Sample MGT607 Innovation Creativity and Entrepreneurship Report

MGT607 Innovation, Creativity & Entrepreneurship Report Sample

Context:

Identifying an opportunity is great! For example, before Uber became a global icon the idea of a technologically based journey service was just an embryonic idea by Garrett Camp and Travis Kalanick. However, before any idea or opportunity can proceed you need to be able to articulate some key things to obtain buy-in to continue before significant time and investment is spent developing a product / service / process innovation that may require some adjustments and/or other considerations if you want it to be successful.

This assessment requires students to develop a Business Concept Plan that articulates what your idea is and what you would like to do with your idea to exploit the opportunity you have identified. This clarity of your vision will serve as evidence that you have thought critically about the idea.

When investors and other business people see this, they will have a better sense of the risk they would take by working or investing with you just by reading this document.

You will need to incorporate the theory, which you have learnt in Modules 1 to Modules 3 to provide you with the tools and structure for the components that you need address in your plan.

Instructions:

You are required to develop a Business Concept Plan which provides a business solution to an opportunity which you have identified. You need to ensure that the plan demonstrates that your idea is a feasible and viable solution and something that will obtain support from an executive or management team to develop in to a business case, ultimately seeking funding and approval to develop / implement (This will be Assessment 3!).

Consider what it is that will attract approval and funding of your idea. What it is that makes this a great opportunity and something worth developing or progressing?

Solution

Industry Background

Biodegradable packaging market is on an inclination towards growth, more so, after the advent of COVID 19 pandemic. According to CAGR, The scope of biodegradable packaging towards vegetables and fruits add periodically enhanced from the year 2018 and has a plan two completely evolve as a sustainable packaging industry by 2026. For Assignment Help It is a rapidly growing market with specific concentration and emergence in Asia Pacific region. The largest market encouraging sales and practical utility is taking place in Europe. The market summary indicates, CAGR of 6.35%. Taking the complete market valuation for biodegradable packaging, 81.70 billion U.S. dollar is accounted as per 2020 statistical figures. It is likely to expect a leap of 118.85 billion euro s dollar by the time it reaches 2026. With the core motive of shaping the global environment with eco friendly food packaging objective, escalated demand as per 2020 records are found to be evidence which witnessed slight slow down during 2021 as a consequence of corona virus pandemic lashes.

Problem / Opportunity – Description of Your Idea

One of the major problems related to packaging is the heap of production awful waste generated from plastic materials which are non biodegradable in nature. The accumulation of plastic made waste matter as the abundance of packaging daily produced act as a huge damage and threat towards our planet, replacing the plastic packaging approach with reduced and replaced along with renewed procedure attempted in the form of biodegradable packaging industry creates sufficient scope for potential solutions (Goosey & Starkey, 2004). Rather than using single use black plastic for packaging of fruits and vegetables, it is the replenished and recyclable Attribute of packaging sources which help mitigate the negative burden created upon environmental impact on a global scale.

Opportunity in the form of global biodegradable packaging made from starch and rice content is a unique and new idea in business as the core material helps to create a replaceable opportunity to remove the use of plastic. The dangerous impacts creating non renewable and environmentally damaging impacts are possible to be manifested in eco friendly approach. Initiated in Asia Pacific locations such an opportunity proposition is highly getting encouraged in different progressive parts of the world. Making biodegradable market introduction with sufficient focus on rice and starch based packaging is already getting practice in larger questions across North America and Europe. There is a future anticipation that such a business opportunity using biodegradable packaging made from starch and rice content with new and innovative ideas of selling products through rice and starch based packaging shall engage more than 34% of the entire packaging market. Use of biodegradable plastic is also a blooming industry introduced ever since 2019. It is increasingly adapted by countries like India, Indonesia and China. Making biodegradable packaging a mainstream business opportunity is likely to grow at a rate of 11.5% from 2015 to 2021. The capacity growth is likely to take place in leaps and bounds where 382 kilotons I tried to be used in various sales and markets with biodegradable plastics increasingly used in 2020 and 2021. Such an opportunity is likely to completely replace the plastic packaging with biodegradable ones in the upcoming future as planned within 2026. Using starch and rice is ease and simple to degrade in waste management and cost effectiveness.

High-level Solution

For the new business idea to enter into global market rather than operating on concentrated limited countries like North America and Europe needs to be amplified. Using biodegradable packaging made from starch and rice content is a unique and never used before concept in business benefit to infuse cost reduction and environmental waste management. This multiplication of realistic application to completely replace biodegradable packaging with penetrative marketing strategies needs to replace single use plastic by 100%. The use of biodegradable packaging has been only introduced insert in pockets of the globe specifically by 30% in North America and 30 to 35% in European zones. Asia Pacific being the inception point has incorporated 40 to 50% along with Latin America and Middle East or African regions. More than 85 to 90% of waste production shall get inevitably reduced when the plastic packaging gets replaced with a renewed new innovative business appeal by introducing biodegradable packaging to sell fruits and vegetables as daily grocery utilities (BR, Agarwal & Sharma, 2016). This shall not only help the infrastructural growth with waste management investments to be curbed down but also reflect enhanced leadership qualities with international standards as development orientation. Research on micro plastic shall get her resultant solution where the potential benefits in managing the greenhouse gas by balancing the ecological impacts can create a renewable outcome using biodegradable package materials.

