Beyond traditional fundraising
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Beyond traditional fundraising






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    Beyond traditional fundraising Beyond traditional fundraising Presentation Transcript

    • Beyond Traditional Fundraising Resources to Stretch Your Start-Up Dollars
    • The Funding Dilemma: More than a Double Edged Sword •  Resources Strapped – People/Skills – Place/Tools – Money •  Low Signal to Noise Ratio – Conflicting Advice – Meaningful Feedback •  Endless Sense of Urgency
    • The LEAN Start-Up Invasion •  The MVP •  Early Customer Validation •  More with MUCH less – Do you have a paying customer for your one prototype? •  Use of Incubators/Accelerators – Like-minded community driven networks •  Fail small and fast
    • Help is on the Way! •  People/Network –  Mentors/Advisors –  Contract Services –  Interns and Co-Ops •  Place/Tools –  Incubators/Accelerators –  Research Institutions –  Design and Manufacturing •  Money –  Competitions –  Grants and Grant Match –  Strategic Partners
    • M2D2 Resources •  Start-up friendly space –  Short term, scalable leases –  Like-minded community •  Access to the larger community –  Large Corporations –  Industry support experts –  Events •  Bolts to Clinical Trials •  Competition –  Marketing –  Validation
    • UMass Partnership • Materials Characterization, Analysis, Selection • Design and Prototyping • Testing and Verification • Surgeons with Ideas • Partnership with Pre-Clinical Investigators • Large animal testing/clinical trial facilities Lowell: Engineering Expertise Worcester: Clinical Expertise Lowell: Business Expertise • Opportunity Assessment, Business Planning • Market Identification, Analysis • Integration into Graduate Courses
    • New Venture Support •  Other University Resource Access – Core Research Facilities – Corporate Collaborators – Testing and Research Partners for Grants •  Market Validation and Research •  Mentor and Advisor Identification/ Introduction •  Pre-Seed Funding
    • Accelerators and Competition– Choose Wisely •  M2D2 New Venture Competition •  MassChallenge •  Merrimack Valley Sandbox •  Venture-Style and Corporate Sponsored •  Is the award worth the time/diversion •  Are there stings attached •  Are they experts in your space or can they get you to people who are
    • Are Grants the Answer? •  Moment Fund @ UMass Medical •  MSLC •  SBIR/STTR and State Matching •  Do they distract or validate your effort •  Do you have what it takes to win •  Does it fit within your timeline
    • Strategic Partnerships •  Can accelerate innovation, reduce costs and provide a future sales/marketing channel and a path to exit •  More than 70% fail over time; only 10% deliver on original expectations (Ogilvy&Mather) •  Corporate BD, Open Innovation, Corporate VC
    • Do Your Homework •  Target – Pipeline and focus fit – The ‘soft’ stuff – Would I marry this guy? Make the case: Can this be a mutual beneficial relationship?
    • Deep Dive Before the outreach: •  Know your potential partner completely and how you are/should be connected •  Know what you want from the relationship and what’s in it for the partner –  Be specific, but flexible –  Plan with key milestones •  Have an internal lead, but coordinate with the entire team
    • Engage •  Use your network •  Hear and understand what your partner likes and needs – does it fit with your goals •  No today doesn’t mean no forever •  Don’t kiss a 1,000 frogs – word gets around
    • Manage the Partnership •  Formalize your relationship •  What does the end look like •  Build/add where necessary •  Set up a joint work stream for major milestones – how will the relationship work, who does what and when