Dare To Dream - Info

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<ul><li> 1. Dare to Dream Grant Program Information Session2007 - 08 Paul Kirsch and Rachel Ulrich January 16, 2008 COPYRIGHT 2006THE REGENTS OF THE UNIVERSITY OF MICHIGANALL RIGHTS RESERVED </li></ul> <p> 2. Agenda </p> <ul><li>Dare to Dream in the context of business development and ZLI activities </li></ul> <ul><li>What are Dare to Dream grants </li></ul> <ul><li>Three types of grants </li></ul> <ul><li>Applications: content and review </li></ul> <ul><li>Moving beyond Dare to Dream </li></ul> <ul><li>Timeline </li></ul> <ul><li>Questions </li></ul> <p> 3. Dare to Dream encourages </p> <ul><li>..the thoughtful development of student-led businesses </li></ul> <ul><li>AND </li></ul> <ul><li>..the development of student entrepreneurial skills and understanding </li></ul> <p> 4. Dare to Dream Grants are </p> <ul><li>Unique to Michigan </li></ul> <ul><li>Sponsored by Eugene Applebaum </li></ul> <ul><li><ul><li>A $100,000 program, no winner </li></ul></li></ul> <ul><li><ul><li>$500, $1,500 and up to $10,000 awards </li></ul></li></ul> <ul><li><ul><li>Multiple awardees in each phase in each round </li></ul></li></ul> <ul><li>Every Fall and Winter semester </li></ul> <ul><li>Documented by written deliverables of student progress through the business development activities </li></ul> <p> 5. Dare to Dream Grants are </p> <ul><li>Awarded to businesses or concepts that demonstrate </li></ul> <ul><li><ul><li>Innovation</li></ul></li></ul> <ul><li><ul><li>Value </li></ul></li></ul> <ul><li><ul><li>Motivation </li></ul></li></ul> <ul><li>Relative importance of criteria change from Phase to Phase of the Dare to Dream evaluation process </li></ul> <p>Motivation Value Innovation 6. Dare to Dream Grants are </p> <ul><li>Encouragement for students to </li></ul> <ul><li><ul><li>Take on real business development activities </li></ul></li></ul> <ul><li><ul><li><ul><li>Execute primary research with customers, users, partners, technologists </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Incorporate </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Recruit and build a team</li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li><ul><li>email[email_address]for more information </li></ul></li></ul></li></ul></li></ul> <ul><li><ul><li>Explore opportunities </li></ul></li></ul> <ul><li><ul><li><ul><li>Is your solution the right solution for market need? </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Is there a better market for your solution? </li></ul></li></ul></li></ul> <ul><li><ul><li>Expend effort and dedicate time </li></ul></li></ul> <ul><li><ul><li><ul><li>Fit these activities into already busy Michigan schedule </li></ul></li></ul></li></ul> <p> 7. Dare to Dream Grants are NOT </p> <ul><li>A competition: many teams are given the opportunity to receive grants based on the merit of the application </li></ul> <ul><li>For academic credit </li></ul> <ul><li>An endorsement or criticism of the business or idea </li></ul> <ul><li>An endorsement or criticism of the management team</li></ul> <p> 8. 3 Phases of Dare to Dream </p> <ul><li>Opportunitygrants initiate business ideation </li></ul> <ul><li><ul><li><ul><li>What would the product be? Who uses this? </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Move beyond this is a cool idea/technology </li></ul></li></ul></li></ul> <ul><li>Assessmentgrants force developmental issues </li></ul> <ul><li><ul><li><ul><li>Is there enough there there to move forward? </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Does this idea pass a feasibility test? </li></ul></li></ul></li></ul> <ul><li>Integrationgrants drive the team to</li></ul> <ul><li><ul><li><ul><li>Build upon the go decision </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Assemble a full business plan to address all concerns of launching and growing a business </li></ul></li></ul></li></ul> <p> 