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New Business Venture

MGT 414
Closed
Northern Michigan University
Northern Michigan University
Marquette, Michigan, United States
Corinne Bodeman
Corinne Bodeman
Instructor
(3)
2
Timeline
  • January 23, 2023
    Program start
  • January 31, 2023
    Project Scope Meeting
  • May 2, 2023
    Program end
Program
3/5 project matches
Dates set by program
Preferred companies
Anywhere
Startup, Social Enterprise, Incubator
Any industries

Program scope

Categories
Market research Market expansion Product or service launch
Skills
competitive analysis business strategy research
Learner goals and capabilities

Looking to elevate your organization, and bring it to the next level? Bring on students from Northern Michigan University to be your student-consultants, in a project-based experience. Students will work on one main project over the course of the semester, connecting with you as needed with virtual communication tools.

Students will be writing Business Model Canvases. The class will take a start-up business, do some industry research, and do a business plan which will then be transferred over to a Business Model Canvas. They will be using a LEAN canvas which focuses more on the customer rather than the product, but they are very similar. The company will get a business model for their product. Depending on how the company goes to market might determine if they will get a couple of business models.

Learners

Learners
Undergraduate
Any level
29 learners
Project
60 hours per learner
Learners self-assign
Teams of 4
Expected outcomes and deliverables

Deliverables are negotiable, and will seek to align the needs of the students and the organization.

Some final project deliverables might include:

1. An analysis of which business model will be best suited for their new or existing innovation.

2. A PESTLE and a SWOT analysis in addition to a determination of which model is best suited (Each block within the BMC will be thoroughly explained).

Project timeline
  • January 23, 2023
    Program start
  • January 31, 2023
    Project Scope Meeting
  • May 2, 2023
    Program end

Project Examples

Requirements

Students in groups of 3-5 will work with your company to identify your needs and provide actionable recommendations, based on their in-depth research and analysis.

Last year students created business models for businesses that included a snow shoe company, a wheelchair locking device, a particle separator, a new roofing material, a packaging-less grocery store, and an app. In addition to the business model, the company will get three proformas: cash flow, income statement, and balance sheet, and perhaps start-up costs. A business model canvas is a one-page snapshot of a full-blown marketing plan. The work level will be the same. The financials will not be as thorough as a professional will do but they will attempt to make sense of the financials.

Additional company criteria

Companies must answer the following questions to submit a match request to this program:

  • question

    Provide a dedicated contact person who is available for weekly/bi-weekly drop-ins to address students’ questions as well as periodic messages over the duration of the project.

  • question

    Be available for a quick phone/virtual call with the instructor to initiate your relationship and confirm your scope is an appropriate fit for the course.

  • question

    Provide an opportunity for students to present their work and receive feedback.

  • question

    Provide relevant information/data as needed for the project.

  • question

    How is your project relevant to the course?

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