Introduction
Have you ever had an idea for an invention that you would like to see? Is there some in way in which you think you could better the world? Is there a market just waiting to be seized?
In groups of 3 you will create a new invention, or modify an existing one in a unique way. You will be required to research the market for your invention (e.g. target market, size, disposable income). Then you will create a business plan, and prepare a 5 minute presentation explaining your product and why people should invest you.
Task
Each group will have to create a new invention, or modify an existing invention.
After coming up with your idea you will be required to prepare a business plan, and finally make a 10 minute presentation about your new invention. In order for you to have a fully fledged out business plan you will need the following:
Business Concept: Describe your product or serivce. Why is it unique, or why is it better than the competition?
Financial features: The selling price of your product or service against the cost of doing business. How profitable are you aiming to be?
Marketing plan: How are you going to raise awareness for your invention? What is your target market and what medium will you use to reach them?
Investing: What kind of investment are you in need of? What are you going to give the investor in return for their money? How are they going to make their money back?
Competitive Analysis: Take a look at your competition and think of how you are going to differentiate yourself from them. Why would people buy your invention as opposed to the competition?
Process
The first step in your project is to come up with a new or unique idea. Be sure that your invention has not already been invented! Use search engines to be sure that your idea is indeed your own!
In order for you to make a valid business plan it is going to be important for you to conduct some market research.
Statistics Canada will be a great resource when researching income and population trends:
http://www.statcan.gc.ca/start-debut-eng.html
Canadian Business Network provides a great resource to use when creating your business plan. Be sure to check out their website.
http://www.canadabusiness.ca/eng/page/2753/
Using your research prepare a written business plan including: A business concept, financial features, a marketing plan, a competitive analysis, and an investor's guide. Be sure to include any resources for your research in your paper.
Once you have created your business plan it is time for you to prepare a presentation explaining why an investor should invest in you. Create a powerpoint to accompany your group presentation.
You want your powerpoint to be appealing and entertaining (unlike Mr.Redick's). The following website provides tips on how to create an interesting powerpoint presentation.
http://www.slideshare.net/ArtilleryMarketing/you-suck-at-powerpoint-12040413
Evaluation
You will be marked based on the following:
/5 on your idea: (Is it practical? Is there a market? Does it have a use?)
/20 on your business plan (Was there a business concept? A marketing plan? A pricing scheme? A competitive analysis? Was it well-written? Grammar mistakes?)
/10 on your presentation (Was the powerpoint appealing? Did everyone speak? Were you able to convince the dragon about your idea? Did you speak from a script?)
/2 on your resources (Did you list the resources you used?)
Conclusion
At the end of all the presentations the Dragon (Mr.Redick) will select one business idea to invest in. The winning team will receive a bonus mark on their assignment, as well the chance to resubmit an earlier assignment of their choosing.
This lesson will get you thinking like a business person. You now know what an investor is looking for in a business and an invention. You will also be more skilled in articulating and presenting your ideas to a crowd, a very important part of doing business.
Teacher Page
A link back to Mr.Redick's website: