ALM302 - Digital Media EntrepreneurshipSQL

Java Python Assessment Task 1

Project Proposal -Individual Assignment

Description

You will be developing a digital media business idea chosen from the following options:

·A Substack for a digital newsletter and/or community of your own creation

·A Patreon for digital media content,community and/or digital products of your own creation

·Crowdfunding capital (start-up funding)for a product of your own creation via Kickstarter

Note:these are hypothetical business ideas -you won't be actually launching,crowdfunding or selling anything in this unit.

To develop your chosen option,you need to:

1.Write a project proposal following the guidance provided in these instructions(1000 words +/-10%):this willbe your roadmap for how your idea is going to be viable as a business (i.e.,make money sustainably)

2.Make a 1-3-minute video (following the instructions below) that presents your project persuasively to the people who will fund your idea:subscribers on Substack,patrons on Patreon or project backers on Kickstarter.

Specifc Requirements

Part 1: Project Proposal

Your project proposal is the roadmap that outlines the essence of your idea and showshow your digital media entrepreneurship project will be successful.You must link to at least 2 examples of real projects on Substack,Patreon or Kickstarter that are relevant to your own project and critically evaluate them to support your proposal (you can choose which sections of the project proposal you use the examples to support).

Your proposal must include the following elements,which you can use as headings to structure your project proposal.Notes are provided under each heading to give an idea of the content that is expected in each area.

1.Overview: Tell us briefly what the core elements of your digital media business idea are and how you plan to fund it.

2.Product: Tell us what it is that will ultimately be sold in this

business idea (for example,membershipon Substack, membership and/or digital product on Patreon,product to be developed if Kickstarter successful).

3.Target audience:Tell us who your main customer is (for

example,who will buy your membership on Substack, membership or digital product on Patreon or back your product on Kickstarter).

4.Features:Tell us what the features of your product are (features will be specifically discussed in seminars,so make sure you are   attending your seminar if you'd like additional guidance beyond the unit materials).

5.Benefits: Tell us what the benefits of your product are for your target audience (benefits will be specifically discussed in

seminars,so make sure you are attending your seminar if you'd like additional guidance beyond the unit materials).

6.Value proposition:Tell us what value you are offering to your  target audience that will make them want to buy your product.

7.Point of difference:Tell us what makes your business idea stand out from all the other similar products in a crowded online

marketplace.

8.Funding model and pricing strategy:This section will be

slightly different depending on whether you are using digital patronage (Substack or Patreon)or crowdfunding (Kickstarter), so see the further details in the relevant sections below.

9.What sustainable success looks like for this project:Tell us what success looks like for this digital media entrepreneurship idea and the key things needed to achieve sustainable success (for example,selling a specific number of memberships on Substack or Patreon,a specific number of digital products on Patreon or generating a minimum amount of funding via Kickstarter).

Funding model options and requirements

Option 1:Digital patronage on Substack or Patreon

If you are using Subs ALM302 - Digital Media EntrepreneurshipSQL tack or Patreon then your funding model will be digital patronage, which means your business relies on selling memberships or subscriptions (Substack)or memberships or digital products(Patreon)in order to sustain the enterprise.

When you choose this option,in your project proposal you must include:

1.An estimated cost of running the Substack or Patreon for 1 year

2.How you have priced your membership(s)and/or digital products,including specific prices

3.How many items you need to sell in order to breakeven (cover your costs).

Option 2:Crowdfunding on Kickstarter

If you are using Kickstarter then your funding model will be crowdfunding,which means your business idea will only happen if you secure enough capital (start-up funding)from backers to develop the product you are proposing.

When you choose this option,in your project proposal you must include:

1.A funding goal,being an estimated cost of developing your product idea

2.At least 3 backer tiers with rewards,suggesting amounts that backers could pledge with different rewards at each tier to incentivise potential backers to fund the project

3.An estimate of how many backers you will need at each tier to fully fund the project.

Part 2:Video

The goal of the video is to present your project persuasively and demonstrate your skills in making strategic and creative video content.

If you have chosen Substack or Patreon:

● The target audience for your video is your main customer

·The aim of the video is to persuade people to buy your membership or digital product

·The video should be suitable for using on the About section of your Substack or Patreon.

If you have chosen Kickstarter:

● The target audience for your video is your ideal backer (who may or may not be the end user of your product)

● The aim of the video is to persuade people to back your project (not to buy your product)

·The video should be suitable for using on a Kickstater page.

What you can use in your video

In this assessment task we are interested in seeing the media you can make.This is an opportunity to show your creative media-making in action:we don't want to see a montage of stock footage or heavy reliance on Canva templates.Try to develop something creative and original that will help your business idea stand out.You do not have to be in the video,but it could be a good strategy for connecting persuasively with your target audience.

Everything in the video should be made by you,unless you choose to use the optional elements listed below.

Optional elements

If you want to,you can choose to use any of the following elements within the limits indicated:

·Only 2 pieces of licensed stock video or still imagery,legally and ethically sourced and fully credited

·Up to 5 pieces of licensed audio,legally and ethically sourced and fully credited

·Only 1 image or audio element generated by you using artificial intelligence,providing details of the platform and prompt(s)

used and any editing done by you to the output.

You can have other people appear in your video with their written consent (upload their signed consent form. with your assignment submission on the unit site).You can also have people assist you by holding the camera if you are in the shot,provided you maintain creative control of what is produced (such as directing and editing content).

How to publish your video

Your video must be published on YouTube (you may need to make a free account).You can set your video to Unlisted,but don't set it to   private or we won't be able to mark it.

The description box on YouTube must include crediting for any media not made by you