Definitions and FAQs on Challenge
Definitions
Seasoned Entrepreneur: A person who has founded a Life Sciences, biomedical and/or health IT company; raised dilutive and/or non-dilutive capital for that company and have exited either successfully or unsuccessfully. CAI prefers entrepreneurs that have tenure of at least five years in a start-up and also have had corporate experience. If the entrepreneur had a successful exit (sold their company or had an IPO) in less than five years, this also qualifies as being a “seasoned entrepreneur.” Please note: an “entrepreneur in residence” typically does not meet these qualifications unless they meet the criteria outlined
Invention: means any discovery or invention that is or may be patentable or otherwise protected under Title 35, U.S.C., or any novel variety of plant that is or may be protectable under the Plant Variety Protection Act (7 U.S.C. 2321 et seq.) or is protectable under the equivalent laws of a foreign nation
The Center for Advancing Innovation (CAI): CAI is a global public-private partnership non-profit corporation. CAI’s mission is to support, accelerate and increase the volume of knowledge and technology transfer, translational research, commercialization and entrepreneurship in various fields of research, including biomedical research, to make more research available to the world for educational and innovation purposes and to improve the economy, create a virtuous circle of innovation and positively impact world health
Invention: means any discovery or invention that is or may be patentable or otherwise protected under Title 35, U.S.C., or any novel variety of plant that is or may be protectable under the Plant Variety Protection Act (7 U.S.C. 2321 et seq.) or is protectable under the equivalent laws of a foreign nation
The Center for Advancing Innovation (CAI): CAI is a global public-private partnership non-profit corporation. CAI’s mission is to support, accelerate and increase the volume of knowledge and technology transfer, translational research, commercialization and entrepreneurship in various fields of research, including biomedical research, to make more research available to the world for educational and innovation purposes and to improve the economy, create a virtuous circle of innovation and positively impact world health
Team Member Definitions
Team Leader: Accountable for deliverables and the Challenge's single point of contact
Team Member: Responsible for deliverables
Mentor: Person who has domain expertise who actively works with the team on a daily basis as the team needs
Advisor: Person who has domain expertise and the team uses for Q&A sessions only
Collaborator: Organization that agrees to help support the team by; these include but are not limited to: seed funding organization, service companies (e.g., legal, financial, etc.)
Team Member: Responsible for deliverables
Mentor: Person who has domain expertise who actively works with the team on a daily basis as the team needs
Advisor: Person who has domain expertise and the team uses for Q&A sessions only
Collaborator: Organization that agrees to help support the team by; these include but are not limited to: seed funding organization, service companies (e.g., legal, financial, etc.)
FAQs
Challenge Overall
What are the goals of the Challenge?
Please find here the link to the Challenge goals
Will we have access to the inventors during the competition?
Yes, via scheduled Q&A sessions hosted by CAI. Q&A sessions will be conducted virtually via a join.me session. If your team is unable to make the Q&A session, you may listen to the meeting afterwards. CAI will provide a link to the Q&A sessions to be accessed via CAI only. These recordings will be confidential under the Challenge CDA. Also, CAI will collect questions ahead of time and consolidate for the inventor. The inventor will answer questions in the order he/she deems most important for the teams
How will the Challenge distinguish teams?
Challenge teams must create a unique team name to use throughout the competition. CAI reserves the right to changes team names
Can an Organization have more than one team?
Yes, there is no limitation on the number of teams per organization
Can an Organization have more than one team per invention?
Yes, there is no limitation. Please be aware that the Challenge judges will typically choose only one or two winners per invention
Can a team member participate on several invention teams?
If the member is a Core team member, they may not participate on another team in any capacity. However, Advisors, Mentors, and Collaborators may participate on any number of teams as long as there is a definitive role. For example, CAI imagines that there may be some entrepreneurs that may participate on several teams
Can we have more than two members on a team?
Yes, there is no limit to how large your team can be, but must be a minimum of two
Can we change a team member after we are accepted into the Challenge?
Yes, however, if you are changing a core team member or the entrepreneur, you will need the new team member fill out this form. Also, you must indicate to the Challenge organizers that one of your members is being added/dropped
Please find here the link to the Challenge goals
Will we have access to the inventors during the competition?
