Innovation and Entrepreneurship

Table of Contents

Justification of the new venture idea.

Analysis of the contextual factors that have given rise to this venture.

The determination as to how the venture will obtain the necessary resources to both initiates and sustain itself

Identification of key sources of support and/or collaborators and why they are important to the venture

References.

Justification of The New Venture Idea

New Tech Ltd will go a step ahead into manufacturing industrial machinery. The new venture ideas are surrounded by a product called Dispenso Bin. It is considered to be instrumental in the dawn of a novel era in the world of household utility products. This innovative garbage bin has a feature that is compatible even in the future. It will further be held responsible for adding up of ease in the form of a unique garbage bin that will be instrumental in facilitating the household owner’s lives who in person not capable or are not comfortable in taking out/removing the household trash. In the context of Australia, it can be said that this garbage will address the unique need and wants of the household. As reported in the reports of the National Waste Report, Australia in the form of a nation produces more than 60 million tons of wastage per year (Department of Agriculture, 2020). This venture idea has been chosen because traditional bins are not environmentally friendly and biodegradable. This new venture idea is aimed at helping the masses to deal with waste in a better way.

Product

Dispenso Bin is a garbage bin that is capable of disposing of household waste systematically and aptly. This electronic bag dispenser will be instrumental in completely revolutionize the system of garbage management on the part of the consumers to address household chores. It aims toward the saving of consumer time that is wasted while changing the garbage bin out and then find a replacement for a new one. It is highly convenient in terms of its functioning and effectively facilitates trash disposal. It is designed in the direction of replacing automatically all the bin utilizing a biodegradable yet good-smelling bag after every usage.

How the product works

This basic garbage bin is well equipped with a fully motorized bag (garbage) dispenser that is attached to the side of the garbage bin that is replaced automatically after every use. This whole function is operated by a highly power-efficient electric motor that operates using low energy consumption. Dispenso Bin is designed electricity efficiently without putting up huge burdens of electricity bills on the consumers. This mechanism contains an eclectic motor that operates the releases of the bags from on one side that pack 2 gears as well as a retractable hook placed on the other side. The motor initiates the motion that is tugging and works in the direction of removing the bag, the package is instrumental in pushing out a fresh and new bag. At the same time as the gears tend to start in the direction of turning as well as moving the hook, it grabs as well as retracts to the previous positioning (Kier & McMullen, 2018). This type of motion on going further will be instrumental in extending the bag so that it can be able to fit the bin. Dispenso Bin is portable and can be used both on external electric plug point as well as that of using individual batteries. These are something that when plugged into the right socket, the batteries will get charged automatically. Since the bag is replaced all by itself it is guaranteed from the company that the whole of the garbage bag gets removed. This will in turn extend the battery life and will be substantial. Each bag is made of completely biodegradable and organic materials and is scented to promote a more pleasurable experience while replacing the trash. A package of bags will be attached to the motorized system of the bin that releases it immediately after the jerking motion of removing the soiled bag (Vogel, 2017). 

Features of the product

It can hold up to 100 biodegradable bags and will last the consumer quite a while if they change their trash once a week. The package is designed to be fairly compact for easy storage in cabinets or against a wall. The electric plug is retractable, so there will be no loose wires that can be hazardous to children and pets. Extra packages can be available at local supermarkets at quite a low cost, and can easily be picked up along with weekly groceries. The bins come in 2 different sizes. For consumers that prefer a larger bin (industrial size) for less frequent trips to the curb or enterprises, there's the tall bin. For general usage or storage-smart bins, there is a regular-sized bin (standard size) that is made to fit perfectly underneath a kitchen sink or inside a closet. To complement the variety of sizes, the bag packages also come in the corresponding sizes to the bins. Thanks to its high durability, Dispenso Bin is expected for a considerable amount of time (Mishra et al., 2020).

The uniqueness of the product

Consumers are usually attracted to products that would save them time and effort in their busy lives. The product is unique in a way that fulfills consumers' desire for convenience and encourages the use of biodegradable products. Furthermore, the electronic bag dispenser will reduce the amount of landfill on the planet by reducing the amount of non-biodegradable plastic bags. This innovation can yield a very positive environmental result.

