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Business Idea Assignment: 3D Printing in Construction

Question

Task Description: This is a group assignment that builds on the work completed in Assessment 2.

The objective of Assessment 3 is to develop skills that enable you to evaluate which idea (from Assessment 2) has the highest chance of success, and to then prepare a pitch that presents a compelling business case to secure financial backing. This facilitates an appreciation of what potential investors will be evaluating before they commit to project investment.

In summary, there are two parts to Assessment 3. The first requires the group to prepare a 1500-word business report that compares then selects which business idea to present from Assessment 2. The second involves everyone in the team pitching the idea to secure development capital. Each of these is detailed below:

The structure of 1500-word business report should be set out as follows:

  1. Idea Evaluation (Develop an evaluation framework to compare the ideas developed individually in Assessment 2)
  2. Idea Selection (Describe and justifyhow the best idea was selected)
  3. Improvements (Identify any gaps that need to be addressed before the idea is pitched to an investor)
  4. Revised Business Model (Amend the business model canvas to incorporate the above revisions)
  5. Cash flow projections (Prepare ‘best case’ and ‘worst case’ cash flow projections for the first two years. Remember to state your assumptions about the key drivers of cash flow in each scenario)

Answer

Introduction
This report on business idea assignmentdiscusses about the idea generation of a new business venture. For the discussion developed within this business idea assignment, business idea of 3D printing in construction is selected. 3D printing is known as layering of materials controlled by computer for creating three-dimensional forms. In the construction business, this printing is used for prototyping and development of geometrically difficultdesigns. 3D printing in construction business is utilized to develop construction partsor to design the buildings. Basically, construction 3D printing offers more accurate and faster construction of complex designs. Along with this, this is also helpful for the businesses in lowering labour costs and wastes (Ellis, 2018). The printing also enables construction to make developments in dangerous or harsh environments. The business idea assignmentbasically includes the idea evaluation, idea selection, improvements, revised business model and cash flow projection.

Idea evaluation
The objective of chosen business idea within this business idea assignment is to provide assistance in faster and accurate construction of difficult projects while reducing the associated labour cost. Over the four business ideas i.e. innovative 3D camera, 3D printing in construction, web-based custom clothing and innovative bins, the business idea of 3D printing in construction is selected. This business idea is selected as the innovation of 3D printing would bring a drastic change in the construction industry in positive manner. The reason for selecting this business idea is as follows: Unique Proposition-This innovation is helpful for the markets by making the construction possible in dangerous environment as those environments are not suitable for human workforce. As compared to other business ideas, this business idea has high potential to bring innovation in the construction industry at big level. Earthquake resistant-Further, the 3D printing innovation reduces the chances of accidents and injuries and enables the construction companies to design complex architectural shapes at the low cost (Goncalves, 2016). It reduces the waiting time of project completion so; the use of 3D printing in construction is very economical for the business also. More technology-This business idea has great potential as the technology is able to provide enhanced designs and structures in the complex building projects. Along with this, the use of 3D printers in construction reduces overall operational costs in the business. Durability-Based on the evaluation of the business idea, it is analysed herein business idea assignment that 3D printers offers durability of structural elements which is beneficial for clients as well as business also (Sakin&Kiroglu, 2017).

Idea selection
The reason behind selecting this idea while preparing this business idea assignment is that the clients are demanding for complex building designs in less time. By using 3D printing in construction, organizations are able to provide more accurate construction at low labour costs. Along with this, this technology is helpful in completing the project with less wastage. This business idea used in the context of business idea assignment is selected with the fact that it will enhance the competitive advantage of the organizations. The continuation of 3D printing is crucial to solve inefficiencies in the construction industry as traditional approaches in construction include high material cost and low productivity. Basically, 3D approaches are helpful in making housing affordable and customized for the clients (Brown, 2019). 3D printing technique is beneficial for reducing environmental impacts due to high-level construction. By offering unique designs in less cost, construction companies are able to attract more clients. The business idea has a great potential to become successful in future. In order to make profit, this business is required to gain popularity in the operating market with effective promotional strategies. Now a day’s, clients want unique building designs in less time. In such case of business idea assignment, 3D printing provides solutions to complex designs so that they can be constructed easily (VIATechnik LLC, 2019).

Improvements: Identifying gaps
There are some facts on which the developers need to focus before investing in this business idea. Some of those facts are provided in the following section of business idea assignment:

  • The developers at the initial level needs to focus on managing high cost associated with purchasing or renting equipments and logistics of large printers. Basically, 3D printers are very costly and their maintenance also includes high cost. So, developers have to manage the high cost at the initial level.
  • Further, the business authority has to fulfil the need of booming and skilled workers as 3D printing technique requires more specific skill set. Developers have to find out qualified workers to employ in 3D printing construction (Hill, 2019).
  • They also need to balance the stability and flow in the designs while using 3D printing in construction. The authority has to focus on the continuous flow of concrete layer of material for support.
  • Developers need to bring the degree of automation of 3D printers to reduce the skill requirements of personnel.
  • The authorities have to make the construction 3D printing understandable to the architects and designers. Great deal of research needs to be done in the area of printing materials so that project design calculations can be done on that basis (Cheniuntai, 2018).

