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OwlSpark Accelerator

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  • Introduction to audience
  • Slide backed up with data from financial model v4.xlsx
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    • 1. The Rice University StartUp Accelerator Vivas Kumar OwlSpark Accelerator Co-Founder Rice University BSEE ‘14 #OwlSpark
    • 2. Table of Contents Page 2 Value Proposition Page 3 Unique Advantage Page 4 Participant Companies and Co-Founders Page 5 Program Success Metrics Page 6 Company Sourcing Page 7 Program Financials Page 8 Board of Directors Page 9 2013 Sponsors and Donors Page 11 Rice Entrepreneurial Ecosystem Page 12 Comparable Programs Page 13 Donation Tier Privileges OwlSpark: The Rice University Startup Accelerator Page 1
    • 3. OwlSpark creates value for participant companies by providing them with resources and connections to further their entrepreneurial development Seed Grants– $1000/cofounder/month stipend to help participants cover basic living costs; additional funding awarded to companies based on donor preferences (ex. Laura and John Arnold foundation social enterprise grants) Space – Co-located collaborative office space for company offices, lectures, mentor office hours, meetings, and general networking events Community – Participating companies benefit from strong ties to mentors, service providers, experienced entrepreneurs, venture capitalists, and angel investors from the Rice and Houston communities Active Start-up Community – Participating companies work alongside other companies undergoing similar processes of customer development and hypothesis validation, leading to idea and talent cross-pollination Rice University affiliation – Strong alumni network and Rice name brand lend credibility, further helping companies approach new customers and potential investors OwlSpark: The Rice University Startup Accelerator Page 2
    • 4. OwlSpark is uniquely positioned to take advantage of existing entrepreneurial synergies and organizations in the Houston community. Valued partnerships with Houston organizations • NASA, Texas Medical Center, and booming energy industry create unparalleled nexus of entrepreneurial opportunities and talent • Houston-area professionals and active Rice alumni community provide strong support through company mentorship Nationally recognized entrepreneurial events and competitions • Rice Alliance for Technology and Entrepreneurship hosts notable venture forums and Rice Business Plan Competition attracting companies from around the world • Strong partnership with Surge Accelerator program (TechStars affiliated energy software accelerator) World-class researchers developing innovative technology • Premier undergraduate research institution with significant per-capita research funding • Strong potential for translatability of laboratory findings into entrepreneurial ventures OwlSpark: The Rice University Startup Accelerator Page 3
    • 5. OwlSpark 2013 featured 9 companies from 6 different industries, involving 37 full-time co-founders from varied Rice-affiliated backgrounds. Participating Companies Participating Co-Founders Representative Industries 15 Education Finance Healthcare 11 Social Media OwlSpark: The Rice University Startup Accelerator Software 31 Participant Demographics 27 IT 7 18 5 2 21 out of 11 residential colleges represented Page 4
    • 6. 2013 OwlSpark companies benefitted from significant community involvement and a strong culture of mentorship and risk-taking Funds Raised OwlSpark Operations $313K By 2013 participating companies $50K By companies prior to program $1.08M Community Engagement OwlSpark Mentors >120 Pitch Day Attendees >340 Community Members Engaged OwlSpark: The Rice University Startup Accelerator >1000 Page 5
    • 7. OwlSpark 2014 applicant companies will be vetted by external judges and experts through competitions, donors, or a rigorous interview process Spring 2014: Companies are sourced from competitions and open application process Sourcing Channels Up to 3 from RUVC1  Open to companies of currently enrolled undergraduate students  Top 3 winning companies receive cash prizes and offer to join OwlSpark  Offer package consists of $3K/founder for summer stipends and additional seed grant3 Remaining companies Up to 3 from OwlOpen 2 social enterprises  Open to companies of at least one currently enrolled graduate student  Top 3 winning companies receive cash prizes and offer to join OwlSpark  Offer package consists of $3K/founder for summer stipends and additional seed grant3  Companies apply through open