Analysis of The Contextual Factors that Have Given Rise to This Venture

An opportunity arises when consumers have a need or desire for a product or service. The factors are taken into consideration subjects why there was a need to bring such a product and which factors were kept in mind to bring the product in the marketplace. The contextual factors that have given rise to this venture are as follows (Kier & McMullen, 2018):

Environmental factor

Income is a significant factor when considering the economy. Income in Australia has risen over the last several years. As a result, consumers have greater buying power, which will likely encourage them to buy more luxury items. Dispenso Bin is a luxury item that is of value. With a higher income, the product will appear to be more desirable. It is very evident that dustbin is required in every household and equipment has increased since 2003 (in this case, garbage bins are considered household equipment). With an increased income and expenditure per household within the last several years in Australia, consumers will likely buy Dispenso Bin (Department of Agriculture, 2020).

Social Factors

The Dispenso Bin appeals to consumers because the only work involved is tying the garbage bag and removing it from the bin. This is ideal because it requires minimal work and effort compared to the standard routine of taking out the garbage and replacing the bag. The Dispenso Bin automatically replaces the bag as you walk away to put the garbage elsewhere. Thus, the convenience and lack of required effort for the product matches the needs/wants of consumers. The aging population in Australia is a key social factor when considering the success of an idea. The number of seniors in Australia has increased (3.8m). Their share of the total population jumped a lot. This proves that seniors in the Australian population are having an increasing impact on society and consumerism. Many seniors are looking for more effortless alternatives to their daily tasks, making the Dispenso Bin especially ideal for this age group. As people continue to age, this product will become more appealing (Aihw.gov.au, 2018).

Technological factors

 The revolutionary biodegradable material that the garbage bags are composed of can be a variety of substances. Polylactide acid (PLA) is a common substance used in the production of biodegradable plastics. It is renewable, biodegradable, does not contribute to greenhouse gases, derives from cornstarch, and can decompose within thirty to fifty days. Polyhydroxyalkanoates (PHAs) are polyesters made from a wide range of bacteria that can be obtained from renewable resources. Oxo-biodegradable plastics are an ideal material for Dispenso Bin because they are composed of a by-product of oil refineries and have the same strength as synthetic plastics. The market for biodegradable plastic grows as more research is conducted and as social trends of being environmentally-conscious continue. Dispenso Bin's environmentally friendly materials will hopefully encourage other companies to manufacture products similarly (Ramya et al., 2018).

Political Factors

There have been an increasing number of conflicts regarding landfills and where Australians can dispose of their waste. The purchase of Dispenso Bin’s biodegradable bags will hopefully encourage people to not only continue to use and buy environmentally friendly products, but also to reduce, reuse, and recycle. Australians are not putting forth enough effort into preserving the Earth. Consumers who will buy Dispenso Bin will be decreasing the amount of plastic bags in landfills and therefore decreasing the overall amount of waste. If there is less waste, there will not be as many disputes between cities about garbage disposal (Mishra et al., 2020).

The Determination as To how The Venture Will Obtain the Necessary Resources to Both Initiates and Sustain Itself

In terms of resources, a startup cannot be run with aid from Human Resources. Hence a hiring a team is the key thing. It is necessary to hire the best people to work focusing not on quantity rather than focus on quality. Hiring less than the required number of employees will save and minimize the amount of loss if the project goes unsuccessful. Next comes the cost or the money/capital that needs to run an organization. The cost or the monetary resource requirements is based on three levels first one being the intermediate level (Russo et al., 2019).

Now comes the most important resource that is the time. The efficient management of the time resource can bring fortune to the newly made business of electronic dustbin. It is required to get a couple of months spared to initiate the planning and hire the best people by strengthening the fiscal processes. Then comes the raw materials based on which the furnished products are to be made. Now, this process is divided into many parts and the most important of all is to set a processing plant that will convert the raw materials into the furnished product Dispenso bin (Salamzadeh & Kirby, 2017). These processing plants will require other resources like transportation, suppliers, carters, machine, operators, and managers, and most importantly the place where the production will take off. Apart from these, there are others like the legal permits and electricity connection or stable power supply so that the production never runs of energy resources. Lastly, this refers to the promotional techniques that are to have opted because marketing resources can help to gain a comparative advantage over its competitors. Social media marketing can opt with proper marketing team operating with servers and the internet can increase market recognition (Kolhatkar et al., 2018).

