1. @NYUEntrepreneur
Intro to the
Innovation Corps
(I-Corps)
Frank Rimalovski
Executive Director, NYU Entrepreneurial Institute
Instructor, NSF Innovation Corps (I-Corps)
April 29, 2016

2. @NYUEntrepreneur
Agenda
u Background
u Program benefits and outcomes
u Program details
o Curriculum
o Eligibility
o Application process
u Scaling I-Corps: NIH, DOE, DOD, etc.
u How we can help
u Q&A
2

3. @NYUEntrepreneur
Path to commercialization…
u …increasingly requires startup to advance tech, develop
customer/partner relationships & build team before M&A
Startup Acquired By

4. @NYUEntrepreneur
75%
of startups
fail to return
investors capital
Shikhar Ghosh
Harvard Business School

5. @NYUEntrepreneur
Commercialization Myth
Basic &
Applied
Research
Scientific
Discovery/
Invention/
IP Creation
Venture
Formation
& Growth

6. @NYUEntrepreneur
The “valley of death”
Commercialization Reality
Basic &
Applied
Research
Scientific
Discovery/
Invention/
IP Creation
Venture
Formation
& Growth

7. @NYUEntrepreneurThe “valley of death”
Basic &
Applied
Research
Scientific
Discovery/
Invention/
IP Creation
Customer
Discovery &
Prototype
Dev
Business
Model &
Team
Formation
Venture
Formation
& Growth
• Customer/market discovery
• Engineering/prototypes
• Mentors & advisors
• Collaborative spaces
• Business leadership
• Legal counsel
• Capital
Commercialization Reality

8. @NYUEntrepreneur
Humans Start Startups
u Graduate students & postdocs play critical role in
commercializing technology from the lab
u Tech transfer via humans, not legal docs
u Tech startups require a technical founder
u Relationships with faculty are critical
u Research-based startups
at greater risk unless
deliberately explore
market opportunities early
8

9. @NYUEntrepreneur
(At least) Three Parts to
Building a Successful Startups
1. Advancing the product/technology
2. Beginning to build a team
3. Finding a repeatable business model
u Most focus on #1 and/or #2
u Successful efforts require all three
9

10. @NYUEntrepreneur10

11. @NYUEntrepreneur
Overview
Creation of NSF I-Corps Program
u Maximize impact of NSF investments
o Accelerate transition of tech out of lab
o Train scientists, engineers & researchers
in startup best practices
§ Get customer feedback before building &
launching product/business
§ Develop an evidence-based
commercialization strategy & plan
u $50,000 grants
u 7-week immersive bootcamp
u Facilitates team formation

12. @NYUEntrepreneur
NSF I-Corps Teams
12
Principal
Investigator
(PI)
Entrepreneurial
Lead
(EL)
Industry
Mentor
(IM)

13. @NYUEntrepreneur
I-Corps Nodes & Sites
13

14. @NYUEntrepreneur
Curriculum: Lean Launchpad
u Customer/business-model
discovery & development to
address market risk
u Leverages scientific method to
search for repeatable & scalable
business model
u Learn to secure substantial
customer feedback before
finishing & launching your product

15. @NYUEntrepreneur
Curriculum: Flipped Classroom
u Online lectures via Udacity
u “Classroom” time spent
reviewing progress
u Interview >100 customers/
partners (~15 week)
u Teaching team office hours
u Track progress in Launchpad
Central

16. @NYUEntrepreneur
Example I-Corps Schedule
I-Corps Cohorts are currently run 3-4x per quarter
Week 1:
Intro Bootcamp
(in-person)
Mon Sept 29 – all day
Tues Sept 30 – all day
Wed Oct 1 – half day
Weeks 2-6:
Webex Classes
(online)
Thurs Oct 9 – 12:30 – 3:30pm
Thurs Oct 16 – 12:30 – 3:30pm
Thurs Oct 23 – 12:30 – 3:30pm
Thurs Oct 30 – 12:30 – 3:30pm
Thurs Nov 6 – 12:30 – 3:30pm
Week 7:
Final Presentations
(in-person)
Mon Nov 10 – all day
Tues Nov 11 – all day

