Semester 1 Business Development Project: Mining Innovation

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THINK BIG
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Table of Contents
Introduction......................................................................................................................................3
Evaluation Framework.....................................................................................................................4
Idea selection...................................................................................................................................7
Improvements..................................................................................................................................8
Revised Business Model..................................................................................................................9
Cash flow projections....................................................................................................................11
Conclusion.....................................................................................................................................15
References......................................................................................................................................16
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Introduction
This report will be discussed about an innovative idea which has been selected from some of the
listed business ideas. It will be explained in detail how selective ideas are efficient and
innovative other. For this purpose, the evaluation framework has to be done, which defines the
properties of the listed ideas. It will help to compare the idea stand easily identifies which one is
better from others. The selection will state why the selective option is different and what are the
selective criteria are applied. A primary task is an improvement approach which needs to be used
and make efficient to the innovative strategy. The business canvas model will also improve or
modifies as according to the improvement. This report will also provide the cash flow of this
idea, which identifies its projection of last 2years.
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Evaluation Framework
Idea Goal Objectives Risk Target Data
Source
Responsib
le
Idea1:
Universalti
lity
Connect
donor,
patient and
hospital on
the same
platform.
Due to this,
patient and
hospital
will not
face the
unavailabil
ity of
blood
donors.
It helps to
complete
the need of
those
individuals
who suffer
from
To
connect
blood
donors
and
recipients.
To
provide a
single
platform.
To
resolved
global
issue
To
accomplis
h a better
world in
Data
Leakage:
Retrieve data
from illegal
manner
Network
Issues:
Connectivity
and improper
GPS location
will reduce
the impact of
this mobile
application
Lack of
awareness for
this kind of
innovation.
People
mostly prefer
the physical
presence of
The prime
focus is to
deliver the
urgent
blood
requireme
nt to the
patients
To
advertise
in the
existing
market
and aware
of that
WHO
think
about a
mobile
applicatio
n by
which
people
Personal
and health
informatio
n of donor
and patient
It requires
complete
informatio
n and
history
data of the
hospital
which
includes
several
department
s, number
of staff,
the total
number of
Collect
and gather
relevant
informatio
n
Spread
awareness
regarding
the
WHO(mo
bile
applicatio
n)
To design
the better
User
interface
of a
mobile
app.
To
develop a
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critical
disease.
which
nobody
dies due to
blood.
the blood
donor.
will
complete
its blood
requireme
nt from
anywhere.
the room
etc.
secure app
this
protects
from
cyber
attack.
Idea 2:
3D
mapping
services in
the mining
sector
Provide a
large area
of
visualizatio
n of
minerals
and laser
scanning.
Helps in
cost-
cutting and
enhance
the
performanc
e of the
mining
sector.
Bring a
new idea in
the existing
market. It
helps to
extend the
mining
To support
science
and
technolog
y
To extract
fine
minerals
from the
mines
To
implement
the
scientific
and
technical
strategies
on mining
Workers may
face health
issues
Due to this
issue,
competitor
rate will
increases
Financial
stability may
be effect
because it
require a
huge
investment
area
Risk of not
To extract
fine
minerals
from the
large
mining. It
enhances
the
improvem
ent in the
define
sector.
Recruitme
nt and
selection
process
are need
to be
maximise
as the
expansion
in science
Map of all
the mines
need to be
fetched
Annual
report of
mining
sector by
which it
can be
estimated
the current
situation of
mining
sector
Turnaroun
d time is
the most
significant
data source
which
helps to
Monitor
each
activity
Utilize
less
amount of
resource
and time
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sector.
Involveme
nt of new
candidate
who wants
to play a
useful role
in the
mining
sector.
Establish
one of the
leading
industries.
Increase
the growth
rate of the
mining
sector
sector
To build a
sector
which
removes
the
traditional
method of
extraction
of
minerals
this has
high
chances of
death of
an
individual.
accepting the
approval of
this
innovation
and not
become
successfully
implemented
and
technolog
y area.