9. Deliverables </p> <ul><li>Opportunity </li></ul> <ul><li><ul><li>Application is Technology/Product Description </li></ul></li></ul> <ul><li><ul><li>Deliverable is theBusiness Hypothesis </li></ul></li></ul> <ul><li>Assessment </li></ul> <ul><li><ul><li>Application isBusiness Hypothesis </li></ul></li></ul> <ul><li><ul><li>Deliverable is theFeasibility Study </li></ul></li></ul> <ul><li>Integration</li></ul> <ul><li><ul><li>Application isFeasibility Study </li></ul></li></ul> <ul><li><ul><li>Deliverables are the full Business Plan and Investor Presentation </li></ul></li></ul> <p> 10. Opportunity Application: Product/Technology Description </p> <ul><li>Simple statement of the technology, product, or service </li></ul> <ul><li>Plain language description of the technology, product or service </li></ul> <ul><li><ul><li><ul><li>What makes this unique? </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>How is this different? </li></ul></li></ul></li></ul> <ul><li>Who are the typical users and/or customers? </li></ul> <ul><li><ul><li><ul><li>Needs, pains, desires </li></ul></li></ul></li></ul> <ul><li>Discussion of the potential business </li></ul> <ul><li><ul><li><ul><li>What types of activities </li></ul></li></ul></li></ul> <p> 11. Opportunity Deliverable &amp; Assessment Application:Business Hypothesis </p> <ul><li>Statement describing the proposed business </li></ul> <ul><li>Plain language description of the technology, product or service </li></ul> <ul><li>What is the competition already in the market? </li></ul> <ul><li><ul><li><ul><li>Is the market pain being satisfied already?How? </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Why will customers pay for your solution? </li></ul></li></ul></li></ul> <ul><li>Discussion of the proposed business </li></ul> <ul><li><ul><li><ul><li>How will the business be built around this product? </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>What value-added activities will the business conduct? </li></ul></li></ul></li></ul> <p> 12. Assessment Deliverable &amp; Integration Application: Feasibility Study </p> <ul><li>Target market assessment </li></ul> <ul><li><ul><li><ul><li>Pain </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Size, and growth rate </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Options to grow into other segments </li></ul></li></ul></li></ul> <ul><li>Overall market assessment </li></ul> <ul><li><ul><li><ul><li>Overall market size and growth rate </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Macro-trends </li></ul></li></ul></li></ul> <ul><li>Industry assessment </li></ul> <ul><li><ul><li><ul><li>Five forces analysis </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Likely changes </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>(continued) </li></ul></li></ul></li></ul> <p> 13. </p> <ul><li>Firm </li></ul> <ul><li><ul><li><ul><li>Proprietary elements </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Competitive advantage, superior performance </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Economic viability </li></ul></li></ul></li></ul> <ul><li>Team </li></ul> <ul><li><ul><li><ul><li>Mission, risk, congruence of goals </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Ability to execute Critical Success Factors (CSF), and manage around Fatal Flaws (FF) </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Connectedness </li></ul></li></ul></li></ul> <ul><li><ul><li>Conclusion </li></ul></li></ul> <p>Assessment Deliverable &amp; Integration Application:Feasibility Study 14. Integration Deliverables: Business Plan &amp; Investor Presentation </p> <ul><li>Business Plan </li></ul> <ul><li><ul><li>Executive summary </li></ul></li></ul> <ul><li><ul><li>Operational plan: how to get there from here </li></ul></li></ul> <ul><li><ul><li>Full financial model: narrative and spreadsheets </li></ul></li></ul> <ul><li><ul><li>Financing and exit issues </li></ul></li></ul> <ul><li>Investor Presentation </li></ul> <ul><li><ul><li>Documentation and presentation for target funders </li></ul></li></ul> <ul><li><ul><li>In-person, persuasive appeal to secure funding </li></ul></li></ul> <ul><li><ul><li><ul><li>Friends and family </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Angel </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Institutional </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Grantors generally do not receive presentations </li></ul></li></ul></li></ul> <p> 15. Dare to DreamApplications </p> <ul><li>Student-led teams convince ZLI of </li></ul> <ul><li><ul><li>Innovation </li></ul></li></ul> <ul><li><ul><li>Value </li></ul></li></ul> <ul><li><ul><li>Motivation </li></ul></li></ul> <ul><li>Application and review criteria </li></ul> <ul><li><ul><li>Different requirements and evaluation for Opportunity, Assessment, and Integration </li></ul></li></ul> <p> 16. Evaluation ofOpportunity Applications </p> <ul><li>Panelists individually value items </li></ul> <ul><li>Panel asked to specifically consider: </li></ul> <ul><li><ul><li>Innovation, uniqueness </li></ul></li></ul> <ul><li><ul><li>Understanding of relationship to users </li></ul></li></ul> <ul><li><ul><li><ul><li>Payers vs. non-payers </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Technologists vs. general public </li></ul></li></ul></li></ul> <p> 17. Evaluation ofAssessment Applications </p> <ul><li>Panelists individually value items </li></ul> <ul><li>Panel asked to specifically consider: </li></ul> <ul><li>Clarity of the proposed business </li></ul> <ul><li>Tech/prod/service </li></ul> <ul><li><ul><li>Uniqueness </li></ul></li></ul> <ul><li><ul><li>Current solutions </li></ul></li></ul> <ul><li><ul><li>Comparison to status quo </li></ul></li></ul> <ul><li>Customer identification </li></ul> <ul><li><ul><li>Desires, needs, pains </li></ul></li></ul> <ul><li><ul><li>Currently being served </li></ul></li></ul> <ul><li>Business model </li></ul> <ul><li><ul><li>What company does </li></ul></li></ul> <ul><li><ul><li>How it makes money </li></ul></li></ul> <p> 18. Evaluation ofIntegration Applications </p> <ul><li>Panelists individually value items </li></ul> <ul><li>Does application convince panel of feasibility </li></ul> <ul><li>Panel asked to specifically consider: </li></ul> <ul><li>Target market viability </li></ul> <ul><li>Addressable market potential </li></ul> <ul><li>Industry and competitive situation </li></ul> <ul><li>Firm advantages </li></ul> <ul><li>Economic viability </li></ul> <ul><li>Team ability, ambition, connectedness </li></ul> <p> 19. Applications </p> <ul><li>Available on the Institute website </li></ul> <ul><li>www.zli.bus.umich.edu/events_programs/dream_details.asp </li></ul> <ul><li>Three sections: </li></ul> <ul><li><ul><li>WHO:</li></ul></li></ul> <ul><li><ul><li><ul><li>Team information </li></ul></li></ul></li></ul> <ul><li><ul><li>WHAT:</li></ul></li></ul> <ul><li><ul><li><ul><li>OP: Technology/product/service description </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>AS: Business Hypothesis </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>IN: Feasibility Study </li></ul></li></ul></li></ul> <ul><li><ul><li>DELIVERABLES: </li></ul></li></ul> <ul><li><ul><li><ul><li>Know what you are agreeing to do! </li></ul></li></ul></li></ul> <p> 20. Grant Recipients </p> <ul><li>Announced at the Michigan Business Challenge Awards Ceremony, Feb. 15 </li></ul> <ul><li>At least half the team members must attend at least the corresponding Business Development Seminar on March 7 </li></ul> <ul><li><ul><li>Hypothesis at 9:00 </li></ul></li></ul> <ul><li><ul><li>Feasibility Study at 12:00 </li></ul></li></ul> <ul><li><ul><li>Business Plan at 3:00 </li></ul></li></ul> <p> 21. Grant Deliverables </p> <ul><li>Intermediate </li></ul> <ul><li><ul><li>Opportunity Hypothesis not applicable </li></ul></li></ul> <ul><li><ul><li>Assessment - Feasibility Study 3/28 </li></ul></li></ul> <ul><li><ul><li>Integration - Business Plan 4/25 </li></ul></li></ul> <ul><li>Final </li></ul> <ul><li><ul><li>Opportunity Hypothesis 3/2 </li></ul></li></ul> <ul><li><ul><li>Assessment - Feasibility Study 4/25 </li></ul></li></ul> <ul><li><ul><li>Integration - Business Plan 7/25 </li></ul></li></ul> <p> 22. Symposia and Events </p> <ul><li>Mingle n Match </li></ul> <ul><li>Casual, networking events </li></ul> <ul><li>Foster discussion between students with business ideas and their colleagues in search of concepts </li></ul> <ul><li>Students with ideas present one-minute overviews </li></ul> <ul><li>Informal discussions about the presented ideas, needs and ambitions </li></ul> <ul><li>AFTER THE EVENT: presenters provided with the contact information of interested students </li></ul> <ul><li>Low impact. Only expectation is to continue the discussion </li></ul> <ul><li>Contact: teambuilding@umich.edu </li></ul> <p>February 7 Ann Arbor SPARK 23. Moving Beyond Dare to Dream </p> <ul><li>Tie in to other entrepreneurial activities </li></ul> <ul><li><ul><li>ES electives </li></ul></li></ul> <ul><li><ul><li><ul><li>ES615: New Venture Creation </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>ES715: Innovation </li></ul></li></ul></li></ul> <ul><li><ul><li>Michigan Business Challenge </li></ul></li></ul> <ul><li><ul><li><ul><li>Iterative, multi-cycle tournament for student-led start-ups </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Over $40,000 in prize money </li></ul></li></ul></li></ul> <ul><li><ul><li>Marcel Gani self-hosted internships: Student CEOs paid to work on their own start-ups </li></ul></li></ul> <ul><li><ul><li><ul><li>Applications due on 3/21 </li></ul></li></ul></li></ul> <p> 24. Past Participants </p> <ul><li>Mobius Microsystems Winter 2002 </li></ul> <ul><li><ul><li>Relocated to CA, raised $8MM </li></ul></li></ul> <ul><li>Style High - Assess Fall 2004 </li></ul> <ul><li><ul><li>Now Spirit Shop, operating in AA, post-raise </li></ul></li></ul> <ul><li>Incept Biosystems Integrate Fall 2004 </li></ul> <ul><li><ul><li>Currently in multimillion fund raise </li></ul></li></ul> <ul><li>Gregory Sports Management Assess Fall 2005 </li></ul> <ul><li><ul><li>Operating as a lifestyle business </li></ul></li></ul> <ul><li>MicroNeural Interfaces Assess Winter 2006 </li></ul> <ul><li><ul><li>Competing in MBC 2007, currently semifinalist </li></ul></li></ul> <p> 25. Past Participants 26. Past Participants 27. Questions? Dare to Dream Grants Paul Kirsch Rachel Ulrich Program Manager Program Coordinator [email_address] [email_address] 28. Questions </p> <ul><li>What kind of businesses are you looking for?</li></ul> <ul><li><ul><li>These are student Dreams not ZLI Dreams </li></ul></li></ul> <ul><li><ul><li>Preference for applications that show </li></ul></li></ul> <ul><li><ul><li><ul><li>Innovation </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li><ul><li>innovation does not have to be technology </li></ul></li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>High growth potential </li></ul></li></ul></li></ul> <ul><li><ul><li><ul><li>Committed teams </li></ul></li></ul></li></ul> <ul><li><ul><li>Discourage restaurants and real estate flippers </li></ul></li></ul> <ul><li><ul><li>Applications do not have to be for future Fortune 100 firms </li></ul></li></ul> <p> 29. Questions </p> <ul><li>How does this relate to business plan competitions? </li></ul> <ul><li><ul><li>These are separate programs </li></ul></li></ul> <ul><li><ul><li>Mutually supportive </li></ul></li></ul> <ul><li><ul><li>D2D is more developmental, incubatorish </li></ul></li></ul> <ul><li><ul><li>BPCs are more competitive, more personal with more feedback </li></ul></li></ul> <p> 30. Questions </p> <ul><li>Do you have to have a business student on the team </li></ul> <ul><li><ul><li>Yes, for Assessment and Integration </li></ul></li></ul> <ul><li><ul><li>No, for Opportunity </li></ul></li></ul> <p> 31. Questions </p> <ul><li>Can I apply for Dare to Dream in my last semester? </li></ul> <ul><li><ul><li>Yes, for Opportunity and Assessment </li></ul></li></ul> <ul><li><ul><li><ul><li>Deliverables are due the SAME semester as awards are granted </li></ul></li></ul></li></ul> <ul><li><ul><li>No, for Integration </li></ul></li></ul> <ul><li><ul><li><ul><li>Deliverables are due six months after award date </li></ul></li></ul></li></ul> <p> 32. Questions </p> <ul><li>What if the Feasibility Study shows the idea is NOT feasible? </li></ul> <ul><li><ul><li>Team still receives $$ if the Feasibility Study is completed properly </li></ul></li></ul> <ul><li><ul><li>Emphasis is learning HOW to evaluate ideas, WHAT questions to ask, WHEN </li></ul></li></ul> <ul><li><ul><li><ul><li>Answers are NOT predetermined </li></ul></li></ul></li></ul> <p> 33. Questions </p> <ul><li>Can I be on more than one team? </li></ul> <ul><li>Can I make more than one submission? </li></ul> <ul><li><ul><li>Yes, but. </li></ul></li></ul> <ul><li><ul><li>Instills doubt about commitment, focus and motivation </li></ul></li></ul> <ul><li><ul><li>Discouraged </li></ul></li></ul> <p> 34. Questions </p> <ul><li>If someone receives an Assessment grant, they can still apply later for an Integration grant and receive the $10,000 for the same idea, correct?</li></ul> <ul><li><ul><li>Absolutely </li></ul></li></ul> <ul><li><ul><li>The grant applications do not have to be in sequential terms </li></ul></li></ul> <ul><li><ul><li>However, one business can only get each grant once </li></ul></li></ul> <p> 35. Questions </p> <ul><li>Do you have to wait a whole term to move forward with your idea? </li></ul> <ul><li><ul><li>The Dare to Dream grants are awarded once a semester </li></ul></li></ul> <ul><li><ul><li>You can work independently on your business to get it started </li></ul></li></ul> <ul><li><ul><li>If means you leapfrog from Opportunity to Integration, that is okay </li></ul></li></ul> <p> 36. Questions </p> <ul><li>How in depth is the application for Opportunity?I only have a very vague idea </li></ul> <ul><li><ul><li>Opportunity grants are designed to be very easy to apply for </li></ul></li></ul> <ul><li><ul><li>What you need is a well thought out and clearly articulated product/technology/service description </li></ul></li></ul> <p> 37. Questions </p> <ul><li>What is the benefit of applying for Opportunity instead of Assessment? </li></ul> <ul><li><ul><li>Opportunity was originally designed for non-business students who have an idea but are unsure what to do with it </li></ul></li></ul> <ul><li><ul><li>If you can comfortably complete the Assessment application, there really is no advantage to applying for Opportunity first </li></ul></li></ul> <p> 38. Questions </p> <ul><li>Can you add pictures to your application? </li></ul> <ul><li><ul><li>Use them sparingly </li></ul></li></ul> <ul><li><ul><li>You should be able to describe your product/technology with plain language </li></ul></li></ul> <p> 39. Questions </p> <ul><li>Do judges prefer huge businesses with designs to revolutionize the market? </li></ul> <ul><li><ul><li>Not at all </li></ul></li></ul> <ul><li><ul><li>The review panels are encouraged to look for successful ideas of all sizes, not just the next Wal-Mart or Google </li></ul></li></ul> <p> 40. Mingle n Match </p> <ul><li>Casual, networking events </li></ul> <ul><li>Foster discussion between students with business ideas and their colleagues in search of concepts </li></ul> <ul><li>Students with ideas present one-minute overviews </li></ul> <ul><li>Informal discussions about the presented ideas, needs and ambitions </li></ul> <ul><li>AFTER THE EVENT: presenters provided with the contact information of interested students </li></ul> <ul><li>Low impact. Only expectation is to continue the discussion </li></ul> <ul><li>Contact: teambuilding@u