New Venture Challenge
Module leader: Dr Frank Cave
Duration and timing: 24 hours, Michaelmas Term
The New Venture Challenge is the first of the three consulting opportunities within the Lancaster MBA. It allows you to apply your learning to a current practical problem faced by an early stage local business or a company contemplating a significant new strategic development.
Working in small teams, you are required to produce a business plan for your client company. This will include researching the market, developing a marketing strategy and specifying how the business might be organised and financed in the future.
The process requires you to take an integrated view of all aspects of a business early in the course, practise project management skills and understand the particular challenges facing new businesses.
Additional support is provided by a business mentor, experienced in the problems facing start up companies, who is assigned to each MBA team.
You meet with your client and your business mentor during the Induction programme. In December you present your business plan to the company at a formal meeting and this presentations forms part of the assessment for the module.
Students on the Lancaster MBA have been successfully undertaking projects with organisations in the North West for many years. Through these projects the client benefits from bringing to its business planning process the experience and skills of a team of MBA students – which often results in new ideas and fresh insights.
Business plan, presentation and peer review.