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E-Team Grant Training & Program

  1. 1. E-Team Grant & Training Program
  2. 2. Agenda  VentureWell Overview  The E-Team Program Overview  Requirements & Application Process  Selection Criteria & Intellectual Property  Appendix – Proposal Components – Top Reasons for Rejection 1
  3. 3. INTRODUCTION TO VENTUREWELL Allison Bleyler, Director of Marketing 2
  4. 4. Our Mission VentureWell fosters new ventures from an emerging generation of inventors and supports the innovation and entrepreneurship ecosystems critical to their success. 3 Innovators Faculty
  5. 5. Our Programs & Initiatives Early Stage Innovator Programs I-Corps E-Teams Xcelerator GIST ASPIRE BMEidea / DEBUT Faculty Initiatives Programs Faculty Grants Pathways to Innovation OPEN Lean LaunchPad® I&E Network Initiatives National Innovation Network BME-IDEA Meeting TTA Advisory GIST Network 4
  6. 6. Our Funders and Partners
  7. 7. Early Stage Innovator Programs  We work directly to support inventors in bringing their ideas to market through: – Workshops and training – Coaching and mentoring – Funding or awards 6 o I-CorpsTM o E-Teams o Xcelerator o GIST o ASPIRE o BMEidea / DEBUT
  8. 8. Faculty Initiative Programs  We support faculty in developing programs that cultivate & support student innovators and promote institutional change through: – Grants – Workshops & Training – Conferences 7  Faculty Grants  Pathways to Innovation  Open annual conference  Lean LaunchPad®
  9. 9. I&E Network Development Programs  We create and build networks to strengthen the overall innovation & entrepreneurship ecosystem. 8 o National Innovation Network o BME-IDEA Meeting o TTA Advisory o GIST Network
  10. 10. E-Teams by the Numbers  $8.9 million in grants to over 665 student teams  More than $570 million in follow-on funding to launch new businesses  Many are still in business today, operating in over 50 countries and reaching millions of people with ground-breaking innovations. 10
  11. 11. E-TEAM PROGRAM DETAILS Christina Tamer, Program Officer 11
  12. 12. What is an E-Team?  An E-Team – or, Entrepreneur Team - is a multidisciplinary group of students and faculty working together to bring a STEM- based invention (product or service) to market 12
  13. 13. E-Team Program Benefits  Intensive and highly interactive workshops led by experts in student ventures  Entrepreneurial and venture coaching  Grant funding of up to $25K in two stages  Opportunity to network and share ideas with student entrepreneurs from around the country 14
  14. 14. Why E-Teams? 15  PLACE HOLDER FOR VIDEO
  15. 15. Agenda  VentureWell Overview  The E-Team Program Overview  Requirements & Application Process 16
  16. 16. E-Team Requirements Each E-Team must have:  At least 2 active students (undergraduate or graduate) – ideally with mix of technical and business expertise – must be from a VentureWell Member institution – students must be leading the development of the venture  A faculty advisor to act as Principal Investigator and be responsible for the disbursement of grant funds No maximum team size – most successful teams have 2- 6 student team members with additional faculty advisors 17
  17. 17. Eligible Inventions & Innovations  Science / Technology based  Scalable and commercially promising  Potential for significant positive impact on society and/or the environment 18
  18. 18. Examples of Eligible Inventions  Biomedical devices, healthcare solutions and/or technologies  Clean energy, sustainable materials and other clean technologies  Technologies for low-resource settings (US or international) that address poverty alleviation and basic human needs such as affordable energy, clean water / sanitation, health and medical devices, agriculture, etc. 19
  19. 19. Examples of Ineligible Projects  Faculty-driven projects in which participating students have no ownership of resulting intellectual property (IP)  Pure research projects without any defined commercial applications or potential  Projects without any student involvement  Projects without a clear technology invention or innovation  Projects that don’t have a path to commercialization  Projects without a clearly articulated social and/or environmental impact 20
  20. 20. HOW TO APPLY Patricia Boynton, Grants Management Officer 21
  21. 21. #1 Mistake Applicants Make 22
  22. 22. 23
  23. 23. Before you apply…  Read the guidelines: grants/guidelines-stage-1/  Confirm your university is a VentureWell member:  Speak to someone at your Office of Sponsored Programs about your intention to apply  Know your university’s Intellectual Property policy  Make sure your IP is appropriately protected before you submit  Create a VentureWell account and take a look at the application 24
  24. 24. Create an account & apply: 25 Download & read detailed guidelines Click to create account & apply
  25. 25. Proposal Components & Requirements  5 page narrative  Letters of support  Team resumes  Optional appendix (up to 5 additional documents) 26
  26. 26. Verifications of Support  Principal Investigator (PI)  Administrative Contact (AC)  Department Chair (DC) 27
  27. 27. Proposal Selection Criteria 1. Technology innovation and feasibility 2. Business model and commercial potential 3. Team composition, commitment, expertise, and institutional support 4. Positive social and/or environmental impact 5. Workplan feasibility 28
