report aims to generate an idea

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Assessment 2
Prepared for:
Think Big
Prepared by:
Central Queensland University
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Executive Summary
This report aims to generate an idea that supports, in addition to current services and products of
Unbound, a social enterprise with the goal to reshape the way of education through innovative and
practice-based study trips to developing countries in Asia.
The idea generated is an online platform – a website – that connects companies in Australia and
overseas with college or university students. This innovation is of benefits for companies, students,
and universities. Companies can seek external advice from students within their budgets, cut costs
regarding seeking talents, and enhance their visibility to publicity. Students can gain real-life
experiences, earn extra money, and be potentially employed. Universities expand their value chain
by the support service for their students.
Revenue of this idea generation comes from annual fee charged to companies, and 5% commission
fee charged on the fee paid by companies to students. Students do not pay any fee as long as they
belong to a college or university that is a partner of Unbound.
A superior website is the most significant component of this model. The current staff of Unbound
can take care of the development and implementation of this. To prevent from risks associated
with security and privacy, it is required Unbound build Secure Socket Layer. Additionally, to
prevent from ideas of student being stolen, Unbound must keep a good record of companies’
performances. To secure Unbound from the risks of loss, and to create trusts to students, Unbound
can buy insurance to offer guarantee budgets.
The dominance of small businesses in Australia and high number of students coming to study here
are critical factor enabling the success of this idea.
As there is no such a platform in the market at the time being, the benefits generated by the ideas,
and the relationships with well-known colleges and universities are elements that make this idea
feasible to implement.
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Table of Contents
1. Background……………………………………….…………………………………………1
2. Idea generation………………………………………………………………………………1
2.1 Business idea…………………………………………………………………………….1
2.2 Benefit….………………………………………………………………………………..2
2.3 Model.……………………………………………………………………………………3
2.4 Components…..………………………………………………………………………….4
2.5 Critical success factors…………………………………………………………………..5
2.6 Feasibility………………………………………………………………………………..5
3. Conclusion……………………………………………………………………………………6
4. References……………………………………………………………………………………7
5. Appendices………………………………….……………………………………………….9
Appendix 1. Business Canvas……………….………………………………………………9
Appendix 2. Feasibility………………………………………………………………………11
Appendix 3. Group Contributions……………………………………………………………13
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1. Background
As discussed in the previous work, Unbound is a social enterprise that aims to reshape the way of
education through innovative and practice-based short study trips to developing countries in Asia
(Unbound, 2018). Their current business model, however, has downsides that may interrupt the
smoothness of the programs, and hence, the business model. The downsides are unmitigated risks
regarding extreme conditions and environments, migration issues, or associated with the number
of student intakes. In this vein, it becomes necessary to generate an idea that supports the business
and enables the generation of future incomes for Unbound.
2. Idea generation
2.1 Business idea
According to Grad Stats (2018), it normally takes graduate students 4 months to hunt and settle
down in a proper job after college or university. It even takes longer for international students
(SBS, 2017). International students are thought to bring more risks to employers because
companies doubt their capabilities of doing the same job (SBS, 2017). According to Blackwell,
Bowes, Harvey, Hesketh, & Knight (2001) a key way to ease career concerns, enhance
employability levels, and possibly obtain higher incomes is to gain work experiences while still
at university.
A survey of Unpaid Work Experience in Australia (2016) revealed that 50% of people undertaking
unpaid internships are students. This denotes that students are willing to work to earn experiences.
Though some universities have recruitment programs or hubs to connect students with potential
employers, however, the number of companies is still limited, and companies cannot evaluate the
skills or competencies of students.
Companies almost every day encounter issues or problems. A study found that underperformance
of more than 40% companies in Australia are due to the lack of seeking advice, namely
consultants, associations, or industry colleagues (Keily, 2017).
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Accordingly, the market is in need of something that can connect companies and students for their
mutual benefits. The idea generated is an online platform where companies that are facing
problems can meet with college or university students for real-life issues and problem solving.
It is a sustaining innovation (Christensen and Overdorf, 2000; Yu and Hang, 2010) of a website
where companies of all sizes can post any issue in a set timeframe to drum up some mindshare
from students, and students who are also members of the website can analyze the cases and share
their findings, or solutions. In the exchange for the usage of the ideas of students, companies are
committed to some forms of returns, being reward, cash, or any other forms as committed.
2.2 Benefits
The website can be beneficial to companies, students, and universities for several reasons.
According to (Scharoun, 2016; Miao and Harris, 2012), universities in Australia and Australian
government encourage local students to go on study tours through Mobility programs to enhance
confidence and cultural understanding, building up skills to work in a cultural diversity workplace.
This can be understood that students coming from a variety of cultures and backgrounds can be a
rich resource to companies as they contribute different outlooks on solving problems for
companies.
Besides, compared to seeking external advice, this website is cost-saving and cost-active as
companies can decide their budgets and/or agree upon different funding structures: cash, rewards,
or any commitments. It is worth mentioning that companies also save costs regarding seeking
potential talents as companies have assessed the candidates already. The benefit, in addition, is
related to marketing and advertising as being exposure on the website translates into the visibility
of companies to publicity. Students and universities can also mouth about the companies.
On the other extreme, this idea can be advantageous for students. Students learn about different
companies and have exposure to real-life problems, gain experience by case problems. As reallife issues can be more complex, and so this innovation can be seen as an interdisciplinary
approach (Brooks, 2017) as it enables students to involve a mingling of ideas from across different
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disciplines rather than just domain-specific knowledge to address them. The idea can also bring
about the financial value for students. Importantly, it opens up opportunities for students to be
employed.
Compared to the study trips costing more than $3,000, the experiences gained from solving
problems via this website do not cost students a penny. Though students do not have feelings and
experiences as cultural immerse, travelling, however, it is a trade -off cost.
This idea benefits colleges or universities as well. It adds an extra service of assistance for
students, which translates into the value for universities.
Other benefits include minimum transportation costs; the availability and easiness to use as all
parties communicate through the website and can access the platform almost anytime, anywhere.
2.3 Model
To use this website, companies are required to pay yearly fees with the monthly installment of
$29.50.
The one-off cost to build software varies from $40,000 (Soltech, 2018). Fixed costs are low
because:
– This website is run alongside with other current study tours, meaning that costs associated
with website operation, salaries, office rental will be kept to the minimum.
– The current IT staff of Unbound can take care of the operation and implementation of the
platform.
The price set is based on the target profits of $500,000 and the number of 1,500 companies
Unbound aims to get them to use the platform from the third year onwards.
Students do not pay any fee to be a member of the website, as long as they belong to a college or
university who is a partner of Unbound. However, Unbound charges the commission of students.
Companies when posting a problem on the website must choose a payment option: cash, reward,
or specify other forms of commitment. Interested students who finds himself competent to solve
the case can express his interest by clicking the “Follow” button on the site and start studying and
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analyzing the case/problem. Within 7 days after the timeframe decided by the companies for the
problems to be solved, the companies choose and announce the solutions or ideas that they are
interested or may exploit. To use the ideas, companies will transfer payment as committed to the
student. As said, revenues come from commissions from students, which is 5% of the total fees
paid by the companies to students for any idea that the companies accept or may use. This may be
argued that companies paying non-financial value pay less than the financial ones. This is the
underlying idea of this innovation as it desires to build a long-term relationship between companies
and students.
2.4 Components
The most important component of this idea is a superior website. The website needs to be
consistently monitored and well managed. Database needs to be assessed daily. This translates into
the need of IT experts. The current resource of Unbound can ease the matter as the communication
manager of Unbound, Ms. Kaia Steward, with a diverse background in technology, software
development, and her dedication to combine science and technology skillsets to innovation and
education will be in charge of developing the website.
As typical issues of online system, privacy and security are the main concerns (Udo, 2001). To
protect privacy and security, Unbound can build Secure Socket Layer that helps ensure the
transmission of all parties’ personal data to be encrypted and private (Crowdfunding, 2017).