Business Model:

Use of made from starch and rice content is the unique innovative idea in business of packaging industry to create advantage as lowering of costing which enhances the profitability and environmental sustainability improved. The expenditure and investment needed to be allocated for distinguished departments for waste management as the non biodegradable packaging materials of plastic and polyester cannot be reused or recycled (Stoica et al. 2020). Other than the environmental impact and risk proposition the cost of production and management within all industries experienced an expenditure of 25 to 30% elevated due to single use plastic packaging. With the help of this new innovative business proposition made from starch and rice content in biodegradable packaging, more than 40% of the cost of various business industries and sectors can be benefited in saving money and optimizing in profits.

The aim of the business model is to enhance sustainable attribute with reduced environmental impact upon various sectors of business. CAGR indicated 14.2% as the forecasted growth rate on global biodegradable rice and starch based packaging industry by 2021 which is likely to accelerate at tremendous rate to appeal different developing as well as developed regions of the world to reach almost 66 to 71% by 2026.

Market Segment

Choice of Material

Concentrating upon packaging material is one of the significant industrial outlooks across all business opportunities. Replacing single use plastic as packaging material packaging made from starch and rice content biodegradable nature is likely to create an assured market share of 95.1%. Buy application
With a globalised proposition to amplify the use and practical application of biodegradable packages made from starch and rice content as well as plastic packaging is infused with innovative marketing approach. By associating with diversified business industries like pharmaceutical packaging, grocery packaging packaged food packaging, beverage packaging and clothing industry packaging I tried to be targeted to amplify the growth rate in addressing a leading position by 17.2% of market share. By 5 to six years the demand and supply rate is forecasted to be highly opportunity seeking to achieve excellence in rest of Europe, Asia Pacific, entire America, Australia and entire Asian continent (Rigby & Tager, 2008).

Gap Analysis

In order to drive growth and create excellence on a global front, the new proposition of business with biodegradable packaging made from starch and rice content endures certain gaps which create challenges in the business idea. Creating rapid transition for environmental friendly approach requires excessive use of technological skill and research on procedure to make the packages from rice and starch materials where resource availability with training expertise among human capital is often a lag that business industries face across the world (Arvanitoyannis & Bosnea, 2001). The commitment level and training excellence necessary from search business sectors to completely transform the packaging module to adapt biodegradable option witness gaps. The pricing differences in various nations of the world to adapt the newly proposed innovative business idea of biodegradable packaging towards grocery industry or other business sectors interested derives the pricing gap do too differentiated economic status across the globe.

Competitor Analysis

Quality Dimension:

Introducing biodegradable packaging made from starch and rice content as a company dimension helps to solve environmental impacts and drive cost friendly approach with sustainable responsibility accomplished.

Pricing Dimension:

Different nations practice pricing strategy on a differentiated manner where the price of single use plastic packaging is more in case of competitors. Price and production of rice is different in different countries which makes the standard changed in each location. The production rate and waste management induces greater expense across competitors. Biodegradable plastic or rice and starch based packaging is much more affordable an economic option to be easily absorbed by all parts of the world.

Unique Value Proposition:

Eco friendly approach with reduced impact upon environment helps to create sustainable solution for future generations to be pollution free (Anton, 2020). Using biodegradable packaging made from starch and rice content creates responsible business approach through corporate leadership in market positioning. Rice being considered as a significant starch product for packaging helps the industry to think in unique manner to solve waste accumulation severity and cost becomes negligible. Business and customer benefits with higher profitability and limited production cost with reduced waste management expenses help the biodegradable option to become exceptionally unique in nature.

Ideal Customer Profile – before using your product / after

Environmentally conscious customers looking for a feasible alternative to replace use of single use plastic as packaging material shell become priority. People interested in affordable packaging with low cost and high maintenance without making damaging impacts upon environment to shape a better future for upcoming generations shall become automatically attracted.

Total Addressable Market

The total addressable market is the different industries like textile, agriculture and other industries that utilize significant packaging. Presently concentrated in mere pockets of North America and Europe regions the specific application needs to be made a mainstream general practice in the years to come by future. Both developing as well as developed nations across the world are tried to be addressed on a demographic aspect with the biodegradable rice and starch based as well as plastic material packaging.

Business Model Canvas

Value Proposition Canvas

References