Yes, via scheduled Q&A sessions hosted by CAI. Q&A sessions will be conducted virtually via a join.me session. If your team is unable to make the Q&A session, you may listen to the meeting afterwards. CAI will provide a link to the Q&A sessions to be accessed via CAI only. These recordings will be confidential under the Challenge CDA. Also, CAI will collect questions ahead of time and consolidate for the inventor. The inventor will answer questions in the order he/she deems most important for the teams
How will the Challenge distinguish teams?
Challenge teams must create a unique team name to use throughout the competition. CAI reserves the right to changes team names
Can an Organization have more than one team?
Yes, there is no limitation on the number of teams per organization
Can an Organization have more than one team per invention?
Yes, there is no limitation. Please be aware that the Challenge judges will typically choose only one or two winners per invention
Can a team member participate on several invention teams?
If the member is a Core team member, they may not participate on another team in any capacity. However, Advisors, Mentors, and Collaborators may participate on any number of teams as long as there is a definitive role. For example, CAI imagines that there may be some entrepreneurs that may participate on several teams
Can we have more than two members on a team?
Yes, there is no limit to how large your team can be, but must be a minimum of two
Can we change a team member after we are accepted into the Challenge?
Yes, however, if you are changing a core team member or the entrepreneur, you will need the new team member fill out this form. Also, you must indicate to the Challenge organizers that one of your members is being added/dropped
Scope of Challenge
What is the scope of the Challenge?
A therapeutic focus in cancer
Is the Challenge limited to the US, or is it international?
International
Is the Challenge limited to one state within the US?
No. This Challenge is global
A therapeutic focus in cancer
Is the Challenge limited to the US, or is it international?
International
Is the Challenge limited to one state within the US?
No. This Challenge is global
Inventions
Who owns the inventions?
A number of organizations own a selection of the inventions offered by the Challenge. These organizations include universities, hospitals, and federal labs throughout the US. If you bring your own invention, then ownership of the invention will be solely yours.
Are there national and/or international patents on the inventions in the Challenge?
This varies by invention; however, the inventions either have patents granted on an international/US basis or patent applications have been filed
Will an option to the invention be provided when the teams enter the Challenge?
No. This Challenge provides teams a real-life substantive, genuine experience that entrepreneurs in the world face every day
Are the winning teams guaranteed a license to their selected invention?
No. Licenses are not guaranteed to teams and their selected invention. Negotiations will need to occur in order to receive a licensing agreement.
Will known risks/weaknesses and strengths for the inventions be disclosed?
Yes, they are part of the invention description
Is there a chance that the invention might be licensed by another organization during the course of the Challenge?
Yes, but the risk is low. CAI will notify all teams if this were to occur
A number of organizations own a selection of the inventions offered by the Challenge. These organizations include universities, hospitals, and federal labs throughout the US. If you bring your own invention, then ownership of the invention will be solely yours.
Are there national and/or international patents on the inventions in the Challenge?
This varies by invention; however, the inventions either have patents granted on an international/US basis or patent applications have been filed
Will an option to the invention be provided when the teams enter the Challenge?
No. This Challenge provides teams a real-life substantive, genuine experience that entrepreneurs in the world face every day
Are the winning teams guaranteed a license to their selected invention?
No. Licenses are not guaranteed to teams and their selected invention. Negotiations will need to occur in order to receive a licensing agreement.
Will known risks/weaknesses and strengths for the inventions be disclosed?
Yes, they are part of the invention description
Is there a chance that the invention might be licensed by another organization during the course of the Challenge?
Yes, but the risk is low. CAI will notify all teams if this were to occur
Letter of Intent Phase
How many teams are accepted into the Challenge per invention?
Maximum of 10 per invention
Do teams select the inventions for which they want to build a team?
Yes. CAI advises teams to select an area of interest, as well as an area in which they have some experience
Can we populate our LOI using the live system?
Yes, LOIs can be submitted here
Is there a maximum number of LOIs that can be submitted per team?
No
What are the team requirements?
Please see our Eligibility and Rules
Are inventors allowed to participate as part of a team?
Yes, subject to any requirements of the inventor’s current employer
Are NIH-funded labs able to be collaborators for our team?
Yes.
Do teams need to be formed all from individuals from within the same state?
No, team members can be from any state and country
Can new members of the team be added during the progression for the Challenge?
