ENTREP 2006 - Opportunity Assessment

North Terrace Campus - Semester 2 - 2016

Developing an opportunity assessment programme; Assessing potential success of a number of possible opportunities; Risk analysis of commercialisation of innovation; Assessing technological innovations; Assessing market and financial issues of commercialisation; Constructing and communication of conclusions.

  • General Course Information
    Course Details
    Course Code ENTREP 2006
    Course Opportunity Assessment
    Coordinating Unit Entrepreneurship, Commercialisation & Innov Centre
    Term Semester 2
    Level Undergraduate
    Location/s North Terrace Campus
    Units 3
    Contact Intensive: 36 to 40 hours
    Available for Study Abroad and Exchange Y
    Course Description Developing an opportunity assessment programme; Assessing potential success of a number of possible opportunities; Risk analysis of commercialisation of innovation; Assessing technological innovations; Assessing market and financial issues of commercialisation; Constructing and communication of conclusions.
    Course Staff

    Course Coordinator: Dr Gary Hancock

    Course Coordinator: Dr Gary Hancock
    Phone: +61 8 8313 0125

    Teaching Staff: 
    Dr Scott Gordon

    Short Bio:
    Scott is the PhD program director and lecturer in entrepreneurship at the Entrepreneurship Commercialisation & Innovation Centre (ECIC). Originally trained in Electrical Engineering he spent more than a decade as a practicing professional engineer with the Commonwealth Scientificand Industrial Research Organisation (CSIRO).

    Since 2005 Scott has been actively engaged as an entrepreneurship scholar and academic. He holds a MBA with First Class Honours, and a PhD in Management, for which he received an Outstanding Doctoral Thesis citation. He joined ECIC in January 2015 from the Australian Centre for Entrepreneurship Research (ACE) at Queensland University of Technology (QUT).

    Scott's teaching interests lie at the intersection of entrepreneurship, innovation and strategy. His research explores dimensions of entrepreneurial action and organisational emergence, and has appeared in leading outlets including Entrepreneurship: Theory & Practice; Small Business Economics; and Advances in Entrepreneurship, Firm Emergence & Growth.


    Phone: +61 8 8313 7493

    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

    Opening intensive:
    Monday 1st, Tuesday 2nd and Wednesday 3rd August 2016
    9am to 5pm
    Napier 210 Teaching Room

    Closing intensive:
    Monday 29th, Tuesday 30th and Wednesday 31st August 2016
    9am to 5pm
    Napier 210 Teaching Room
  • Learning Outcomes
    Course Learning Outcomes
    1 To appreciate entrepreneurship theory and principles, especially in the context of assessment of new ventures as distinct to traditional business
    2 To conduct detailed market research (primary and secondary) and become familiar with external and internal environmental scanning techniques
    3 To articulate a new venture investment proposition and communicate ideas and concepts effectively
    4 To build an assessment process for a new opportunity or venture to determine its viability and sustainability
    5 To develop and use appropriate assessment frameworks for different new ventures and present these to fellow students and industry
    6 To identify the areas of risk and ethical dilemmas in research commercialisation and/or in introducing new technologies or other innovations into a market
    7 To produce a feasibility report (including recommendations and conclusion) for your own or another new venture opportunity based upon comprehensive assessment
    University Graduate Attributes

    This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

    University Graduate Attribute Course Learning Outcome(s)
    Deep discipline knowledge
    • informed and infused by cutting edge research, scaffolded throughout their program of studies
    • acquired from personal interaction with research active educators, from year 1
    • accredited or validated against national or international standards (for relevant programs)
    1, 2, 4, 5, 6, 7
    Critical thinking and problem solving
    • steeped in research methods and rigor
    • based on empirical evidence and the scientific approach to knowledge development
    • demonstrated through appropriate and relevant assessment
    2, 4, 5, 6
    Teamwork and communication skills
    • developed from, with, and via the SGDE
    • honed through assessment and practice throughout the program of studies
    • encouraged and valued in all aspects of learning
    1, 2, 3, 5
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    1, 2, 3, 4, 5, 6, 7
    Intercultural and ethical competency
    • adept at operating in other cultures
    • comfortable with different nationalities and social contexts
    • able to determine and contribute to desirable social outcomes
    • demonstrated by study abroad or with an understanding of indigenous knowledges
    3, 4, 5, 6
    Self-awareness and emotional intelligence
    • a capacity for self-reflection and a willingness to engage in self-appraisal
    • open to objective and constructive feedback from supervisors and peers
    • able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
    3, 5, 6, 7
  • Learning Resources
    Required Resources
    Text book:

    Fredrick, Howard, O'Connor, Allan and Kuratko, Donald F. (2013).
    Entrepreneurship: Theory, Process and Practice,
    3rd Edition. Cengage Learning.
    ISBN-10: 0170214982
    ISBN-13: 9780170214988

    Recommended Resources
    A comprehensive list of readings will be available on MyUni

    Candidates may also benefit by consulting the following text:

    Timmons, Jeffry A., Gillin, L. M., Burshtein, S., and Spinelli, Stephen Jr. (2010).New Venture Creation: Entrepreneurship for the 21st Century – A Pacific Rim Perspective, 1st Edition. McGraw-Hill Irwin.

    Library Resources
    The University of Adelaide’s Barr Smith Library provides a range of learning resources including texts, journals, periodicals, magazines, and access to online databases and information services. It also offers a virtual library which is accessible via the University’s website. The University Library web page is: http://www.adelaide.edu.au/library/ 
    From this link, you are able to access the Library's electronic resources.
    Online Learning
    MyUni is the University of Adelaide's online learning environment. It is used to support traditional face-to-face lectures, tutorials and workshops at the University. MyUni provides access to various features including announcements, course materials, discussion boards and assessments for each online course of study (see: https://myuni.adelaide.edu.au) 
  • Learning & Teaching Activities
    Learning & Teaching Modes
    This course is offered in blended learning mode with the face-to-face component offered as intensives.

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    As a guide, a 3 unit course comprises a total of 156 hours work (this includes face-to-face contact, any online components, and self directed study).

    Undertaking a comprehensive assessment of an opportunity is a time consuming process and in this course you are expected to ultimately demonstrate your capacity to satisfactorily reach a conclusion on whether a business idea or concept is truly an opportunity and make recommendations with respect to how to proceed to develop the idea. Each student can expect to devote in the vicinity of 10-15 hours per week throughout the semester to acquire and master the tools and concepts of this course.

    Learning Activities Summary

    This is a draft schedule and session dates are a guide only. The timetable may be changed during the course delivery if necessary.

    Content Preparation / Activities
    Int 1 / Day 1 / Session 1 Introduction Frederick, O’Connor and Kuratko 2013, Ch 5
    Int 1 / Day 1 / Session 2 Thinking entrepreneurially Frederick, O’Connor and Kuratko 2013, Ch 5
    Int 1 / Day 1 / Session 3 Exploring opportunity concepts
    Int 1 / Day 2 / Session 4 Right time, right place? Rice et al 2010, Ch3
    Schaper & Volery 2004, Ch3
    Int 1 / Day 2 / Session 5 Compelling need? Solomon 2004, Ch4
    Int 1 / Day 2 / Session 6 Identifying the customer Frederick, O’Connor and Kuratko 2013, Ch 10
    Int 1 / Day 3 / Session 7 Industry and market dynamics Frederick, O’Connor and Kuratko 2013, Ch 9
    Int 1 / Day 3 / Session 8 Competitor analysis Frederick, O’Connor and Kuratko 2013, Ch 9
    Int 1 / Day 3 / Session 9 Concept presentations Assignment 1 Oral
    Int 2 / Day 1 / Session 10 Review & introduction Case study / framework
    Int 2 / Day 1 / Session 11 Sustaining new ventures Frederick, O’Connor and Kuratko 2013, Ch 11
    Int 2 / Day 1 / Session 12 Internal analysis Frederick, O’Connor and Kuratko 2013, Ch 11
    Int 2 / Day 2 / Session 13 Framework presentations & discussion Assignment 2 Presentations
    Int 2 / Day 2 / Session 14 The entrepreneur and the team Frederick, O’Connor and Kuratko 2013, Ch 2
    Int 2 / Day 2 / Session 15 Assessing strategy Frederick, O’Connor and Kuratko 2013, Ch 11
    Int 2 / Day 3 / Session 16 Resilience & managing risk Frederick, O’Connor and Kuratko 2013, Ch 11
    English 2006, Ch 5
    Int 2 / Day 3 / Session 17 Financial analysis for opportunity assessment Frederick, O’Connor and Kuratko 2013, Ch 15
    Int 2 / Day 3 / Session 18 Wrap up and review
  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary

    An overview of the course assessment appears in the following Table. Details appear in the following section:

    #AssessmentLengthWeightingDue DateLearning Outcomes
    1 Opportunity Concept Proposal (Individual)   (Concept proposal and Executive Summary) 2 minute oral proposal   1000 word Executive Summary 15%
    (5% Oral presentation & 10% Executive summary)
    See MyUni 1, 2
    2 Opportunity Assessment Framework (Group) Report max 2500 words 25% See MyUni 1, 3, 4
    3 Exam 2 hour 30% see MyUni 3, 4, 5
    4 Opportunity Assessment (Individual) Max 3000 words 30% See MyUni 4, 5, 6
    Total 100%
    Assessment Related Requirements
    It is expected that assignments will be typed, using word processing software such as Microsoft Word.

    All Assignments must be submitted through Turnitin.
    Don’t cram too many words onto a page: use a line spacing of 1.5 lines, and a right-hand margin of 4cm (to enable feedback and comments). If software other than Microsoft Word is used, the file format must be one that can be read using Word, such as .doc or .rtf (rich text format). PDF (Acrobat) format is not acceptable unless accompanied by an editable Microsoft Word document or similar. All assignments may be scrutinised using Turn-It-In as per University policy (see below).

    Students should attend all classes in order to pass the course. There is considerable experiential learning in workshops during the intensive classes that build your knowledge and thus enable you to be successful in this course.

    Course results are subject to moderation by the ECIC Board of Examiners
    Assessment Detail
    Assessment 1: An Opportunity Concept (Individual)
    Weighting:       15%      (5% Oral Proposal and 10% Executive Summary)
    Submission Details:     Executive Summary online through MyUni, PLUS bring hard copy to class; Oral Proposal in class

    This assignment comprises a two minute oral presentation of a proposal to seek permission to explore an opportunity concept and prepare a short Executive Summary of the opportunity. You are required to pitch a perceived opportunity to an interested audience with the primary aim to win support and resources to pursue the concept to full opportunity assessment. This is your chance to attract team members for assignment two and showcase your skills and abilities. The opportunity is to be positioned as a real business case and you will need to convince your audience of the perceived potential of the opportunity and your competence as a team leader or member. The opportunity could be from your workplace, be known to you through family or friends, or be a new venture perceived from environmental sources or influences. As a minimum your oral presentation and Executive Summary should include your perception of the following:

    ·        A description of the product or service
    ·        Identification of the potential customers and/or end users
    ·        A description of the opportunity in terms of innovation
    ·        A description of the market in terms of life cycle
    ·        An estimate of the size of the market
    ·        Any supporting evidence that the opportunity is real and exists

    The pitch will allow up to an additional 5 minutes for question time.

    Your Executive Summary should address at least all the points included in your presentation and further include an outline of the tasks to be undertaken to complete the opportunity assessment. Depth and detail is not the objective of this assignment rather it is concerned with your ability to structure and present a persuasive and compelling case.
    This assignment will assess your understanding of the course objectives 1 and 2

    Length and Presentation:
    The Executive Summary no more than three pages long and not exceed 1000 words. Oral presentation – two minutes with up to 5 minutes for questions

    Criteria by which your assessment will be marked:
    The oral presentation will be assessed against the following criteria:

    ·        Engagement with the reader/audience
    ·        Extent of preparation
    ·        The structure of the pitch and executive summary
    ·        The professionalism of the presentation, and
    ·        The persuasiveness of your argument

    The Executive Summary, in addition, will include an assessment of the extent to which the key content areas are covered succinctly and accurately.