Revised business model
The overall proposed business plan developed within this business idea assignment has high potential to achieve success and growth in future. However, the developers of building need to be careful while developing buildings with 3D printing techniques. The methods and materials have to be safe and secure for the workers who are designing the buildings in harsh environment. In order use 3D printing effectively, infrastructure and research & development team has to focus on the management of infrastructure. Project managers, building contractors, designers and quantity surveyors need to focus on the completion of the project on time. While using 3D printing in building construction, business authorities need to focus on durability and uniqueness of the structures. The proposed business can help the developers to develop complex and unique buildings which will minimize the cost related to human resource and personnel during the development. Revised business model canvas for this new business idea is presented in the next section of business idea assignment:

Key partners-
For the business, key partners would be 3D printer manufacturers who would offer unique printers to the company. Plus, contractors and builders would be key partners who would use 3D printers in the manufacturing process. Clients looking for new and unique building designs are also key partners.

Key activities-
In case of business activities, the authorities need to focus on customer acquisition, platform management, relationship or network management and promotions for effective business operations.

Key resources-
In the case of business idea assignment, two types of resources i.e. intellectual and human resources would be involved. Business authorities or managers have to keep an eye on the platform, marketing and developers while using 3D printers for construction.

Value proposition-
Values would be provided to the clients by using less time in giving unique building ideas through 3D printer. Managers also need to select vendors carefully based on the bids coming from them.

Target market-
Customers need to be targeted based on the relevant and specific requests. Authorities need to focus on the selection of clients having sufficient budget and time.

Customer relationship-
Customers need to be maintained through various activities like blogs, events, shows, trades, and conferences in the communities. Plus, official website would also be helpful in this manner.

Customer segments-
Market would be segmented into two parts i.e. vendors and small and medium enterprises. Marketing team needs to target vendors with the capability to provide high-quality designs and prototypes and small & medium enterprises looking for 3D printers to get unique designs.

Cost structure-
Business authorities are required to manage two types of costs in the business i.e. fixed cost and variable cost. Fixed cost would include marketing, conferences, platform maintenance, and salaries. Variable cost would include on site visit of 3D printers and customer’s acquisition.

Revenue streams-
The revenue would be generated through quarterly fees in terms of receiving price quotes. Commissions on transactions and fees would also generate revenue for business.

What is the cash flow projections involved in the case of business idea assignment?
Cash flow in the business can be described as the total money coming as revenue collection from the market and going out of the company as expenses. Best-case and worst-case cash flow projections for first two years are given below within this business idea assignment.

Best cash flow-
This projection is a scenario where the expenses are lesser as compared to revenue collected in the business. It shows that the business is growing and achieving the success slowly. This situation occurs when the business is gaining popularity among the potential consumers in the market. Based on the table shown below, it can be observed that the closing balance is increasing and business is getting profit in the operating market.

 

January to June of 1st year

July to December of 1st year

January to June 2nd year

July to December 2nd year

Opening Balance

$1,80,000

$1,90,000

$2,10,000

$2,30,000

Cash in

$80,000

$1,00,000

$1,20,000

$1,35,000

Cash out

$70,000

$80,000

$1,00,000

$1,10,000

Closing balance

$1,90,000

$2,10,000

$2,30,000

$2,55,000

Worst cash flow-
On the other hand, this projection occurs when the collected revenue in the business is lee as compared to the expenses. It shows that the business is going in loss and the company is not able to operate the business for long term. The strategies adopted by the company are not able to make revenue more than expenses. The table shows that the closing balance is decreasing due to high expenses in the business.

 

January to June of 1st year

July to December of 1st year

January to June 2nd year

July to December 2nd year

Opening Balance

$1,80,000

$1,60,000

$1,50,000

$1,40,000

Cash in

$50,000

$40,000

$30,000

$35,000

Cash out

$70,000

$50,000

$40,000

$40,000

Closing balance

$1,60,000

$1,50,000

$1,40,000

$1,35,000

Conclusion
3D printing in the construction provides various advantages to the businesses over the traditional methods. The key benefit of 3D printing in construction business includes sustainability and constructability benefits. This idea explored in the business idea assignment is selected for the business operation because it has high potential to get success and growth in future. By offering unique designs in less cost, construction companies are able to attract more clients.

References
Brown, R., (2019). Will 3D printing revolutionise construction. Retrieved from https://www.raconteur.net/business-innovation/3d-printing-construction

Cheniuntai, N., (2018). What is construction 3D printing: perspectives and challenges. Retrieved from https://medium.com/@Nik_chen/what-is-construction-3d-printing-perspectives-and-challanges-5b57170c2a29

Ellis, G., (2018). The Truth About 3D Printing in Construction. Retrieved from https://blog.plangrid.com/2018/11/the-truth-about-3d-printing-in-construction/

Goncalves, V., (2016).3D Printing in the construction industry. Retrieved from https://www.worldconstructionnetwork.com/features/3d-printing-in-the-construction-industry/

Hill, A., (2019). Researchers Tackle the 5 Challenges of 3D Concrete Printing.Business idea assignment Retrieved from https://robodk.com/blog/3d-concrete-printing-challenges/

Sakin, M. &Kiroglu, Y. C., (2017). 3D Printing of Buildings: Construction of the Sustainable Houses of the Future by BIM. Energy Procedia. 134, 702-711.

VIATechnik LLC, (2019). 3D Printing and Looming Changes in the Construction Industry. Retrieved from https://www.viatechnik.com/3d-printing-and-looming-changes-in-the-construction-industry/

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