Identification of Key Sources of Support And/or Collaborators and Why They Are Important to The Venture

Key sources of support and/or collaborators in context to the ventures are consumers, stakeholders and

Consumers

Since Dispenso Bin is highly versatile in the fact that it is a common household product, our intended target audience will be all households. Consumers will most likely be people that perform common household chores regularly. People that replace garbage bins tend to be the adults of a family (meaning the typical consumer will be an adult). The product does not have to be restricted to adults, as it can also target any type of business or service. An automatic garbage bin would be useful in a variety of workplaces, such as an office or a chain restaurant like McDonald's. It would be much more convenient for employees, allowing them more time to help customers and complete other tasks. Due to the positive benefit of the biodegradable bags and the growing public concern for the environment, enterprises and households would be more eager to purchase the Dispenso Bin (Razmdoost et al., 2020).

Investors

Investors who will invest in this startup will study the entire scope as well as the visibility of the business. If they believe that the idea is unique and promising, they will surely invest in it. They will gain returns on their investments as the business grows and flourishes. It must be kept in minds of the investment planner that investing in start-up and holding the stock for real long term pays off in a heavenly good way. In startups, Equity depends on contributions. For example, if a group builds an online tool then those with experience in publishing or copyright law are going to be quite valuable and deserve additional equity (Turki & Mezghani, 2017). 

Business Development Manager and Employees

Nevertheless, every business starts with some basic planning. Like planning for production ( in case of manufacturing) or Procurement ( for Trading) or conceptualizing ( for service Industry). It is necessary to be meticulous with the planning and double-check to make sure the planning of the resource is perfect under the given scenario. Therefore an organization must include an efficient Business Development Manager or BDM. That person will be held responsible for the scheduling of daily work by dividing them into six days for a week. On the other hand, the employees of this organization will carry out the business project effectively. They will teach to learn from the failures and never give up. If something is not working in the same way as it is supposed to work, they will change them with the instructions from the BDM or higher management (Clausen, 2020).

References for The Liability of Rurality

Aihw.gov.au (2018), from: https://www.aihw.gov.au/reports/older-people/older-australia-at-a-glance/contents/demographics-of-older-australians/australia-s-changing-age-and-gender-profile [Retrieved On: 15th October 2020]

Clausen, T. H. (2020). The liability of rurality and new venture viability. Journal of Rural Studies73, 114-121.

Department of Agriculture, Australian Government (2020), from: https://www.environment.gov.au/protection/waste-resource-recovery/national-waste-reports [Retrieved On: 15th October 2020]

Kier, A. S., & McMullen, J. S. (2018). Entrepreneurial imaginativeness in new venture ideation. Academy of Management Journal61(6), 2265-2295.

Kolhatkar, C., Joshi, B., Choudhari, P., & Bhuva, D. (2018, January). Smart E-dustbin. In 2018 International Conference on Smart City and Emerging Technology (ICSCET) (pp. 1-3). IEEE.

Mishra, A., Patel, D. K., Singh, T., & Singh, A. (2020, February). Garbage management with Smart trash using IoT. In 2020 IEEE International Students' Conference on Electrical, Electronics and Computer Science (SCEECS) (pp. 1-6). IEEE.

Ramya, R., Pooja, G., Ranjitha, D., Tabassum, T. B., & Guptha, N. S. (2018). SMART BINS USING DRY AND WET WASTE DETECTORS. International Journal of Advanced Research in Computer Science9(Special Issue 3), 164.

Razmdoost, K., Alinaghian, L., & Linder, C. (2020). New venture formation: A capability configurational approach. Journal of Business Research113, 290-302.

Russo, I., Confente, I., Scarpi, D., & Hazen, B. T. (2019). From trash to treasure: The impact of consumer perception of bio-waste products in closed-loop supply chains. Journal of Cleaner Production218, 966-974.

Salamzadeh, A., & Kirby, D. A. (2017). New venture creation: How start-ups grow?. AD-minister, (30), 9-29.

Turki, A., & Mezghani, L. (2017). EFFECTS OF PERSONAL NETWORKS ON THE EVALUATION STAGE OF NEW VENTURE IDEAS: THE MEDIATION ROLE OF STRATEGIC RESOURCES. University-Industry Links: Coproducing Knowledge, Innovation & Growth, 413.

Vogel, P. (2017). From venture idea to venture opportunity. Entrepreneurship Theory and Practice41(6), 943-971.

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