application process  Companies must meet LJAF2 eligibility rules  OwlSpark leadership nominates up to four companies for LJAF consideration  Companies are interviewed and two are selected by LJAF Board 1 Rice Undergraduate Venture Challenge and John Arnold Foundation 3Projected at around $2000 for 2014 2 Laura OwlSpark: The Rice University Startup Accelerator  Open application process  OwlSpark leadership screens, and vets companies based on applications  Companies are interviewed early February and offers are extended after Board approval Eligibility criteria for companies selected through Open Applications • Teams are composed of at least 2 individuals, at least one of whom: • Is a currently enrolled Rice University student (grad or undergraduate); or • Is a current Rice University faculty or staff member; or • Is a Rice University alum from any of the previous 5 graduating classes (Class of 2008) All company members from each company are expected to participate in 12-week OwlSpark summer program Page 6
    • 8. OwlSpark 2014 is projected to require about $475K in funding to cover major staffing, space, and participant companies’ stipend needs Summer 2014 projected budget breakdown Staffing - $269,000 MD1 salary Fringe Costs Interns Total • $200,000 $59,000 $10,000 $269,000 1Full-Time Managing Director to be hired Stipend - $120,000 • Each company will receive $1000/mo./cofounder to cover living expenses • Expected four cofounders/company based on 2013 OwlSpark average participant company size • 2 student summer interns Summer 2014 projected funding sources Committed or identified $100K $88K OwlSpark: The Rice University Startup Accelerator • Marketing to attract mentors, students, companies, and donors to participate • Various supplies for OwlSpark networking events, lectures, mentor sessions, and stationary Space & Discretionary $21,000 • Currently negotiating contract to host Summer 2014 program at Willy’s Pub and adjoining RMC facilities • Back-stop for unforeseen costs and new activities Funding Sources Breakdown Yet to be raised or identified $125K Supplies, Marketing, and Events - $65,000 $162K • Rice University $100K commitment to fund stipends from RUVC and Owl Open Winners • Follow-up report from 2013 OwlSpark sent to LJAF Board for further funding granting • Potential $100K grant from BlackStone foundation currently being negotiated • OwlSpark leadership team working together with Rice University Development staff and Office of Corporate and Foundational Relations Page 7
    • 9. OwlSpark is overseen by a 7-member Board of Directors, with the day-to-day operations overseen by a full-time Managing Director and student leaders Brad Burke Rice Alliance Veronica Saron OwlSpark Co-founder OwlSpark: The Rice University Startup Accelerator KazKarwowski Rice Center for Engineering Leadership Tom Kraft, PhD Rice Alliance Ray Simar Rice Center for Engineering Leadership Vivas Kumar OwlSpark Co-founder Kerri Smith Interim MD, OwlSpark Page 8
    • 10. 2013 OwlSpark Sponsors OwlSpark: The Rice University Startup Accelerator Page 9
    • 11. Appendix OwlSpark: The Rice University Startup Accelerator Page 10
    • 12. OwlSpark fits clearly into Rice’s entrepreneurial ecosystem with in-built mechanisms for regular updates to Rice leadership Board of Trustees President/Provost Dean of Engineering Dean of Business Board of Directors Brad Burke KazKarwowski Veronica Saron Tom Kraft Ray Simar Vivas Kumar Kerri Smith Managing Director Companies Mentors Internal Relations External Relations  Oversees company recruitment into OwlSpark summer program  Facilitate mentor development  Communicate with mentors  Track mentor engagement  Communicate with Rice stakeholders  Arrange board meetings agendas and minutes  Greater Houston and national PR  Manages external Rice relationships OwlSpark: The Rice University Startup Accelerator Operations  Oversees innovation community dynamics  Manages logistics and space design Page 11
    • 13. OwlSpark borrows elements from several other comparable successful tier one university accelerators, many of whom were consulted for programmatic advice OwlSpark: The Rice University Startup Accelerator Page 12