  28. 28. What happens after you submit your proposal?  Proposals are reviewed by panels of VentureWell staff and external reviewers.  Status notifications are sent ~60 days after submission deadline  Competitive program: 15-25% acceptance rate  You may be invited to resubmit 29
  29. 29. If your team is accepted…  Your team is part of the E-Team Stage 1 cohort and your university is awarded a $5,000 grant on behalf of your team!  All E-Team grantees send two team members to participate in the three-day workshop in the Boston area.  The grant award is intended to cover travel to attend the workshop. Any leftover funds can be used to further develop your technology. 30
  30. 30. What happens at the workshop?  The Stage 1 workshop focuses on market validation and discovery.  Workshop exercises help teams learn and be able to: – articulate the value of their innovation – validate that the market they have identified is indeed the right market for their innovation – articulate their competitive position within that market(s)  Network with ~15 other teams and 5-6 experienced instructors/mentors 31
  31. 31. Remember--before you apply…  Check out the guidelines: grants/guidelines-stage-1/  Confirm your university is a VentureWell member:  Speak to someone at your Office of Sponsored Programs about your intention to apply  Know your university’s Intellectual Property policy  Make sure your IP is appropriately protected before you submit  Create a VentureWell account and take a look at the application  Identify your PI, Administrative Contact and Department Chair  Review the proposal timeline and proposal requirements  Mark your calendar with deadline and the workshop dates! 32
  32. 32. More Information Spring 2017 Cohort: April 6-8 in Boston, MA area Application deadline: January 25, 2017 Summer 2017 Cohort: July 27-29 in Boston, MA area Application deadline: May 3, 2017 E-Teams Program Christina Tamer, Program Officer VentureWell Grants Office Patricia Boynton, Grants Management Officer Membership and grant application questions: Or 413-587-2172 x115
  33. 33. Questions? 34
  34. 34. Appendix
  35. 35. VentureWell Intellectual Property Policy  Ownership of intellectual property resulting from E-Team work should belong to the students on the team  VentureWell takes no financial or ownership interest in the projects funded by its E-Team grants  Applicants advised to protect their intellectual property before submitting a proposal  Students should understand their university’s IP policies 36
  36. 36. Proposal Components  Required – Title page – Proposal narrative (no more than 5 pages) – Letter(s) of support (at least 1, no more than 3) – Team member resumes  Optional – Additional appendices – Weblinks (websites, video links, articles, etc.) 37
  37. 37. Who is your audience? 1. VentureWell Program Officer 2. VentureWell Grants Manager 3. Panel of 4-5 external reviewers made up of individuals from academia, industry, nonprofits & NGOs, and venture capital with experience in the technology areas and in the commercialization of early stage innovations.
  38. 38. Proposal Narrative Technology and value proposition (1-2 pages) • What is your invention or technology innovation? • Is it technically feasible? Have you demonstrated proof of the key principle(s)? • Is your technology proprietary &protectable? • Have you done a prior art search, filed an invention disclosure, filed a provisional patent? Who are the inventors and who owns the patent? • Have you developed a physical prototype or proof of concept? • If yes, document the development of your prototype with drawings, digital documentation, or data demonstrating its effectiveness. • If not, describe your plans for proof of concept • What problem are you solving for what customers? In what way is it better than other solutions on the market? • What large-scale impact would successful adoption of your innovation create (e.g., lives saved, amount of C02 reduction, money saved. etc.)?
  39. 39. Proposal Narrative (cont’d) Business model and market (1-2 pages) • Describe the market and customers that you intend to reach, and explain how you will engage them. • Who are your target customers, and have you talked to any? • How does what you are proposing compare with the competition? • What is your commercialization plan? • How will you approach the manufacturing, marketing, sales, distribution, and support of your product or service? • How do you intend to make this economically sustainable? • Describe the costs to produce and support your product and your expected sales price • How do you intend to make this environmentally sustainable? – if applicable • What is the structure you envision for your venture?
  40. 40. Proposal Narrative (cont’d) Team (half page) • Who are the key team members and what roles will they play (1-2 • sentence on each)? • Who will lead the technical and business model development? • Do you have outside mentors, advisors, and/or partners? • If your team is working on a technology for low-resource settings in the US or abroad: • Identify any partners (individuals, community leaders, nonprofits or NGOs, etc.) outside of your institution who will provide connections and access to the field and end-users • Identify any partners who can help the team commercialize any resulting technologies • Explain how the team will address possible language, cultural, and social barriers. • Has the team traveled to the community in which you propose to work?