17. @NYUEntrepreneur
Benefits of I-Corps
For your startup
u Concentrated time to focus on team &
commercialization—a year’s worth of work
in 7 weeks
u Funding for customer discovery &
prototype development
u Exposure to/input from startup experts,
investors & mentors
u Answer critical business questions…

18. @NYUEntrepreneur
Answer Critical Biz Questions
u Who are your initial target customers?
u What do they value/why will they buy?
u How do we get/keep/grow customers?
u What is your channel strategy/how will we sell?
u What is your revenue model/how make money?
u What key partnerships do you need to start?
u What are the key skills you need on your team?
u What is your cost structure?
18

19. @NYUEntrepreneur
Evidence-based
Entrepreneurship
(aka the Lean Startup)
19

20. @NYUEntrepreneur
Not about picking winners!
20

21. @NYUEntrepreneur
About creating more winners!
21

22. @NYUEntrepreneur
Improve Fundraising Odds
22
WithI-Corps:
14% 2-3x
higher
WithoutI-Corps:

23. @NYUEntrepreneur
Get to Market More Quickly
u Time to “Go/No go”: Average time from
discovery -> validation -> execution
u 68 weeks vs 22 weeks!
23

24. @NYUEntrepreneur
Einstein discovers that time is actually money

25. @NYUEntrepreneur
Benefits for you & your team!
u Improved ability to identify commercial
potential of future research
u Increased probability of future grant success
u Faculty more attractive to potential students
u Increased visibility with NSF
u More consulting opportunities
u New career opportunities for grad
students/postdocs (startup, industry, or gov)
u Potential for monetary gain

26. @NYUEntrepreneur
Expected Outcomes
o New startup business
o Licensing opportunities
o A business case suitable for venture
capital (Angels or VC funds)

27. @NYUEntrepreneur
>900 Teams Trained!

28. @NYUEntrepreneur
NSF I-Corps Eligibility
u NSF award within last 5 years (for NSF program);
or participate in a regional program
u Team in place at time of application
o Principal Investigator (PI)
o Entrepreneurial Lead: typically PhD student or Postdoc
o Industry Mentor
u Commitment to attend all sessions over 7 weeks
o 3-day kick-off
o 3 hours per week for webex ‘classes’
o 15+ hours per week of customer discovery/preparation
o 2-day final presentation session
28

29. @NYUEntrepreneur
Application Process
Form Team
Prepare
Exec
Summary
Contact
Program
Directors
Team
Interview(s)
Submit
Proposal

30. @NYUEntrepreneur
Application Process
Form Team
Prepare
Exec
Summary
Contact
Program
Directors
Team
Interview(s)
Submit
Proposal
Principal
Investigator
(PI)
Entrepreneurial
Lead
(EL)
Industry
Mentor
(IM)

31. @NYUEntrepreneur
Application Process
Form Team
Prepare
Exec
Summary
Contact
Program
Directors
Team
Interview(s)
Submit
Proposal
u One page
u Composition of team proposing to undertake
commercialization feasibility research
u Relevant awards (NSF or other funding source)
u Brief description of potential commercial impact
u Brief description of current commercialization plan

32. @NYUEntrepreneur
Application Process
Form Team
Prepare
Exec
Summary
Contact
Program
Directors
Team
Interview(s)
Submit
Proposal
u For NSF Program:
Topic-Specific Program Directors
Steve Ellis – BIO
Anita La Salle – CISE
Don Millard – EHR
TBD – ENG
Raffaella Montelli – GEO
Sean Liam Jones – MPS
Irene Qualters – OCI
Quinetta Roberson– SBE
I-Corps Program Officers
Lydia McClure
Anita La Salle
u For Regional Program:
Frank Rimalovski
Lindsey Gray
Risa Cohn