    Learning objectives with this assessment (refer to section 2.1):1, 2

    Assessment 2: Opportunity Assessment Framework (Group)
    Weighting:       25%
    Submission Details:     Online through MyUni

    Based on desk research and possible interviews with knowledgeable people analyse and critique with your team (of no more than four members) an Opportunity Assessment Framework that can be used to validate a venture concept. Your lecturer will assign this Framework in class. Review the selected framework, as nominated by your lecturer, and contrast the approach with alternate methodologies. From this analysis draw together, justify and demonstrate the value and use of the framework for one of various opportunity assessment contexts namely: social ventures, corporate ventures, a lean-startup venture, pitch for angel investors and seeking venture capital investors.

    During the second intensive your team will be given an opportunity to present a summary of your analysis, critique and conclusion on the opportunity assessment framework for class discussion. Base this presentation on clearly articulated conclusions drawn from your research and analysis. Each team will have up to twenty minutes to present and discuss their chosen framework in class addressing the merits and pitfalls of opportunity assessment when approaching each of their different contexts.

    This assignment will assess your understanding of the course objectives 1, 3 and 4.

    Length and Presentation:

    Reports are to be posted to the MyUni grade centre.

    The body of the report should not exceed 3,000 words; however, appendices may be used for supporting documents or demonstration of analysis to the extent that is appropriate. The report should be submitted as an electronic version in WORD. No report will be accepted in Adobe Portable Document Files (pdf) (they cannot be electronically marked).

    Your team's in class presentation on the framework will be a separate component of the assessment and submission may be made using Powerpoint format (or pdf of your slides) and posted on the MyUni discussion board by the due date.

    Criteria by which your assignment will be marked:
    The standards by which the assignment will be assessed include:

    ·        Ability to find, access and interpret available literature
    ·        Ability to recognise important aspects of concept validation
    ·        Ability to present principles in a succinct and useable format
    ·        Originality and ability to present the concepts in a single-page poster that reflects the essential principles
    ·        Completeness and coverage of the Opportunity Assessment Framework report

    Learning objectives with this assessment (refer to section 2.1): 1, 3, 4


    Assessment 3: Exam (Individual)
    Weighting:       30%
    Submission Details:     In class exam

    You will be expected to complete a combination of short answer and essay type questions for this exam. Questions will be designed to test your knowledge of topics relevant to this course. You can expect the exam to cover between four and eight of the following topic areas:

    ·        Defining opportunity
    ·        Entrepreneurial thinking
    ·        Innovation and the opportunity landscape
    ·        Environmental analysis
    ·        Market analysis
    ·        Identification of customer, value proposition and compelling need to buy
    ·        Internal analysis
    ·        Competitive analysis
    ·        Issues of sustainable competitive advantage
    ·        Financial analysis, cash projections and break even analysis
    ·        Management team, networks and advisors
    ·        Risk identification
    ·        Exit strategy

    This exam will assess course objectives 3, 4 and 5.

    Length and Presentation:
    Completed on paper in the timeframe of the exam (two hours). Worksheets will be provided as relevant.

    Criteria by which your assessment will be marked:
    ·        Depth of your knowledge of the selected topic areas
    ·        The extent to which you are able to relate analytical tools to the opportunity assessment task
    ·        Your understanding of risk relative to commercial opportunities in terms of markets and/or technology
    ·        Your ability to frame opportunity within the context of feasibility and sustainability
    ·        Clarity of written expression
    ·        Succinct presentation of ideas and concepts

    Learning objectives with this assessment (refer to section 2.1): 3, 4, 5


    Assessment 4: Opportunity Assessment (Individual)
    Weighting:       30%
    Submission Details:     Online through MyUni

    Prepare a full Opportunity Assessment report that outlines the possibilities of a technology or business concept of your own choice. Make your recommendations clear and base these on clearly articulated conclusions drawn from your opportunity assessment investigations and analysis.

    This can be a go, no-go, or go-if decision as long as it is clearly motivated. There are three possible recommendations for the business concept being presented.

    1.       Yes, this appears to be a feasible and sustainable opportunity. The report should fully outline the reasons and rationale for this assessment to the reader of the report. Your report should further show what actions are next required to capitalise on the opportunity.

