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Entrepreneurship Support
for STEM Innovators
Janine Elliott, Program Officer
jelliott@venturewell.org
Agenda
• Who?
• About VentureWell
• Why?
• Technology for Impact
• What?
• About the E-Team Program
• How?
• Requirements ...
Who is VentureWell?
VentureWell supports early-stage, socially beneficial
science and technology innovators, their venture...
Our Programs & Initiatives
Early Stage Innovator
Programs
I-Corps
E-Teams
Xcelerator
GIST
ASPIRE
BMEidea /
DEBUT
Faculty I...
Our Funders and Partners
Faculty Initiative Programs
 We support faculty in developing programs that
cultivate & support student innovators and
pr...
What we offer to
Early Stage STEM Innovators
 Direct work to support inventors in bringing
their ideas to market through:...
Agenda
• Who?
• About VentureWell
• Why?
• Technology for Impact
• What?
• About the E-Team Program
• How?
• Requirements ...
Technology
Scale
People & Planet
Why: Capacity for Impact
Why: Impact Agriculture, Energy,
Health
E-Teams
Supporting student
inventors & entrepreneurs
What is an E-Team?
 An E-Team – or, Entrepreneur Team -
is a multidisciplinary group of
students and faculty working
toge...
E-Team Program Benefits
 Intensive and highly interactive
workshops led by experts in student
STEM venture development
 ...
What is the result?
 $8.9 million in grants to over 665
student teams
 More than $570 million in follow-on
funding to la...
Agenda
• Who?
• About VentureWell
• Why?
• Technology for Impact
• What?
• About the E-Team Program
• How?
• Requirements ...
HOW TO APPLY
Brenna Breeding, Grants Administrator
16
E-Team Requirements
Each E-Team must have:
 At least 2 active students (undergraduate or
graduate)
– prefer a mix of tech...
Eligible Inventions & Innovations
 Science / Technology based
 Scalable and commercially promising
 Potential for signi...
Examples of Eligible Inventions
 Biomedical devices, healthcare
solutions and/or technologies
 Clean energy, sustainable...
Examples of Ineligible Projects
 Faculty-driven projects in which participating students
have no ownership of resulting c...
Before applying…
 Confirm your university is a
VentureWell member; funding is
awarded to the university
 Create a Ventur...
Membership: Check, Join, or
Renew
- Go to venturewell.org/membership
Check status here
Create an Account and Apply
 Go to venturewell.org/student-grants
23
Download & read
detailed guidelines
Click to create
...
Proposal Selection Criteria
1. Technology innovation and feasibility
2. Business model and commercial
potential
3. Team co...
What happens after you submit
your proposal?
 Proposals are reviewed by panels of
VentureWell staff and external reviewer...
If your team is accepted…
 Your team is part of the E-Team Stage 1
cohort and is awarded a $5,000 grant!
 All E-Team gra...
What happens at the workshop?
 The Stage 1 workshop focuses on
market validation and discovery.
 Workshop exercises help...
More Information
Next Cohort:
January 11-13, 2018
Applications Due: October 4, 2017
E-Teams Program
Janine Elliott, Progra...
Appendix
VentureWell Intellectual Property
Policy
 Ownership of intellectual property
resulting from E-Team work should
belong to ...
Proposal Components
• Required
• Title page
• Proposal narrative (no more than 5 pages)
• Letter(s) of support (minimum of...
Who is your audience?
1. VentureWell Program Officer
2. VentureWell Grants Manager
3. Panel of 4-5 external reviewers
made...
Proposal Narrative
Technology and value proposition (1-2 pages)
• What is your invention or technology innovation?
• Is it...
Proposal Narrative (cont’d)
Business model and market (1-2 pages)
• Describe the market and customers that you intend to r...
Proposal Narrative (cont’d)
Team (half page)
• Who are the key team members and what roles will they play (1-2
• sentence ...
Proposal Narrative (cont’d)
 Work plan and outcomes (1 page)
• Describe your plan for moving forward (from today to initi...
Optional: Appendices and
Weblinks
• Up to 3 additional appendices may be included
• May include but not limited to:
• Imag...
Letters of support
 Letters of support demonstrate to
reviewers that there is institutional
support for your project and/...
Do you have a polished resume?
 Resumes should be no more than
three pages each, and are only
required for key team membe...
PROOFREAD YOUR PROPOSAL!
TOP REASONS FOR
REJECTION
42
1. No entrepreneurship (too research-focused,
no path to commercialization/project(s) begin
and end in the classroom)
2. N...
Top Reasons for Rejection
4. No clearly defined social impact
5. Lack of expertise on the team/no relevant
advisors and/or...
Top Reasons for Rejection
7. Not sustainable beyond the grant
7. Not scalable, one-off
8. No resulting E-Teams (for facult...
SUCCESSFUL ALUMNI
SEE VENTUREWELL.ORG FOR MORE EXAMPLES
46
47
FogKicker is a natural, green anti-fog solution. It
prevents the formation of fog on any surface,
including vehicle win...
48
BioCellection is developing bacteria that can
break down ocean-bound plastic waste. Their
technology then upcycles unre...
49
Kinnos prevents the transmission of
infectious diseases by eliminating human
error and empowering healthcare workers
an...
E-Team Grant Program Webinar Presentation
E-Team Grant Program Webinar Presentation
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E-Team Grant Program Webinar Presentation

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E-Team Grant Program Webinar Presentation

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E-Team Grant Program Webinar Presentation

