The aim of the report is to represent an in-depth analysis and viability of a business innovation in order to tackle social problems of the current generation. Australia witnesses one of the highest unemployment rate of over 5.9% according to the Australian Bureau of Statistics. The increasing rate of unemployment in Australia calls for unique solution to become job providers from job seekers. One fifth of the people aged 18-24 are either unemployed or not enrolled in any education or training (Carvalho, 2015). Youth unemployment is a major issue plaguing the economic prosperity of the country (Wallace & Cross, 2018). . In order to address the graving issue an innovative idea can be employed to tackle the situation. Further, Australia has vast empty spaces and urban property which are lying vacant without any usage (Wilkinson, Remøy, & Langston, 2014). These two potential factor can turn out to have huge business prospects and needs to be tapped to upgrade the socio-economic status of the youth of Australia
The business innovation is about utilizing the vacant spaces of the urban property or the unused real estate into areas of proactive learning, housing facilities for homeless people, small areas of research labs, training centers to organize skilling programs for the unskilled labor, teaching centers, etc. Vacant buildings create a negative impact on the lives in the neighborhood and invite anti-social behavior, homelessness and deteriorate the aesthetic value of the environment (Foster, S., Knuiman, Wood & Giles-Corti, 2013). The novelty of the innovation is based on its two basic foundation that it addresses two major social problems of the society- unemployment and tackling the crime in empty pockets of the city. It also takes into account proper usage of these empty areas adequately. The innovation is patentable and can be protected as a similar application like has not been implemented in Australia and there are no close built on this social enterprise. The real estate promoters will also benefit as their vast urban property could be put to adequate usage. It will finally turn the youth at risk to potential business professionals. Training the youth of today will be assets of tomorrow.
On analyzing the political aspect of the innovational social enterprise, the business need to adhere to the government regulations so that illegal or unauthorized vacant places are nor encroached. Further, compliance of real estate laws of the government will one of the major denominator in the successful implementation of innovation. As the business will grow equal compliance of taxation laws will also be one of the essential factor and a financial cost of the business (Gupta, 2013).
The economic factors affecting the demand and supply of the vacant buildings, costs of the refurbishing the space will be a major challenge which can be done through effective collaboration and contribution of the community. Funds can also be raised through crowd funding in the neighborhood areas so as to improve the society which will be beneficial for everyone to access. The demand and supply of the vacant spaces should be balanced with unemployed youth as the spaces are limited compared to the unskilled youth (Baker, 2014). Initially the government can be roped in to provide adequate knowledge of the spaces as it can lessen the burden of the unemployment pressure. Further, government funding will play an essential role during the inception of the business however and adequate funding mechanism from the government is uncertain.
The social aspect of the innovation is confined to the youth and out of school students who need who are seeking an employment opportunity. The aim of the business is to focus on these youth and bring a revolution in their lives since they are deprived force who has the ability but due to absence of adequate facility they are unable to acquire respective jobs (Harding, 2017). Further, research facilities and training facilities in these space will improve the situation of unemployment.
The business will run through an application where the unemployed youth can register themselves to collaborate in the business process. The application will also acquire information of the vacant places in the certain pockets of the city (Stone & Stone, 2013). The communication platform will be set up also in a website where the information regarding the vacant empty spaces will be informed by the local activists, who will be have an improved society due to effective refurbishing of these spaces.
The website and application must be first developed and marketed digitally and locally to reach the target consumers. The target consumers need to be identified as they will play a pivotal role in refurbishing these places for their own career building. Instilling an inert confidence through digital marketing of these ideas will enhance larger participation of the youth. The organization will have adequate team leaders in certain geographical areas to manage the youth of a particular area (“Voidstarter: Irish project wins European Social Innovation prize”, 2018).
The mapping of these places and real time tracking of the organization shall be done at a central headquarter further monitoring of all the activities in these places will be done regularly. The project developed by the youth will be assessed by the industrial experts who would provide adequate support and funding. The implementation of the idea will be built through the app and website, after which the location and site will be assessed through an effective participation of the local youth. This kind of innovation will act as kick starter for the youth who wants to take responsibility, or want to research in a pop-up office space. The vacant spaces will be acquired and refurbished by these youth (Verbeke, 2013). The whole process of acquiring the vacant place will be done by the team leaders heading the innovation.
|
Summary Statement |
|
|
Sources of Capital |
|
|
Owners’ and Other Investments |
$ 25,000 |
|
Bank Loans |
2,500 |
|
Other Loans |
– |
|
Total Source of Funds |
$ 27,500 |
|
Startup Expenses |
|
|
Social Media |
$ 25,000 |
|
SEO |
12,050 |
|
Mobile Marketing |
25,000 |
|
Google Adwords |
8,500 |
|
Opening Inventory |
– |
|
Advertising / Promo Expenses |
7,000 |
|
Other Expenses |
50,000 |
|
Total Startup Expenses |
$ 182,550 |
The foremost action will be to map these vacant spaces which have the adequate facilities will be mapped and divided into certain geographical sections so as to rope in the community for wanting an improved environment. The underprivileged and marginalized youth are of the community are also mainstreamed through the initiative to train them, educate them through independent leaders who wants act as an agent of social change (Zimmermann et al., 2013). The objective is to bring about a positive transformation in the society. The pilot project taken in one area will be completed within five to six months, i.e., by June 2019.