Ideas of students being stolen by companies can also be a challenge, and so to encounter this,
Unbound needs to have a good track record of companies’ performances.
Ideas being stolen without a return will have impacts on trusts towards the website. Therefore, to
give the students the peace of mind and safety, Unbound can learn from Airbnb to offer the
guarantee budget (Crowdfunding, 2017), but instead of offering $1,000,000 as in the case of
Airbnb, what Unbound can do is trying a similar but less expensive approach, which is through
insurance. Unbound can buy affordable insurances to guarantee in case of loss.
2.5 Critical success factors
In addition to the benefits generated by this idea that contribute to the success of the business, the
typical feature in the dominance of small businesses in Australia plays an important role for the
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success of this website. As can be seen from Table 1, more than 90% are small businesses and they
are the business type that always struggle with access to resources (Boyles, 2011). That is to say
having such a website is valuable for these businesses with the potential to add to innovation, daily
problem-solving with limited costs and in a quick manner.
Another factor is the massive number of students coming to Australia. This implies an intensive
competition in the job market after their studies. This is a critical success factor of the website as
students must earn their experiences to prepare for the future career and opportunities.
2.6 Feasibility
This idea is feasible because of the following reasons:
There is no such a platform like this in the market now. There are two other websites, which are
InternMe (Intern Me, 2018) and Ribit (Ribit, 2018), which connect companies and students for
jobs or internships in Australia. However, what these two are doing are more like any other
recruitment agencies for students rather than a platform where companies and students have a
chance to experience and solve current and ongoing problems. Additionally, these websites do not
diversify their services overseas. This is an advantage of Unbound as their current programs are in
countries abroad. That is to say, students have more exposure to international experiences.
The website is free to students, and brings benefits for colleges and universities. Therefore, it
makes sense that universities support in bringing many more students to the website.
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The current partners of Unbound are well-known colleges and universities. Based on the
relationship built with these prestigious educational institutions, Unbound has an advantage in
attracting companies in Australia and overseas to use the website.
3. Conclusion
The report describes a website connecting businesses that are facing problems with college
students for problem solving. The report points out various benefits of this website towards their
customers: companies and students, and their partners: educational providers. The report also
includes the model of this idea generation. Revenues of the model come from annual fee charged
to companies, and 5% commission acquired from fees paid to students by companies. The report
illustrates the components of the idea, which is the creation and development of a superior website.
To prevent from risks inherent in privacy and security, it is important that Unbound build Secure
Socket Layer to protect personal data, and buy insurance to secure themselves as well as to protect
parties involved from risks of loss. High volume of small businesses in Australia is the success
factor of this model as these companies are often lack of resource, and therefore, this platform can
assist them in daily problem solving, innovation and other benefits at the minimum and controlled
costs. In addition, the number of students coming to study in Australia is another significant factor
contributing to the success of the idea as a result of intensive competition in job market that
requires students to back up with some experiences while still at schools. The report also depicts
the feasibility of the idea regarding market, competitors, and customers.
4. References
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Australia Government (2016). Unpaid Work Experience in Australia Report. Retrieved from
https://docs.jobs.gov.au/system/files/doc/other/unpaid_work_experience_report_-
_december_2016.pdf
Australia Government. (2016). Small Business Counts Small Business in the Australia Economy.
Retrieved from http://www.asbfeo.gov.au/sites/default/files/Small_Business_Statistical_ReportFinal.pdf
Blackwell, A., Bowes, L., Harvey, L., Hesketh, A. J., & Knight, P. T. (2001). Transforming work
experience in higher education. British Educational research journal, 27(3), 269-285.
Boyles, T. (2011). Small business and Web 2.0: hope or hype?. The Entrepreneurial Executive, 16,
81.
Brooks, C. F. (2017). Disciplinary convergence and interdisciplinary curricula for students in an
information society. Innovations in Education and Teaching International, 54(3), 206-213.
Christensen, C. M., & Overdorf, M. (2000). Meeting the challenge of disruptive change. Harvard
business review, 78(2), 66-77.