    • 14. Summer 2014: OwlSparkoffers multiple support levels for donor participation Diamond Tier ($250,000 – Limit: One) Provides funding for a full OwlSpark member company’s summer acceleration program, general OwlSpark activities, and allows full funding of a single OwlSpark event • • • • • • • • • • • • Named sponsorship rights for one year Explicit verbal acknowledgment of named sponsorship at all OwlSpark events over the course of the year Quarterly acknowledgement through all social media accounts Name exclusively on sleeves of OwlSpark Pitch Day shirts Invitation to speak at OwlSpark Pitch Day (usually, mid-August) Sponsorship rights (with any Platinum Tier sponsor) at all OwlSpark events during the year Seat on the Board of Advisors Plaque of appreciation for supporting entrepreneurship at Rice, held at OwlSpark throughout the year until provided to the donor during Pitch Day. A copy will be displayed at OwlSpark offices permanently. Invitation to bi-weekly update meetings with a sponsored team Four VIP invitations to all OwlSpark events, including OwlSpark Pitch Day and Banquet Personalized commemorative booklet including sponsor recognition, company and team bios. Recognition on the OwlSpark website and at OwlSpark events OwlSpark: The Rice University Startup Accelerator Page 13
    • 15. Summer 2014: OwlSparkoffers multiple support levels for donor participation (cont.) Platinum Tier ($100,000 – Limit: Three) Provides funding for a full OwlSpark member company’s summer acceleration program, general OwlSpark activities, and allows full funding of a single OwlSpark event • Co-named sponsorship rights (with Diamond Tier sponsor) of one OwlSpark event of donor’s choosing, including explicit verbal acknowledgment of sponsorship (along with any Diamond Tier sponsor) • Seat on the board of advisors • Plaque of appreciation for supporting entrepreneurship at Rice, held at OwlSpark throughout the year until provided to the donor during Pitch Day. A copy will be displayed at OwlSpark offices permanently. • Invitation to monthly update meetings with a sponsored teams • Two VIP invitations to all OwlSpark events, including OwlSpark Pitch Day and Banquet • Personalized commemorative booklet including sponsor recognition, company and team bios. • Recognition on the OwlSpark website and at OwlSpark events • Gold Tier ($50,000) Provides funding for a full OwlSpark member company’s summer acceleration program, OwlSpark events and general OwlSpark activities • Plaque of appreciation for supporting entrepreneurship at Rice, held at OwlSpark throughout the year until provided to the donor during Pitch Day • Invitation to monthly update meetings with a sponsored teams • Two VIP invitations to all OwlSpark events, including OwlSpark Pitch Day and Banquet • Personalized commemorative booklet including sponsor recognition, company and team bios. • Recognition on the OwlSpark website and on signage at OwlSpark events OwlSpark: The Rice University Startup Accelerator Page 14
    • 16. Summer 2014: OwlSparkoffers multiple support levels for donor participation (cont.) Silver Tier ($25,000) Provides funding for half of an OwlSpark member company’s summer acceleration program, OwlSpark events and general OwlSpark activities • • • • Two VIP invitations to OwlSpark Pitch Day and two invitations to the OwlSpark Banquet Personalized commemorative booklet including sponsor recognition, company and team bios. Certificate of appreciation for supporting entrepreneurship at Rice, co-signed by a sponsored team Recognition on the OwlSpark website and on signage at OwlSpark events Bronze Tier ($10,000) Provides funding for an entire OwlSpark member company’s founders’ summer stipends and general OwlSpark activities • • • • Two VIP invitations to OwlSpark Pitch Day Personalized commemorative booklet including sponsor recognition, company and team bios. Certificate of appreciation for supporting entrepreneurship at Rice, co-signed by a sponsored team Recognition on the OwlSpark website OwlSpark: The Rice University Startup Accelerator Page 15
    • 17. Summer 2014: OwlSparkoffers multiple support levels for donor participation (cont.) Blue Tier ($5,000) Provides funding for one OwlSpark member company founder summer stipend and general OwlSpark activities • Personalized commemorative booklet including sponsor recognition, company and team bios. • Certificate of appreciation for supporting entrepreneurship at Rice, co-signed by a sponsored founder of a member company • Recognition on the OwlSpark website Gray Tier ($3,000) Provides funding for one OwlSpark member company founder summer stipend • Certificate of appreciation for supporting entrepreneurship at Rice and signed by a sponsored founder of a member company • Recognition on the OwlSpark website White Tier ($1,000) Provides funding for general OwlSpark activities • Certificate of appreciation for supporting entrepreneurship at Rice • Recognition on the OwlSpark website OwlSpark: The Rice University Startup Accelerator Page 16

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