33. @NYUEntrepreneur
Application Process
33
Form Team
Prepare
Exec
Summary
Contact
Program
Directors
Team
Interview(s)
Submit
Proposal
u Conference call with your entire team & program
directors
o NSF program will require at least 2 interviews
u Interviews focus on availability and commitment to
program and openness to customer feedback
u Not asked to provide details about your tech

34. @NYUEntrepreneur
Application Process
34
Form Team
Prepare
Exec
Summary
Contact
Program
Directors
Team
Interview(s)
Submit
Proposal
FOR NSF PROGRAM ONLY:
u Read solicitation 12-602
Written authorization from Program Director required to
submit proposal—sent after phone interviews
u 5-page proposal
o Team (2 pages)
o NSF Lineage (1 Page)
o Potential Commercial Impact (1 page)
o Project Plan/Demo (1 page)
u Rolling process, quarterly batches, FCFS
u 4-week turnaround to award

35. @NYUEntrepreneur
We are here to help
u Additional detail about program & what to expect
u Discuss what kind of projects are best suited
u Introductions to mentors who may join your team
u Facilitate intro to NSF I-Corps Program Directors
u Review executive summary before you submit
u Help anticipate what to expect from interviews
u Connect with others who’ve participated in I-Corps

36. @NYUEntrepreneurhttp://bit.ly/WhatisICorps

37. @NYUEntrepreneur
Scaling I-Corps
37
“We’re scaling up the National Science Foundation’s
successful Innovation Corps program at six more federal
agencies so we can help more of our scientists move
their ideas out of the lab and into the marketplace.”

38. @NYUEntrepreneur
Scaling I-Corps
38

39. @NYUEntrepreneur
Scaling I-Corps
39

40. @NYUEntrepreneur
3 Differences
u Apply after SBIR/STTR Phase I award
u Team composition:
o Principal Investigator
o CXO
o Industry mentor/expert
u Minor curriculum/structural
modifications
40

41. @NYUEntrepreneur
Bigger Than Revenue Model
u Testing hypotheses makes substantive changes to
biz model before you complete science/design
o Define clinical utility
o Who core & tertiary users/buyers/payers are
o Data required for future partnerships/collaborations
o Initial revenues and downstream commercialization
o Intellectual property risks
o Regulatory pathways
o Reimbursement strategies
o Aspects of the product that are (& are not) valuable
u Affects your core biological & clinical hypotheses
41

42. @NYUEntrepreneur
Participating NIH Agencies
u 14 Institutes/Centers across NIH and CDC are participating.
o National Cancer Institute (NCI)
o National Heart, Lung, and Blood Institute (NHLBI)
o National Institute on Aging (NIA)
o National Institute on Alcohol Abuse and Alcoholism (NIAAA)
o National Institute of Allergy and Infectious Diseases (NIAID)
o National Institute of Dental and Craniofacial Research (NIDCR)
o National Institute on Drug Abuse (NIDA)
o National Institute of Environmental Health Sciences (NIEHS)
o National Institute of General Medical Sciences (NIGMS)
o National Institute of Mental Health (NIMH)
o National Institute of Neurological Disorders and Stroke (NINDS)
o National Center for Advancing Translational Sciences (NCATS)
o CDC/National Center for Injury Prevention and Control (NCIPC)
o CDC/National Institute for Occupational Safety and Health (NIOSH)
42

43. @NYUEntrepreneur
More Information
NSF I-Corps:
o nsf.gov/i-corps
NYCRIN I-Corps
o nycrin.org
NIH I-Corps
o http://sbir.cancer.gov/resource/icorps/
DOE I-Corps (Lab Corps)
o http://energy.gov/eere/lab-impact/downloads/lab-
corps-documents

44. @NYUEntrepreneur
Questions?
entrepreneur@nyu.edu
@nyuentrepreneur
entrepreneur.nyu.edu
16 Washington Place
44