Crowdfunding. (2017). Is Crowdfunding safe? Retrieved from https://www.crowdfunding.com/iscrowdfunding-safe/
Grad Stats. (2018). Employment and Salary Outcomes of Higher Education Graduates from 2017.
Retrieved from http://www.graduatecareers.com.au/wp-content/uploads/2018/01/GradStats-
2017-3.pdf
Intern Me. (2018). Transitioning Passionate Academics into Successful Professionals. Retrieved
from https://internme.com.au
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Keily, A. (2017). Gut instincts or advice – which should you trust? Retrieved from

Gut instincts or advice – which should you trust?


Miao, S. Y., & Harris, R. (2012). Learning and personality on study tours abroad. Research in
Post-Compulsory Education, 17(4), 435-452.
Ribit. (2018). Connecting smart students to innovative companies. Retrieved from

Home


SBS. (2017). How international students are fighting back in a tough Australia job market.
Retrieved from https://www.sbs.com.au/topics/life/culture/article/2017/09/18/how-internationalstudents-are-fighting-back-tough-australian-job-market
Scharoun, L. (2016). Short-term study tours as a driver for increasing domestic student mobility
in order to generate global work-ready students and cultural exchange in Asia
Pacific. Perspectives: Policy and Practice in Higher Education, 20(2-3), 83-89.
Soltech. (2018). How much does custom software cost? Retrieved from http://soltech.net/howmuch-does-custom-software-cost/
Udo, G. J. (2001). Privacy and security concerns as major barriers for e-commerce: a survey
study. Information Management & Computer Security, 9(4), 165-174.
Unbound. (2018). Unbound. Retrieve from https://www.unbound.edu.au/
Yu, D., & Hang, C. C. (2010). A reflective review of disruptive innovation theory. International
journal of management reviews, 12(4), 435-452.
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5. Appendices
Appendix 1. Business Canvas of the Website
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Activities
Connecting all size companies encountering problems to post their issues
on the website with interested students from different disciplines to
engage in any case/ problem and study and analyze the case.
2
Partners
Unbound partners with colleges and universities in Australia. Partners
act as middlemen to bring the students to the platform. Partners do not
acquire financial values, yet they receive intangible values which help to
build their reputations.
3
Values
The values brought are of benefits for companies, students, and
universities.
Companies:
– drum up a variety of mindshare of students from different
disciplines, backgrounds and cultures
– cut costs in comparison to seeking advice from outside as they
are more active in their price or reward evaluation
– evaluate the potential candidates and hunt talents or
competencies suited for their needs.
Students:
– keep up with companies and gain real experiences through
problem solving and analysis
– earn some extra money
– enhance employability level.
Colleges and universities:
– as the target customer segment of the business is students
meaning that being a part of the platform is a bonus point which
adds to the value chain of services for colleges and universities.
4
Segment
Target segment is students. This means that you cannot join the platform
without being a student from a college or university.
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Other segment is companies.
5
Customer
Relationships
Privacy and security are the main concerns, and therefore, to attract and
maintain customer relationships, Unbound needs to guarantee the
security and privacy for all parties involved.
Likewise, to create trusts for students, Unbound need to guarantee the
record of companies’ performances, and to offer guarantee budgets.
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Resources
The most important resource of this model is a modern and safe website.
The communication manager of Unbound, with a diverse background in
technology, software development, and her dedication will be in charge
of building the website.
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Channel
Main channel of this idea generation is the Internet. All parties just need
to go online and access the website. Companies just need to start their
problems and students express their interests as well as present the
solutions via website.
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Cost
Structure
The main cost structure of this idea is the costs to build and develop the
website, which is the one-off initial cost. As this website is operated
alongside with current services and programs delivered by Unbound,
therefore, costs associated with operation, salaries, office rental will be
kept to the minimum.
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Revenues
Revenues come from annual fee paid by companies and 5% commissions
of the total fees paid by the companies to students.
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Appendix 2. Feasibility
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Appendix 3. Group Contributions

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