    2.       No, this is neither a feasible nor sustainable opportunity. The report should fully outline the reasons and rationale for this assessment to the reader of the report. In this case the report should also suggest a course of action in response to the rejected
    opportunity. This should include a recommendation on what could be done to re-position the opportunity, an outline of other areas of potential opportunity discovered through the assessment process
    or actions that might be required in response to others who may detect or seek to exploit the opportunity.

    3.       Yes, this may be a potentially feasible and sustainable opportunity if certain conditions occurred or actions were achieved. The report should fully outline the reasons and rationale for this assessment to the reader of the report. In this instance the report should outline the conditions and/or actions that must change or occur in order for the opportunity to be both feasible and  sustainable. Where appropriate, the report should also recommend who should undertake further action and by when.

    Consider using the frameworks and tools presented in the course.

    This assignment will assess your understanding of the course objectives 4, 5 and 6.

    Length and Presentation:
    The body of the report should not exceed 3,000 words;
    however, appendices may be used for supporting documents or analysis to the extent that is appropriate. The report should be submitted as an electronic version in WORD. No report will be accepted in Adobe Portable Document Files (pdf) (they cannot be electronically marked).

    Criteria by which your assessment will be marked:

    ·        Ability to find, access and interpret available literature relating to the assessment
    ·        Ability to apply the assessment principles presented in the course
    ·        Originality and ability to present your findings in a clear succinct manner
    ·        Ability to draw sound conclusions from your investigation
    ·        Ability to make clear recommendations based on the analysis and conclusions
    ·        The inclusion of external data
    ·        The inclusion of additional research
    ·        The extent to which assumptions have been validated.
    ·        Succinctness and businesslike presentation

    Learning objectives with this assessment (refer to section 2.1): 4, 5, 6

    All text based assignments must be submitted via MyUni.
    Please refer to step by step instructions: http://www.adelaide.edu.au/myuni/tutorials/files/AssignmentStudentSubmission.pdf

    There are a few points to note about the submission of assignments:
    • Assignment Submission:  Assignments should not be emailed to the instructor; they must be lodged via the MyUni Course site (unless specified to do both). Note that assignments may be processed via TURNITIN, which is an online plagiarism prevention tool.
    • Cover Sheet:  Please submit, separate to your assignment, the completed University of Adelaide Assessment Cover Sheet providing details of yourself and your team members (if applicable), your assignment, the course, date submitted, etc. as well as the declaration signed by you that this is your (your team’s) work.  Note that the declaration on any electronically submitted assignment will be deemed to have the same authority as a signed declaration.
    • Backup Copy of Assignments:  You are advised to keep a copy of your assignments in case the submitted copy goes missing.  Please ensure that all assignment pages are numbered. If your assignment contains confidential information, you should discuss any concerns with the Course Lecturer prior to submission.
    • Extensions of Time:  Any request for an extension of time for the submission of an assignment should be made well before the due date of the assignment to the Course Lecturer.  Normally, extensions will only be granted for a maximum of two weeks from the original assignment submission date.  Extensions will only be granted in cases of genuine extenuating circumstances and proof, such as a doctor’s certificate, may be required.
    • Failure to submit: Failure to submit an assignment on time or by the agreed extension deadline may result in penalties and may incur a fail grade.  Note that a late penalty of 5% of the total available marks for that assessment item will be incurred each day an assignment is handed in late (Unless otherwise stated in 'Assessment Related Requirements' or 'Assessment Detail' above) Assignments handed in after 14 days from the due submission date will fail even if a 100% mark is granted for the work.

    Resubmission & Remarking

    Resubmission of an assignment for remarking after reworking it to obtain a better mark will not normally be accepted.  Approval for resubmission will only be granted on medical or compassionate grounds.
    Course Grading

    Grades for your performance in this course will be awarded in accordance with the following scheme:

    M10 (Coursework Mark Scheme)
    Grade Mark Description
    FNS   Fail No Submission
    F 1-49 Fail
    P 50-64 Pass
    C 65-74 Credit
    D 75-84 Distinction
    HD 85-100 High Distinction
    CN   Continuing
    NFE   No Formal Examination
    RP   Result Pending

    Further details of the grades/results can be obtained from Examinations.

    Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

    Final results for this course will be made available through Access Adelaide.

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