Generate in Word or whatever document creation software you are using
 Ensure that it reflects all section titles, subtitles, and page numbers
 Include a listing of Appendices. These should be labeled, not just numbered, so that if
the reader wants to look at a certain Appendix it can easily be found. Appendices must
be in the order that they are referred to in the body of the text.
 Note that Appendices are extra documents, detailed, background information. Critical
information should be included in the body of the document.

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3) Lean Canvas – One Page Lean Canvas

Complete the Lean Canvas template.

This lean canvas should capture everything you’ve learned about your concept and proposed
business throughout the course.

Online versions of lean canvas:

- https://leanstack.com/leancanvas
- https://cnvs.online/en

You are welcome to re-use parts of the Lean Canvas you submitted in Assignment #1,
however please note changes to the Canvas are always made based on the more in-depth
analysis done for this Assignment.

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4) Business Concept Statement

Develop a 2–3-line description that paints an accurate and compelling picture of your new
venture concept.

It should include:

1. problem,
2. solution,
3. target market,
4. revenue model and
5. unique value proposition.

This follows the pitch format, elevator speech concept.

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5) Value Stream Discovery

The Value Stream Discovery (VSD) loop helps you articulate what business activities you
ASSUME you must undertake to create value, while facing extreme uncertainty. 1

Use this table to complete the value stream discovery loop for your new venture:

Stage/ Customer Behaviors Business Action

Customer
state
Aware
Intrigued
Trusting
Convinced
Hopeful
Satisfied
Passionat
e

1
https://www.slideshare.net/brantcooper/discover-real-value-in-the-customer-journey . Value stream discovery is also in
the course content and textbook as well as the textbook authors site.
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6) Innovation Analysis

Explain all the innovation factors you are applying in the new venture. These factors can be
wide ranging.

The factors may apply to the concept or idea itself and or any other aspect of the business
such as marketing, operations, the product or service, finances, and others.
Note that relying on better quality, lower prices and/or better service for your business
proposal will not meet the innovation requirements.

You’re welcome to use the innovation theories in the course to explain the context of your
innovation(s). For example, Creative Destruction, the Law of Accelerated Returns, the Art of
Innovation, Drucker’s Source of Innovation, the Innovators Dilemma, and the motivating
factors for innovation.

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7) Market Analysis

Overview:
You have learned so much about your venture over duration of the course.

The market analysis is the main part of your report. It is divided into two sections.

The first section focuses on market analysis related to:

7a) Industry Description & Analysis

7b) Customer Market Description & Analysis
7c) Competitive Description & Analysis

The second section focusses on the zoom tools:

7d) Customer Zoom Tool (Ideal Customer)

7e) Problem Zoom Tool (Customer Problems)
7f) Solution Zoom Tools (Minimal Viable Product)
7g) Unique Value Proposition
7h) Channels
7i) Empathy Interview

The requirements for each of the sections as explained below.

7a) Industry Description & Analysis

This section is about describing the industry in which your new venture operates, the size of
the industry and the lifecycle stage of the industry.

1. Clearly define and describe the industry or industries in which the new venture will
operate.

2. What is the size of the industry? You should be able to quantify the size of the market
either by the number of businesses operating in the industry or the financial or dollar
value of the industry to the economy for example, annual revenue generated by
businesses in the industry. These statistics are often stated on a global basis and then
given for your geographic trade area e.g., the Global market for X industry is $Y and the
industry size for Canada is $Z.

3. What lifecycle stage is it at? (emerging, growth, shake out, mature or declining 2)
and what is the expected outlook for the industry? Provide data to support the lifecycle
stage.
2
https://corporatefinanceinstitute.com/resources/knowledge/strategy/industry-life-cycle/
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4. Describe the forces that are impacting the industry using:

Porter’s 5 Forces

Write about the forces that apply to your industry sector. If a factor doesn’t apply, note that it
doesn’t apply.

Note: Every new venture will be different so some of the items below may not be relevant to
your concept. This is a guideline. If you have any questions re: how it applies to your venture,
ask your instructor.

7b) Customer Market Description & Analysis

1. Clearly define the market of consumers for your product/service-demographics and

psychographics. You may want to use the demographic and psychographic worksheet
to help to define your customers.

2. What is the size of the market? (either number of customer or value ($s) of the customer
segment). The size of the market is often referred to as the total addressable market
(TAM).

3. Describe the forces or trends that are impacting the market:

e.g., overall buying habits, fads, industry trends, other industries (music, fashion,
technology, etc.), retail distributors, social media, advertising, etc.

7c) Competitive Description & Analysis

1) Start by identifying and listing your main competitors 3. Include direct and indirect
competitors as well as potential substitutes.

Competitor Name Direc Indirec Comments

t t

3
Some businesses have hundreds and even thousands of competitors. For this section identify your main competitors
and focus on only those for example up to 5.
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2) Conduct a SWOT analysis on your new venture. Use a four-quadrant diagram to show
analysis.

3) Perceptual maps use the criteria your potential customers use to choose which product
or service to buy to map where your business compares to existing competitors.
a) Identify the criteria that consumers use when making a purchase decision in
your category (i.e., price, quality, features, location, size). Make a list of these
evaluation criteria.

Purchase decision criteria

e.g., Price, quality, branding,
durability etc.

b) Select a minimum of 4 criteria to create 2 perceptual maps.

c) Create a simple, blank perceptual maps using the evaluation criteria

determined above as the axes. Locate your business on the map along with
your competitors. Create as many blank maps as you can using all the criteria.
4

Add a summary that explains why and how your business will compete against established
businesses.5

4
Another illustrated example of Perceptual Maps is “marketing audit of Volkswagen and Renault”
5
This summary could be based on SWOT, Porter analyses as well as the perceptional maps.

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Zoom Tools 7d) to 7g)

Overview:

This section is in two parts.

Part one is the completion of the Zoom Tools.

Part two is a draft of conversation points you’d use to conduct an Empathy Interview with
customers. Note: It is not necessary for you to complete the interview with customers, just to
plan the conversation points you’d use to have the conversation.

Part One: Zoom Tools

This section uses worksheets to guide the analysis of your business venture to identify a
specific ideal customer, their biggest need, and what Minimum Viable Product will meet their
need. Your business venture may have several products or services, but the Zoom Tool
analysis requires to focus on just one.

Include the three pages of the Zoom Tool worksheets (PDF / MS WORD) as appendices to this
report. One report will focus on the customer traits or persona (Customer Zoom Tool),
another report will focus on the customer pain points that are being solved (Problem Zoom
Tool), and the final report will identify the minimal viable product or service (MVP) (Solution
Zoom Tool).

Complete the Zoom Tools and include them as appendices to this report. After the zoom tools
are complete, complete the five sections below and include your responses in the main body
of the report.

7d) Customer Zoom Tool

Based upon the completion of the Customer Zoom Tool, describe your ideal customer or, in
other words, your ideal customer persona.
(200 words max.)

7e) Problem Zoom Tool

Based upon the completion of the Problem Zoom Tool, what are your customers’ three
primary problems that your business solution is solving?

Rank these problems as low, medium, and high.

(200 words max)

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7f) Solution Zoom Tool

Based upon the completion of the Solution Zoom Tool what is your minimal viable product or
service? (200 words max.)

7g) Unique Value Proposition

(200 words max.)

Based on the analysis of your zoom tools, what do you believe is your unique value
proposition for customers?

7h) Channels
(200 words max.)

Based on the analysis of your zoom tools, what channel(s) will you use to provide your
products or services to customers?

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7 i) Part 2: Empathy Interviews and Conversation

Based on the Empathy Fieldguide (pages #8-15), list the potential questions you’d ask
covering the three main objectives of an empathy interview; specifically, building rapport,
understand the customer and digging for stories or emotions. You should aim for 10-15
questions in all.

As covered in the Fieldguide, your questions to be open-ended and neutrally stated. Think of
your questions not just as topics to cover, but as ways to get people to share. Usually, you’ll
create 3-5 questions for each of the below topics.

I. Build rapport:

II. Understand your user:

III. Dig for stories and emotions:

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8) Financial Forecast

This section is a summary of your financial analysis and strategy. There are four
components to the section: sales forecasting, annual sales forecast, startup budget and
funding sources. A summary of each of these sections should be in the body of the report
with details and calculations contained in the appendix.

8 a) Sales forecasts including:

Both top down and bottom-up sales forecasts, use the worksheets found here as
appendices. Top down worksheet: Forecasting Sales - Top Down Method (1).pdf,
Bottom up worksheet Forecasting Sales Using the Bottom Up Method (1).pdf:

8 b) Startup budget including:

Investments, fixed or one-time costs and monthly ongoing expenses,
Use this Startup Budget link for template
https://docs.google.com/spreadsheets/d/
1SdBvHndnJxyWYgu3XqLhauwosrbxogl3bfd264WsvU4/edit?usp=sharing

8 c) Explain the start-up funds required for the new venture and proposed financing
sources use a narrative style to match startup funds required from 8 b) with proposed
sources of financing
e.g., owner investments, loans, grants, equity investments etc.

NOTE THAT WORKSHEETS ARE TO GO INTO THE APPENDIX. SUMMARIES AND

CONCLUSIONS WILL GO IN THE WRITTEN REPORT UNDER SECTION 8 FINANCIAL
STRATEGY.

(NB These template files are view only. To edit them, make a copy of the file. Here are
instructions how to make a copy: https://www.youtube.com/watch?v=3AR9JEjiBl0 )

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References:

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Appendix:

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Assignments handed in late will automatically receive a mark of 0 (zero).

