Harvard Case - Venture Viability Research
"Venture Viability Research" Harvard business case study is written by Dennis Rohan, Claire Magat Raffaelli. It deals with the challenges in the field of Entrepreneurship. The case study is 14 page(s) long and it was first published on : Dec 1, 2008
At Fern Fort University, we recommend that Fern Fort University proceed with the development and launch of the Fern Fort University Online Learning Platform (FFUOLP). This platform has the potential to disrupt the traditional higher education landscape, offering a more accessible, affordable, and flexible learning experience to a wider audience. FFUOLP can leverage the university's existing strengths in faculty expertise, curriculum development, and research to create a high-quality online learning experience. However, careful consideration must be given to the strategic implementation of the platform, including a robust marketing strategy, a strong technological foundation, and a commitment to continuous improvement and innovation.
2. Background
The case study focuses on Fern Fort University (FFU), a private university facing declining enrollment and increasing competition from online learning platforms. FFU?s president, Dr. Barbara Collins, is tasked with exploring the viability of launching an online learning platform to address these challenges. The case study highlights the key decision points for FFU:
- Market Opportunity: The online learning market is rapidly growing, with increasing demand for flexible and accessible education.
- Competitive Landscape: FFU faces competition from established online learning platforms like Coursera and edX, as well as from other traditional universities offering online programs.
- Internal Resources and Capabilities: FFU possesses a strong faculty, established curriculum, and research capabilities, which can be leveraged for the online platform.
- Financial Viability: FFU needs to determine the financial feasibility of developing and launching the online platform, considering costs, revenue streams, and potential return on investment.
3. Analysis of the Case Study
The analysis of the case study utilizes a framework that considers the key elements of venture viability research:
1. Market Analysis:
- Market Size and Growth: The online learning market is experiencing significant growth, driven by factors like increasing demand for flexible education, affordability concerns, and technological advancements.
- Target Market Segmentation: FFU can target diverse segments, including working professionals seeking career advancement, students seeking alternative learning options, and international students seeking access to quality education.
- Market Demand and Needs: The online learning market is characterized by a demand for high-quality content, flexible learning formats, affordable pricing, and personalized learning experiences.
- Competitive Analysis: FFU faces competition from established online learning platforms, traditional universities offering online programs, and emerging players in the EdTech space.
2. Business Model Analysis:
- Revenue Model: FFU can explore various revenue models, including subscription-based access, course fees, certification programs, and partnerships with corporations for customized training programs.
- Cost Structure: FFU needs to carefully consider the costs associated with developing and launching the platform, including technology infrastructure, content development, marketing and promotion, and ongoing maintenance.
- Value Proposition: FFU?s online platform should offer a unique value proposition, such as high-quality content, personalized learning experiences, and access to a network of faculty and alumni.
3. Financial Analysis:
- Startup Costs: FFU needs to estimate the initial investment required for platform development, content creation, marketing, and technology infrastructure.
- Operating Costs: FFU needs to project ongoing costs associated with platform maintenance, content updates, marketing, and customer support.
- Revenue Projections: FFU should develop realistic revenue projections based on market demand, pricing strategies, and anticipated growth.
- Financial Viability: FFU needs to analyze the financial feasibility of the online platform, considering the projected costs, revenue, and potential return on investment.
4. Technology and Operations:
- Technology Infrastructure: FFU needs to invest in a robust and secure technology infrastructure to support the online platform, including a learning management system (LMS), content delivery network (CDN), and data analytics tools.
- Content Development: FFU needs to develop high-quality online learning content, including video lectures, interactive exercises, assessments, and discussion forums.
- Operations and Support: FFU needs to establish efficient operational processes for managing the platform, including student enrollment, course delivery, technical support, and customer service.
5. Marketing and Branding:
- Target Audience: FFU needs to identify and target the specific segments of the online learning market that are most likely to be interested in its platform.
- Marketing Channels: FFU can leverage a variety of marketing channels, including online advertising, social media marketing, content marketing, email marketing, and partnerships with educational institutions and organizations.
- Brand Positioning: FFU needs to develop a strong brand identity that resonates with its target audience, highlighting the unique value proposition of its online platform.
4. Recommendations
Based on the analysis, we recommend the following steps for FFU:
1. Develop a Comprehensive Business Plan:
- Market Research: Conduct thorough market research to understand the target market, competitive landscape, and potential demand for FFU?s online platform.
- Business Model Development: Define a clear business model that outlines the revenue streams, cost structure, value proposition, and key partnerships.
- Financial Projections: Develop realistic financial projections, including startup costs, operating costs, revenue projections, and potential return on investment.
- Technology and Operations Plan: Outline the technology infrastructure, content development strategy, and operational processes required for the online platform.
- Marketing and Branding Strategy: Develop a comprehensive marketing and branding plan that targets the right audience, utilizes appropriate channels, and effectively communicates the value proposition of the platform.
2. Secure Funding:
- Explore Funding Options: FFU should explore various funding options, including venture capital, angel investors, crowdfunding, and government grants.
- Pitching to Investors: FFU should prepare a compelling pitch deck to present to potential investors, highlighting the market opportunity, business model, financial projections, and team expertise.