  1. 1. Entrepreneurship Support for STEM Innovators Janine Elliott, Program Officer jelliott@venturewell.org
  2. 2. Agenda • Who? • About VentureWell • Why? • Technology for Impact • What? • About the E-Team Program • How? • Requirements & Application Process • Selection Criteria • Appendix • Proposal Components • Top Reasons for Rejection
  3. 3. Who is VentureWell? VentureWell supports early-stage, socially beneficial science and technology innovators, their ventures, and the innovation and entrepreneurship ecosystems that are critical to their success. 2
  4. 4. 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 3
  5. 5. Our Funders and Partners
  6. 6. Faculty Initiative Programs  We support faculty in developing programs that cultivate & support student innovators and promote institutional change through: 5  Faculty Grants  Pathways to Innovation  Open annual conference  Lean LaunchPad®
  7. 7. What we offer to Early Stage STEM Innovators  Direct work to support inventors in bringing their ideas to market through: – Workshops and training – Coaching and mentoring – Funding or awards
  8. 8. Agenda • Who? • About VentureWell • Why? • Technology for Impact • What? • About the E-Team Program • How? • Requirements & Application Process • Selection Criteria • Appendix • Proposal Components • Top Reasons for Rejection
  9. 9. Technology Scale People & Planet Why: Capacity for Impact
  10. 10. Why: Impact Agriculture, Energy, Health
  11. 11. E-Teams Supporting student inventors & entrepreneurs
  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 to market 11
  13. 13. E-Team Program Benefits  Intensive and highly interactive workshops led by experts in student STEM venture development  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 13
  14. 14. What is the result?  $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. 14
  15. 15. Agenda • Who? • About VentureWell • Why? • Technology for Impact • What? • About the E-Team Program • How? • Requirements & Application Process • Selection Criteria • Appendix • Proposal Components • Top Reasons for Rejection
  16. 16. HOW TO APPLY Brenna Breeding, Grants Administrator 16
  17. 17. E-Team Requirements Each E-Team must have:  At least 2 active students (undergraduate or graduate) – prefer a 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/industry advisors 17
  18. 18. Eligible Inventions & Innovations  Science / Technology based  Scalable and commercially promising  Potential for significant positive impact on society and/or the environment 18
  19. 19. 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
  20. 20. Examples of Ineligible Projects  Faculty-driven projects in which participating students have no ownership of resulting company or decision- making power  Projects without a clearly articulated social and/or environmental impact  Pure research projects without any defined commercial applications or potential  Projects without any student involvement  Projects without a clear technology invention or innovation 20
  21. 21. Before applying…  Confirm your university is a VentureWell member; funding is awarded to the university  Create a VentureWell account online to start your application OR have your university’s Office of Sponsored or Grants Programs do so on your team’s behalf  Know your university’s and VentureWell’s Intellectual Property policies 21
  22. 22. Membership: Check, Join, or Renew - Go to venturewell.org/membership Check status here
  23. 23. Create an Account and Apply  Go to venturewell.org/student-grants 23 Download & read detailed guidelines Click to create account & apply
  24. 24. 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 24
  25. 25. What happens after you submit your proposal?  Proposals are reviewed by panels of VentureWell staff and external reviewers.  Award notifications are sent ~60 days after submission deadline  Occasionally, a team may be invited to resubmit their proposal for reconsideration in a future cohort, after certain concerns or questions are addressed.  Competitive program: 15-25% acceptance rate 25
  26. 26. If your team is accepted…  Your team is part of the E-Team Stage 1 cohort and is awarded a $5,000 grant!  All E-Team grantees are required to send two participants to the three-day workshop in the Boston area.  The grant award is intended to cover: – travel to attend the workshop – minor expenses associated with furthering your innovation.  Note: Grant funds will be awarded to the team’s college or university and distributed by the PI to the team 26
  27. 27. What happens at the workshop?  The Stage 1 workshop focuses on market validation and discovery.  Workshop exercises help teams learn and be able to: – Assess the value of their innovation – Validate that the market they have identified is indeed the right market for their innovation – Examine their competitive position within that market(s)  Network with innovators and mentors from a national community 27
  28. 28. More Information Next Cohort: January 11-13, 2018 Applications Due: October 4, 2017 E-Teams Program Janine Elliott, Program Officer jelliott@venturewell.org VentureWell Grants Office Brenna Breeding, Grants Administrator Membership and grant application questions: grants@venturewell.org
  29. 29. Appendix
  30. 30. 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 30
  31. 31. Proposal Components • Required • Title page • Proposal narrative (no more than 5 pages) • Letter(s) of support (minimum of 1, maximum of 3) • Team member resumes • Optional • Additional appendices • Weblinks (websites, video links, articles, etc.)
  32. 32. 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.
  33. 33. 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.)?
  34. 34. 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?
  35. 35. 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?
  36. 36. 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?
  37. 37. Optional: Appendices and Weblinks • Up to 3 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
  38. 38. 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.
  39. 39. 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.
  40. 40. PROOFREAD YOUR PROPOSAL!
  41. 41. TOP REASONS FOR REJECTION 42
  42. 42. 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
  43. 43. 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)
  44. 44. Top Reasons for Rejection 7. Not sustainable beyond the grant 7. Not scalable, one-off 8. No resulting E-Teams (for faculty grants) 9. No connection to existing resources on campus (for faculty grants)
  45. 45. SUCCESSFUL ALUMNI SEE VENTUREWELL.ORG FOR MORE EXAMPLES 46
  46. 46. 47 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
  47. 47. 48 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
  48. 48. 49 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

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