The target customers are mainly young who are out of school and are unable to find any employment and aspiring youth who are looking for starting up their own business or want do something on their own. The business will cater to the youth who are in need for certain occupation and want collaborate for starting up their own enterprise.
The strategic partner in the venture will be housing authorities, local municipal government, city councils, construction companies, mentors, city developers and other authorities and stakeholder which can play a pivotal role in the venture. The property will be returned within a year. The initial funding will require an investment in the initial phase and over a period of definite period of one to two years the project will be self-sustainable.
There are many challenges of the business among which the foremost challenge will be issues which will hinder using these spaces as some backlashes by the communities can be expected. The youth might be reluctant and it will be a challenge to mainstream the uneducated youth to contribute towards the betterment of the society. Funding will be a challenge as construction companies, builders, promoters will be reluctant to initially be a part of the project. However, after rolling out of the plan the loopholes will be fixed and further improvised according to the circumstances.
The construction companies, builders might not pull off if they are aims of the business remains unsuccessful in the first go. It is difficult to mainstream the uneducated youth into proper training as they might lose interest as initially they are not paid and there is no job guarantee. The risk of youth using the spaces for doing something illegal or unethical is also probable.
The potential loopholes in the project will be determined in the pilot project undertaken in a certain locality. The project will be undertaken after complete assessment of the pilot project as it will help to gauge the efforts of the pilot project. Expertise in diverse field to collaborate with the venture to train the youth. The venture will be propelled by the effective cooperation and collaboration of the housing societies, construction companies, brokers, builders, promoters and other business professionals and expertise interested in the venture.
The stakeholders will collaborate in a phased manner initially in one pilot project. Housing societies, construction companies, brokers, builders, promoters and other business professionals and expertise interested in the venture will benefit there vacant places will be put to use. These companies would also collaborate to meet their targets of corporate social responsibility. The large MNCs will also collaborate for training the youth as they would provide cheap labor after proper industrial training. The emerging firms or startups will need basic employees which can be acquired through this initiative.
The youth will be the major participants to act as an agents of social change to encourage the trickle down effects to the other segments of the society. The innovation aims to involve the unemployed youth refurbish and renovate the vacant homes in their neighborhood and transform them into offices (“Voidstarter”, 2018). These places will serve as an incubator for social business which will train and mentor the youth. The innovation aims to aid the youth in their capacity building and bring out their own individual project depending upon their interests, skills and encourage to set realize their own ideas thorough collaboration and cooperation (Bedekar, 2015).
The potential outcome will be to aid these youth to get rid from the shackles of poverty and poor life standards and become self-sustainable through training in diverse field. There would also be a decline in the crimes which are becoming rampant in these desolate places. For example, a vacant place can be turned into a restaurant or café by these youths who build their own business. A space can serve as a library for the students of the locality which can be managed by the youth as the stakeholders. A group of youth can be teachers and start their own tuition centers. These spaces can be used an incubator and a centre for setting up business by the implementation of the efficient projects by the youth.
References
Baker, M. J. (2014). Marketing strategy and management. Macmillan International Higher Education.
Bedekar, D. (2015). Innovative Marketing Strategies. SAMVAD, 8.
Carvalho, P. (2015). Youth unemployment in Australia. Policy: A Journal of Public Policy and Ideas, 31(4), 36.
Foster, S., Knuiman, M., Wood, L., & Giles-Corti, B. (2013). Suburban neighbourhood design: Associations with fear of crime versus perceived crime risk. Journal of Environmental Psychology, 36, 112-117.
Gupta, A. (2013). Environment & PEST analysis: an approach to external business environment. International Journal of Modern Social Sciences, 2(1), 34-43.
Harding, S. (2017). MBA management models. Routledge
Stone, R. J., & Stone, R. J. (2013). Managing human resources. John Wiley and Sons.
Verbeke, A. (2013). International business strategy. Cambridge University Press.
Voidstarter. (2018). Retrieved from https://citiesintransition.eu/cityreport/voidstarter
Voidstarter: Irish project wins European Social Innovation prize. (2018). Retrieved from https://mediahq.com/story/eucommission/81076/voidstarter-irish-project-wins-european-social-innovation-prize.html
Wallace, C., & Cross, M. (2018). Youth in transition: the sociology of youth and youth policy. Routledge.
Wilkinson, S. J., Remøy, H., & Langston, C. (2014). Sustainable building adaptation: innovations in decision-making. John Wiley & Sons.
Zimmermann, K. F., Biavaschi, C., Eichhorst, W., Giulietti, C., Kendzia, M. J., Muravyev, A., … & Schmidl, R. (2013). Youth unemployment and vocational training. Foundations and Trends® in Microeconomics, 9(1–2), 1-157.
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