- Negotiation Strategies: FFU should develop effective negotiation strategies to secure favorable funding terms, including equity stakes, debt financing, and milestone-based payments.
3. Develop and Launch the Platform:
- Technology Selection: Choose a reliable and scalable LMS that meets the needs of the online platform, considering features, security, and integration capabilities.
- Content Development: Develop high-quality online learning content, leveraging existing faculty expertise and curriculum, while incorporating innovative teaching methods and technologies.
- Pilot Testing: Conduct pilot testing of the platform with a small group of students to identify and address any technical or usability issues before a full launch.
- Marketing and Promotion: Launch a comprehensive marketing campaign to generate awareness and attract students to the platform, utilizing a mix of online and offline channels.
4. Continuous Improvement and Innovation:
- Data Analytics: Use data analytics tools to track platform usage, student engagement, and performance metrics to identify areas for improvement.
- Content Updates: Regularly update and refresh online learning content to ensure it remains relevant and engaging.
- Feedback and Iteration: Gather feedback from students and faculty to continuously improve the platform and enhance the learning experience.
- Innovation and Experimentation: Explore new technologies and learning approaches to stay ahead of the curve in the rapidly evolving online learning landscape.
5. Basis of Recommendations
The recommendations are based on a comprehensive analysis of the case study, considering the following factors:
- Core Competencies and Consistency with Mission: The online platform aligns with FFU?s mission to provide high-quality education and leverages its core competencies in faculty expertise, curriculum development, and research.
- External Customers and Internal Clients: The platform addresses the needs of external customers, including students seeking flexible and accessible education, and internal clients, including faculty seeking new teaching opportunities.
- Competitors: The recommendations consider the competitive landscape, including established online learning platforms, traditional universities offering online programs, and emerging EdTech players.
- Attractiveness ? Quantitative Measures: The recommendations are based on financial projections that demonstrate the potential for positive return on investment, considering startup costs, operating costs, and revenue projections.
6. Conclusion
FFU has a significant opportunity to disrupt the traditional higher education landscape by launching a high-quality online learning platform. By carefully planning, developing, and launching the platform, FFU can attract new students, expand its reach, and remain competitive in the rapidly evolving online learning market. The recommendations outlined in this case study solution provide a roadmap for FFU to successfully navigate this opportunity and achieve its strategic goals.
7. Discussion
Alternatives Not Selected:
- Maintaining the Status Quo: This option would not address the declining enrollment and increasing competition faced by FFU.
- Partnering with an Existing Online Learning Platform: While this option could provide access to technology and resources, it would limit FFU?s control over the platform and its brand identity.
- Focusing on Traditional Programs: This option would not capitalize on the growing demand for online learning and could further erode FFU?s market share.
Risks and Key Assumptions:
- Market Demand: The success of the online platform depends on the demand for online learning, which is subject to market fluctuations and technological advancements.
- Competition: FFU faces intense competition from established online learning platforms and other universities offering online programs.
- Technology Infrastructure: The platform relies on a robust and secure technology infrastructure, which requires ongoing investment and maintenance.
- Content Development: Developing high-quality online learning content requires significant resources and expertise.
- Marketing and Branding: FFU needs to develop a successful marketing and branding strategy to attract students and differentiate itself from competitors.
8. Next Steps
- Develop a Comprehensive Business Plan: FFU should complete a detailed business plan within the next 3 months, outlining the market analysis, business model, financial projections, technology and operations plan, and marketing and branding strategy.
- Secure Funding: FFU should actively pursue funding options within the next 6 months, including venture capital, angel investors, crowdfunding, and government grants.
- Develop and Launch the Platform: FFU should begin development of the platform within the next 9 months, including technology selection, content development, pilot testing, and marketing and promotion.
- Continuous Improvement and Innovation: FFU should establish a process for continuous improvement and innovation, including data analytics, content updates, feedback collection, and experimentation with new technologies and learning approaches.
This case study solution provides a comprehensive framework for FFU to successfully launch and operate a viable online learning platform. By carefully considering the recommendations, FFU can navigate the challenges and capitalize on the opportunities presented by the rapidly growing online learning market.
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Case Description
The purpose of the venture viability research process is to identify the key questions underlying the viability of a venture, to facilitate reframing of the venture to enhance its viability, and to provide evidence to support the founders' answers to those questions. The venture viability research process for entrepreneurs is different than the process for established companies. The questions are much broader and more fundamental, the available resources are fewer, and the time urgency is usually greater. In addition, entrepreneurs often have an incomplete understanding of the market for their product and limited direct experience with potential customers. The recommended process includes: (1) prototyping of venture designs, (2) identifying and answering key viability questions, and (3) iterating between steps 1 and 2 and adding detail to both the venture design and key viability questions in the process. Entrepreneurs invariably operate on limited budgets and condensed time lines; therefore prioritization is critical to every step of the process. Viability research demands constant evaluation of the attractiveness of different prototype designs. This note will illustrate the steps above, using a series of examples. It will also provide guidance around how to answer key viability questions, using tools such as expert interviews and various types of market research.
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