  41. 41. Proposal Narrative (cont’d)  Work plan and outcomes (1 page) • Describe your plan for moving forward (from today to initial sales) • In a table format, list the 10 to 15 high-level steps with a timeline that will get you from today to readiness for initial sales • What does success look like and how will you measure it?
  42. 42. Optional: Appendices and Weblinks • Up to 5 additional appendices may be included • May include but not limited to: • Images demonstrating design and/or technical feasibility • drawings, photographs, etc. • A summary of prior art • Any data collected as part of testing your technology • Any other relevant supporting materials • Weblinks • Links to online articles, videos and/or other relevant online data • Videos not required, but can help your proposal stand out or demonstrate how your technology works Quality > Quantity
  43. 43. Letters of support  Letters of support demonstrate to reviewers that there is institutional support for your project and/or to verify partnerships discussed in your narrative.  At least one letter is required as part of your proposal. You may include up to three total.
  44. 44. Do you have a polished resume?  Resumes should be no more than three pages each, and are only required for key team members, with a maximum of four resumes included.
  47. 47. 1. No entrepreneurship (too research-focused, no path to commercialization/project(s) begin and end in the classroom) 2. No tech innovation (not convinced it’s new) 3. Too faculty-driven (too little student involvement or ownership opportunity) Top Reasons for Rejection
  48. 48. Top Reasons for Rejection 4. No clearly defined social impact 5. Lack of expertise on the team/no relevant advisors and/or partners 6. Unclear proposal (“ask” isn’t compelling, no budget justification, too much jargon, sloppy)
  49. 49. Top Reasons for Rejection 7. Not sustainable 7. Not scalable 8. No resulting E-Teams (for faculty grants) 9. No connection to existing resources on campus (for faculty grants)
  50. 50. CAYDIANCAYDIAN Lymph/AxisLymph/Axis COMPANIES FROM E-TEAMS VentureWell Funded
  51. 51. 53 FogKicker is a natural, green anti-fog solution. It prevents the formation of fog on any surface, including vehicle windshields, eyewear, mirrors, windows, and display screens. Made from Nanocellulose, a wood derived natural nanomaterial, FogKicker is biodegradable, biocompatible, and non-toxic. VentureWell provided Stage 1 and 2 E-Team training and grants to FogKicker totaling $25,000. Company: FogKicker Year Founded: 2016 Sector: Materials Investment Status: Pre-seed Product Status: Sales Geographic Market: USA E-Team Participation: E1, E2 Yinyong Li, Co-Founder and CTO YinYong Li is a PhD candidate at the Department of Polymer Science and Engineering at the University of Massachusetts Amherst. Li has said that FogKicker creates a film on a surface that prevents condensation from beading and scattering light. Instead, it distributes light evenly and the user is able to see more clearly. According to Li, future markets for the product include 254 million vehicle windshields, 181 million pairs of glasses and 115 million household mirrors. InventorInventionCompany Snapshot
  52. 52. 54 BioCellection is developing bacteria that can break down ocean-bound plastic waste. Their technology then upcycles unrecyclable waste into valuable products for textiles. They have a prototype for breaking down polystyrene into CO2 and water, and see their technology being used in two ways—first, for landfill and beach cleanups, and, second, to create a secondary product to be used in textile manufacturing. VentureWell provided Stage 1 and Stage 2 E-Team training and grants to BioCellection totaling $25,000. Company: BioCellection Year Founded: 2015 Sector: Environment, Life Science Investment Status: Raised $300k Product Status: Prototyping Geographic Market: N. America, China E-Team Participation: E1, E2 Miranda Wang, CEO, and Jeanny Yao, CTO - Co-Founders Miranda Wang and Jeanny Yao first worked on the problem of plastic waste in high school. They have since filed two patents, founded a company, and raised about $400,000 from a variety of sources. They recently graduated from the University of Pennsylvania and the University of Toronto respectively. InventorsInventionCompany Snapshot
  53. 53. 55 Kinnos prevents the transmission of infectious diseases by eliminating human error and empowering healthcare workers and patients to protect themselves. Their first product, Highlight, is a patent- pending powdered additive for disinfectants that greatly enhances decontamination. By targeting both surface decontamination during epidemics and daily disinfection in hospitals, laboratories, and government agencies, Highlight can fundamentally improve the practice of decontamination and prevent the transmission of infectious diseases. VentureWell provided Stage 1, 2 and 3 E- Team training and grants to Kinnos totaling $25,000. Company: Kinnos Year Founded: 2015 Sector: Healthcare Technology Investment Status: Seeking first round investment capital; USAID funded Product Status: Sales Geographic Market: USA E-Team Participation: E1, E2, E3-ASPIRE Jason Kang, Katherine Jin, Kevin Tyan, Co-Founders This trio is interested in improving health care in low-resource settings by addressing gaps. Their goal with Kinnos is to improve disinfection to protect healthcare workers. They were inspired by Columbia’s Ebola Design Challenge in 2014, realizing there was an opportunity to solve a pressing need—health care workers were being infected by Ebola due to an ineffective decontamination process. InventorsInventionCompany Snapshot

