Home Smart 100 2011 Business Island (SMART 100)

Business Island (SMART 100)

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The following SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity. More about the SMART 100.

Business Island

This innovation initially came to life when…

I proposed taking practice firms into a 3D platform. Previously, students formed companies that existed only on paper and traded with no economic restrictions. For example, they would write “cheques” to each other to trade but there was no cost of creating the good or service they were trading with.

There was also no record of the transactions or interactions except for a student diary. In a virtual world, the teacher can monitor the interactions and transactions between businesses and change the cost of inputs to recreate reflections of a real environment.

WHAT & HOW

The purpose of this innovation is to…

Business Island provides teachers with a unique opportunity to fast-track their students’’ understanding of the practicalities of commercial enterprises and the interconnectedness of the business world.

It does this by…

Business Island enhances student understanding of the business principles inherent in subjects such as Business Management, Economics and Accounting and offers multiple scenarios to develop a deep understanding of the principles at work.

PURPOSE & BENEFITS

This innovation improves on what came before because…

Business Island can be incorporated into any curriculum framework in these subjects and can be adapted to suit individual program duration.

Business Island incorporates the principles of sales and marketing, customer service, change management, teamwork and leadership — all within an environment that is hugely engaging to young students.

Its various benefits to the customer/end-user include…

With its large capacity for scenario variations and huge appeal to young computer-savvy students, Business Island is a valuable and unique enhancement for educators.

COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

Manual processes, paper and imagination. Practice firms are used in schools and colleges across the world to teach basic business skills to young people. The most technically advanced programs prior to Business Island to my knowledge were text-based or 2D systems.

Its predecessors/competitors include…

The closest competitor to Business Island is StratX Simulations.

This is a 2D environment and not an in-world experience. We can find no other Virtual World environment that teaches business skills.

TARGET MARKET

It is made for…

Schools and colleges that teach business skills in English using practice firms. This would be 90% of all High Schools and Colleges in the English Speaking World.

DISTRIBUTION STRATEGY

It is available for sale through…

International Education Services Ltd. www.businessisland.com.au

Our marketing strategy is to…

Our organisation already has a number of contacts with Schools and Colleges in Australia and Southeast Asia. A limited rollout to these will occur in 2011 as well as fielding enquiries on our website; we will participate in exhibitions in Australia and Hong Kong.

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