To fight
against
the price
fluctuatio
n and
financial
condition
of the
mining
sector.
identify
the
6

Idea selection
From both the innovative ideas, the selected idea is 3D Mapping services in the mining sector is
the most appropriate innovative idea because it brings maximum. Nowadays, every creative
design is generated from technology. So, this idea is the most innovative idea which can explore
the operation and it reduces the cost of service. For better utilization of resource and time, this
will bring a large number of benefits. This idea will be in a new business model. The mineral is
scarce, so, it is required to improve the productivity and exploration of mineral exploration. It is
selected as best because it identifies the most prominent solution, highlights the concept of
innovation when the innovation is profitable, is it useful product or services. It focused on the
methodology which supports smart growth, which based on change and knowledge driver. It is
necessary to bring change in the most faded sector, which requires to be improved
(Cavus.,2013).
These kinds of innovation will help the economic condition of the government, and then it
increases the growth of the mining sector due to less effect on worker health. It is the long range
scanner and capture image approximately 6,000-metre depth. It helps to support the global
environment and provide its service to the international client. It is entirely remote control
activity which uses for underground mining which is unsafe to enter the mines (Roca., 2016).
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Improvements
It is the most prominent innovation idea i.e.3D mapping services in the mining sector. It is a
great innovation for today’s world, but it requires implementing some improvement strategy
which may help to be performed before presenting the investors. It needs to be increased the
safety method to the worker and less utilization of UV rays. It needs to acquire renewable
resource more because their availability is more and cheaper. Mining sector needs to be entered
in the digital business, which is safer, and secure for monitoring or control activities. The
accurate implementation is required such as lighting equipment, camera, GPS tracker, scanner
and computers. It helps avoid or reduce potential danger in the mining sector (Fleury et.al.,
2018).
It has been identified that there are some gaps between the current business strategies. So, it
needs to be modified according to the existing market approach. It needs to attract international
clients because the different nation mines are consisting of various minerals. It enhances the
productivity and service of the mining sector. The promotional strategy needs to be modified, as
per the trending module is social media, and digital platform needs to accomplish these ideas by
which it increases its awareness regarding this innovation (Gudiksen., 2014).
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Revised Business Model
Key Partners
 Governme
nt
 Componen
t Suppliers
 Technolog
y industry
 Mines and
Ores
Departmen
t
(
O'Neill.,20
15)
Key Activities
 Allocation of
resource
 Provide
safety
measures
 Provide
training to the
employees/w
orkers
 Establish
GPS services
in the mines
Value
Proposition
 Resourc
e
allocati
on
manage
ment
need to
be
effectiv
e
 Proper
team
work is
essentia
l to
accomp
lish
 Safety
and
security
need to
be
priority
 GPS
tracker
Customer
Relationships
 Gather ideas
from the
customer
 Support
from social
media
 Relationship
with ethical
departments
Customer Segments
 Jewellery
industry
 Private sector
 International
clients
 Government
sector
 Metal explorer
industries
Key Resources
 Recent
Technologies
 Human
resource
 Machineries
 GPS tracker
 Scanner
(Hilbert et.
al., 2016)
Channels
 Research and
Development
department
 Public
Relation
 Social Media
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and
scanner
need to
be
implem
ented
efficient
ly
 Follow
ethical
and
political
issues
Cost Structure
 Research
 Machinery
 Technology
 Promotional and Marketing
 Labour cost
Revenue Streams
 Investment
 Services fees
 Company funds (Jackson., 2015)
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Cash flow projections
Cash flow statement for the year 2017
Particulars
2017
Best
Case
Worst
case
Cash Flow from Operating Activities:
Receipts from Customers
70,00
0
50,00
0
Payments to Suppliers
20,00
0
30,00
0
Operational costs
5,00
0
7,00
0
income tax paid
6,00
0
2,00
0
Cash Flow generated/utilized from Operating Activities
39,00
0
11,00
0
Cash Flow from Investing Activities:
payment for Equipment
9,00
0
18,00
0
proceeds from sale of equipment
6,00
0
6,00
0
Cash Flow generated/utilized from Investing Activities
(3,00
0)
(12,00
0)
Cash Flow from Financing Activities:
Issues of Debt 15,00 16,00
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0 0
proceeds from Shares
1,00
0
4,00
0
Payment of Interest
2,00
0
2,50
0
Cash Flow generated/utilized from Financing Activities
14,00
0
17,50
0
Net Cash flow for the year
50,00
0
16,50
0
Opening Cash and Cash Equivalents - -
Closing Cash and Cash Equivalents
50,00
0
16,50
0
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