Notas del editor

  • VW programs
  • VentureWell is a 45 person, 20 year old organization located in Western Massachusetts, about 90 miles west of Boston in Hadley Massachusetts, just down the road from the flagship campus of UMass.
  • VentureWell’s E-Team Program provides early-stage funding and training to help students move their technology innovations out of the classroom or the lab and into the marketplace.

    The program consists of 3 “stages,” and is a combination of grant funding, training, and coaching.

    Stage 3 culminates in an intensive training focused on venture development and investibility. VentureWell invests in a small percentage of teams coming out of this last stage.

    There are 3 application opportunities each academic year, and our next deadline is coming up on Jan 27 and May 4
  • They don’t allow enough time to do everything that needs to be done in preparation. There are several steps that are beyond your control so you need to plan for other people’s schedules. We are about 6 weeks away from the January 25 deadline, if you’re serious, you should start now
  • Check out the proposal roadmap on the guidelines jump page for a good timeline checklist for you to use. We’ll talk about a few items from this list
  • Read the guidelines to make sure you’re a fit for the program, know eligibility requirements and review the required components well in advance.
    Confirm that your university’s membership is up to date. If not, contact us and we can tell you who the primary contact for your university is
    Contact your office of sponsored programs about your intention to apply and to find out what your university’s process is. Often your OSP will need to review and sign off on your proposal before you submit it and that can take a week or two
    E-Team program funding is in the form of a grant – we take no ownership interest in your IP BUT your university most likely does so if you don’t know what it is find out your university’s policy. In your proposal narrative you’ll need to discuss the status of your IP.
    Make sure your IP is appropriately protected before you submit
    Create a VentureWell account and check out the application well in advance of the deadline
  • Your proposal is comprised of a 5 page narrative, letters of support, and team resumes. You may also submit up to 5 additional documents as an appendix. Everything you’ll need to include in your narrative is listed in the guidelines, but think about it like you’re telling a story that should include:

    What’s the problem you’re trying to solve?
    Why is your solution better than what’s already out there?
    How do you know?
    Why you?

    Remember, you’re trying to convince reviewers why VentureWell should bet on you.
  • You’ll also need to get Verifications of Support from these folks, in order to show that your university knows what you’re working on and supports you, because the funding is awarded to the university, not to your team or PI. This is done electronically via the application system, and basically they’re just saying “yes, I support this project.”

