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Ideadvance Lean Start Up

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The Program's Lean Startup approach helps accelerate business model concepts generated on campuses to better match market needs. Ideadvance encourages teams to try new ideas as part of a fail-fast, pivot, and move-on strategy.

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Ideadvance Lean Start Up

  1. 1. University of Wisconsin System – David Brukardt and Idella Yamben, Ph.D. Wisconsin Economic Development Corporation – Aaron Hagar
  2. 2. University of Wisconsin System
  3. 3. ENTREPRENEURSHIP STRATEGY INNOVATION ENTREPRENEURS COMPANIES ECOSYSTEM
  4. 4. PROGRAMS TECHNOLOGY DEVELOPMENT LOANS ACCELERATORS SEED FUNDS RESEARCH GRANT MATCH BUSINESS PLANNING INVESTOR ATTRACTION COMMUNITY-DRIVEN PROJECTS
  5. 5. PARTNERS 2850 JOBS 314 111M IN WAGESBUSINESSES ASSISTED IN NEW CAPITAL 385M$ 679JOBS ADDITIONAL COMPANIES 2215 Source: WEDC $ ENTREPRENEURSHIP IMPACT WEDC
  6. 6. IDEADVANCE INTRODUCTION  STAGE 1: $25,000 to explore an idea  STAGE 2: $50,000 + match to execute a strategy  Funding not guaranteed but is earned as teams complete commercialization milestones  Investment Committee representing state, university and entrepreneurial backgrounds select teams  Broad eligibility: ideas range from Arts to STEM  Over 95% of funds go directly to teams, not operation  Education empowering subject matter experts to consider entrepreneurship
  7. 7. STARTUPS ARE LEARNING UNITS not small versions of big businesses IDEA BUSINESS STARTUPS ARE LEARNING ENTITIES
  8. 8. IDENTIFY AND TEST ASSUMPTIONS Stage 1 :Test the problem Stage 1- 2: Then test solution (Learn and Confirm) (Learn and Confirm) Customer Discovery Customer Validation Customer Creation Company Building Pivot STAGE 1 STAGE 2 Talk with 60-80 customer and industry contacts in 3 months.
  9. 9. PROGRAM DESCRIPTION: EDUCATION = EMPOWERMENT Money is not guaranteed….but support is  Networking support  Customized metrics Concierge lowers activation energy for participation  Business ideation  Grant writing support Accountability We challenge assumptions building new skills  Not business training but scientific training  Talking to people
  10. 10. RESULTS/LESSONS LEARNED Lessons learned  Education on critical business thinking skills helps teams access opportunities including funding, customers and new ventures.  The program’s structure allows the Investment Committee to invest first in the team, and second in the idea.  Program requires coordination between state and university partners  50 Teams; $1.8 Million (USD) awarded; I have two master’s degrees, and I feel like I have a third one because of Ideadvance ~Faculty Without the Ideadvance program I would not be where I am today. ~Student Entrepreneur This program really taught me the importance of customer discovery. I use this in my work with students. ~Staff (USD) reported capital $4.1 MILLION
  11. 11. @UWEconD @InWisconsin David Brukardt, Aaron Hagar, Idella Yamben David Brukardt David Brukardt, Aaron Hagar, Idella Yamben

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