Typical steps involved in growing a technology startup, including average funding and Rochester based support organizations.

1. TCT - TECHNOLOGY COMMERCIALIZATION PROCESS
Company Development Concept /Technology
Pre-Seed Early Seed Stage Mid-Seed Stage Later Seed Stage Early Stage
Stage Development
Stage Summary Research Opportunity Investigation Feasibility Proof Development Market Introduction Growth
lab prototype & beta tests
pre-prototype (most science lab prototype & feasibility demonstrated lab prototype & feasibility commercial grade prototype &
Physical Science - research complete; validating
completed; engineering remains) in lab demonstrated in alpha tests first production runs
manufacturability
Technology Milestones
pre-molecule but promising early molecule selected & working in cell molecule being optimized & validating optimized molecule molecule optimized & running
Life Science - research
results lines working in cell lines in animals pre-clinical trials
Patent Status invention disclosure OTT processing / Provisional Provisional application / Pending pending pending/issued adding to foundational patents
Company
compelling business plan; well executing BP, looking for developing customer
Business Development first-cut idea analysis; preliminary opportunity analysis complete and
na validated w/ customer and customers and strategic relationships; delivering first
Milestones presentation customer surveys underway
expert surveys alliances products to first customers
inventor & one or two
Management Team inventor & one interim bus-dev inventor & one committed bus
na Inventor coaching & mentoring committed and experienced at least three "real" managers
Milestones person/coach - ~25% of FTE dev person - 50% - 100%
bus dev persons
Customer & Sales Bio - Initial discussion with strategic letters of intent or some
na none customer interest paying customers
Milestones Partners preliminary relationship
Probability of
1% 1% - 4% 4% - 7% 7% - 12% 15%-25%
Significant Liquidity
Funding Requirements ~ $1-10M $0-$50K $50-$100K $100-$250K $250-500K $1-4M
Time to Achieve
Funding
1-10 years 1-3 months 3-9 months 6-12 months 9-18 months 9-18 months
Milestones
Grants, Corporations, Founders, Angels, Strategic Partners, Venture Capital, Angels,
Government and Corporate Angels, Seed Investors like Excell, Angels, Seed Investors like
Funding Sources Grants
Family, Friends, Angels (Expert),
SBIR Phase I, CEIS Bio-imaging Excell, SBIR Phase I/II
Seed Investors- Excell, SBIR Strategic Partners, SBIR
SBIR Phase I, TTIP Phase II Phase II
Average Valuation
(based on Venture One ---- <$750K $1M-$2M $2M-$3M $3M-$4M $4M-$6M
data)
Tech Transfer - UR(MC) OTT,
Excell, HTR , Simon School,
Community
RIT, Cornell HTR, PSW, Venture Creations, HTR, Simon School, RIT COB, Johnson Excell, HTR, Big Red
Resources/ RIT COB, Johnson School, Early Stage VCs, RAN,
Tech Farm, Infotonics, CEIS, School, Tech Farm, Consultants, Ventures, Consultants,
People/Organizations Industry - Kodak, Xerox, B&L Tech Farm, Consultants, CAPCOs, University Support
University Support University Support University Support
University Support
NGOs and other resources
BioVenture Network Investor
Synergistic Community FIRE, Rochester Inventor Soc. Pre-Seed Workshops, Infobytes TEN, Pre-Seed Workshop, Infobytes, UNYTech and UVANY one-
Business Plan Competitions Day, Smart Start, Other
Events Innovation Marketplace - HTR minutes, E&A
Investor Day Events, TEN
rami.katz@htr.org Rami Y. Katz (585) 214-0596