Incomplete assignments will automatically receive a mark of 0 (zero).

Unsourced or plagiarized assignments will automatically receive a mark of 0 (zero). This is an

academic offense and further action may be taken.

ENTR8000 – Innovation and Entrepreneurship

Assignment #4: New Venture FINAL Report
Evaluation Rubric
35% of final grade

Category Exemplary Skilled Minimal Insufficient

8.0 – 10.0 6.0 – 7.9 Compliance Evidence
5.5 – 5.9 0-5.4
Business Concept All content Majority of Much of the Inadequate
Statement covered, clearly content generally content left coverage of
- Problem and succinctly. well covered. uncovered or not topic. Reference
- Solution All information Some aspects referred to to content
- Target Market refers to specific lack specificity. specifically. incomplete. Very
- Revenue Model aspects of topic. No insights or Content too little effort put
- Unique Value Information depth provided. general to obtain into making
Proposition meaningful, full meaning; report
- significant, and reference to topics meaningful.
m illuminating. vague, incomplete.
- Incorrect topics
covered.
Lean Canvas All content Majority of Much of the content Inadequate
covered, clearly content generally left uncovered or coverage of
CONTENT

and succinctly. well covered. not referred to topics.

All information Some aspects specifically. Reference to
refers to specific lack specificity. Content too general content
aspects of topic. No insights or to obtain full incomplete. Very
Information depth provided. meaning; reference little effort put
meaningful, to topics vague, into making
significant, and incomplete. report
illuminating. Incorrect topics meaningful.
covered.
Innovation Analysis All content Majority of Much of the content Inadequate
covered, clearly content generally left uncovered or coverage of
and succinctly. well covered. not referred to topics.
All information Some aspects specifically. Reference to
refers to specific lack specificity. Content too general content
aspects of topic. No insights or to obtain full incomplete. Very
Information depth provided. meaning, reference little effort put
meaningful, to topics vague, into making
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significant, and incomplete. report

illuminating. Incorrect topics meaningful.
covered.
Value Stream All content Majority of Much of the content Inadequate
Discovery covered, clearly content generally left uncovered or coverage of
and succinctly. well covered. not referred to topics.
All information Some aspects specifically. Reference to
refers to specific lack specificity. Content too general content
aspects of topic. No insights or to obtain full incomplete. Very
Information depth provided. meaning, reference little effort put
meaningful, to topics vague, into making
significant, and incomplete. report
illuminating. Incorrect topics meaningful.
covered.
Market Analysis: All content Majority of Much of the content Inadequate
Part 1 covered, clearly content generally left uncovered or coverage of
1. Industry and succinctly. well covered. not referred to topics.
Analysis All information Some aspects specifically. Reference to
2. Market/ refers to specific lack specificity. Content too general content
Customer aspects of topic. No insights or to obtain full incomplete. Very
Analysis Information depth provided. meaning, reference little effort put
3. Competitor meaningful, to topics vague, into making
Analysis significant, and incomplete. report
illuminating. Incorrect topics meaningful.
covered.
Market Analysis: Part All content Majority of Much of the content Inadequate
2 covered, clearly content generally left uncovered or coverage of
1. Zoom Tools and succinctly. well covered. not referred to topics.
2. Empathy All information Some aspects specifically. Reference to
Interview refers to specific lack specificity. Content too general content
aspects of topic. No insights or to obtain full incomplete. Very
Information depth provided. meaning; reference little effort put
meaningful, to topics vague, into making
significant, and incomplete. report
illuminating. Incorrect topics meaningful.
covered.
Financial Forecast All content Majority of Much of the content Inadequate
covered, clearly content generally left uncovered or coverage of
and succinctly. well covered. not referred to topics.
All information Some aspects specifically. Reference to
refers to specific lack specificity. Content too general content
aspects of topic. No insights or to obtain full incomplete. Very
Information depth provided. meaning; reference little effort put
meaningful, to topics vague, into making
significant, and incomplete. report
illuminating. Incorrect topics meaningful.
covered.
Category Exemplary Skilled Minimal Insufficient
8.0 – 10.0 6.0 – 7.9 Compliance Evidence
5.5 – 5.9 0-5.4
Overall Impact of New
Venture Overview
Document

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Writing Generally high Maximum of 3-4 Maximum of 5-8 Poor grammar,

- grammar level of writing errors in writing errors in writing spelling and
- spelling and formatting. and formatting. and formatting. formatting
- punctuation interferes with
Formatting Sourcing is Sourcing is Sourcing is comprehension.
- line spacing complete with complete with complete but small
MECHANICS

- margins many high- reasonable number or low- Sourcing is

- paragraphs quality sources. number of quality sources. limited or has
- headings sources of good not been done at
- title page quality. all.
Sourcing
- all sources
used are
identified
- quality/
number of
sources

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