    The PI is also responsible for the reporting requirements (making sure the funds are spent in an appropriate way) AND they should also help you navigate your university’s bureaucracy. If you’re working on a technology for a class you probably already have a PI.

    The administrative contact is someone from your Office of Sponsored Programs or Sponsored Research who has the fiscal authority to sign the award letter and bind the university to the terms of the grant. When you contact your OSP to let them know you’re planning to apply, you should find out who your AC should be.

    The Department Chair manages the day to day of your department. If you don’t know who your Department Chair is, ask your PI or you can often find this on your department’s webpage.
  • Your proposal will be reviewed against these criteria.

    Is your workplan realistic?
  • Internal reviewers include faculty, serial entrepreneurs, industry experts, angel investors, we even have a couple former E-Team members.

    We’ll notify you of your status within 60 days. We notify all applicants and if you’re interested will provide you with reviewer feedback if you’re not funded

    Applicants invited by reviewers to resubmit should contact VentureWell to discuss the reviewer feedback in detail and make sure they understand the questions and concerns raised. Resubmitted proposals must specify how previous concerns have been addressed.

    Occasionally, a team may be invited to resubmit their proposal for reconsideration in a future cohort, after certain concerns or questions are addressed.

  • Many E-Teams try to get the most bang for their buck by being frugal with their travel expenses – stay with a friend or at the hostel instead of a hotel; drive if you can, instead of flying; take the T, not taxis, eat cheap.
  • So remember, before you apply and well in advance of the deadline:
    Read the guidelines, paying special attention to fit and eligibility requirements
    Make sure your university’s membership is up to date. Call us if you’re not sure where to check
    Inform your office of sponsored programs about your intention to apply and find out what your university’s internal requirements are
    Know and understand your university’s IP policy and make sure your IP is appropriately protected before you submit
    Create a VentureWell account and review the application
    ID your PI, AC and Dc
    Thoroughly review the proposal requirements
    Note the important dates on your calendar!

  • And here they are

    More information about everything we talked about can be found in the appendix portion of this presentation, we will send you the link to the presentation
  • What questions do you have?
  • Focus on 1 and 2 as the students may have focused on this already.

    (30) Intro BMC / Cust Development (A)
    (60) Activity: Pitch Business Thesis
    (60) Intro BMC / Cust Development (B)
    (30) Launchpad Central Training

    (90) Value Props / Customer Segments (60) Customer Discovery Best Practices (30) Activity: Market Sizing

    Note: your customers may be different from the end users of your product/service
  • Highlight that this is not a garbage can. Include necessary and key information that will help reviewers better understand your proposal.
  • Letters of support demonstrate to reviewers that there is institutional support for your project and/or to verify partnerships discussed in your narrative. At least one letter is required as part of your proposal. You may include up to three total. More weight will be given to letters of support from potential customers, partners, industry experts, and mentors that verify the key elements of your proposal over general letters of support from friends, family, or supportive faculty (although these may also be appropriate and of value).
  • We do not need resumes for the Administrative Contact or other non-key team members/collaborators.
  • Have someone (or ideally two people) review your proposal before submitting it
  • Deal with rejection. If rejected go get a beer, let it cool off and then contact the program officer for feedback / comment from reviewers
  • And finally, because its sometimes easier to absorb what NOT to do, I thought I’d share a list of the top 10 reasons that proposals DON’T get funded.

    we receive a lot of proposals that describe a really great course or program that may expose students to some great experiences, but just end with the course/a final project. OR a student team will apply for the E-Team project but what they describe is really a class project and there’s no intention to bring the product or service to market.

    Sometime we get proposals that have little or no tech innovation included – there may be an element of eship…but no new technology.

    Sometimes there’s too little student involvement in a proposal – in the case of a ET grant, that might be that students are just assisting w/ research, etc. and won’t have any opportunity to play a significant role in a resulting venture or have any ownership over any resulting IP.
  • 4) Sometimes the technologies proposed don’t demonstrate a significant enough social impact

    5) Team not strong

    6) Unclear – isn’t compelling, no budget justification, etc.
  • 7) Sometimes reviewers aren’t convinced that a course or program will be sustained beyond the proposed grant period/not enough institutional support

  • Over the 14 years of the program these are the companies with “real” funding – mostly venture capital. A few have been acquired already. Several have FDA approved devices; quite a few more are approved in Europe.