Yes, as long as the CAI administrators are made aware of the additional team member, the role that they will play, etc. Please contact Rosemarie Truman at [email protected] for any additions to your team
Are there any tools provided to help the students form teams?
Yes, you may post contact information for your teams and potential team members. You can see this list here
How do I know how many teams have been accepted for each invention?
A "ticker" beside each invention description can be found here. CAI will indicate when no more LOIs will be accepted
How will I know if I've been accepted into the business plan portion of the contest?
You will receive an email from CAI stating that you have been accepted into the business plan portion of the contest
Maximum of 10 per invention
Do teams select the inventions for which they want to build a team?
Yes. CAI advises teams to select an area of interest, as well as an area in which they have some experience
Can we populate our LOI using the live system?
Yes, LOIs can be submitted here
Is there a maximum number of LOIs that can be submitted per team?
No
What are the team requirements?
Please see our Eligibility and Rules
Are inventors allowed to participate as part of a team?
Yes, subject to any requirements of the inventor’s current employer
Are NIH-funded labs able to be collaborators for our team?
Yes.
Do teams need to be formed all from individuals from within the same state?
No, team members can be from any state and country
Can new members of the team be added during the progression for the Challenge?
Yes, as long as the CAI administrators are made aware of the additional team member, the role that they will play, etc. Please contact Rosemarie Truman at [email protected] for any additions to your team
Are there any tools provided to help the students form teams?
Yes, you may post contact information for your teams and potential team members. You can see this list here
How do I know how many teams have been accepted for each invention?
A "ticker" beside each invention description can be found here. CAI will indicate when no more LOIs will be accepted
How will I know if I've been accepted into the business plan portion of the contest?
You will receive an email from CAI stating that you have been accepted into the business plan portion of the contest
Business Plan Phase
Can a business model canvas be created in lieu of the business plan?
No
No
Business Plan Phase
How many Start-up Phase teams will there be for each invention?
1-3 team; all must create a company in this phase
What happens if there is no start-up?
All teams in the start-up phase will be required to incorporate a company. So, all teams that agree to be in the start-up phase should be serious about creating a new company
What constitutes a “winner” in the start-up phase of the Challenge?
A business entity that has successfully negotiated a license to a Challenge invention and has also secured dilutive and/or non-dilutive seed funding
Can there be more than one start-up winner per invention?
Yes. If all teams in the start-up phase of the Challenge put forth licensing applications for different fields of use, there could be three start-ups per invention
Are winning teams guaranteed licenses to their respective technologies?
No. Winners of the Challenge will still need to submit a complete license application, which will be granted by the discretion of the licensing organization
Can the start-ups also license other technology that might complement the invention they are using for the Challenge?
Yes. They should use whatever mechanism possible to allow them to have a high probability of a sustainable, successful start-up, as long as they comply with the Challenge rules
How much will teams receive for winning Phase 3: Startup?
There is no prize other than the $2000 for winning Phase 2 provided by CAI. Teams may potentially receive additional funding from VC pitches organized through the Challenge
Does the Challenge team absolutely have to create a start-up?
No, the Challenge team may find a start-up organization who may want to license the invention to augment their portfolio
1-3 team; all must create a company in this phase
What happens if there is no start-up?
All teams in the start-up phase will be required to incorporate a company. So, all teams that agree to be in the start-up phase should be serious about creating a new company
What constitutes a “winner” in the start-up phase of the Challenge?
A business entity that has successfully negotiated a license to a Challenge invention and has also secured dilutive and/or non-dilutive seed funding
Can there be more than one start-up winner per invention?
Yes. If all teams in the start-up phase of the Challenge put forth licensing applications for different fields of use, there could be three start-ups per invention
Are winning teams guaranteed licenses to their respective technologies?
No. Winners of the Challenge will still need to submit a complete license application, which will be granted by the discretion of the licensing organization
Can the start-ups also license other technology that might complement the invention they are using for the Challenge?
Yes. They should use whatever mechanism possible to allow them to have a high probability of a sustainable, successful start-up, as long as they comply with the Challenge rules
How much will teams receive for winning Phase 3: Startup?
There is no prize other than the $2000 for winning Phase 2 provided by CAI. Teams may potentially receive additional funding from VC pitches organized through the Challenge
Does the Challenge team absolutely have to create a start-up?
No, the Challenge team may find a start-up organization who may want to license the invention to augment their portfolio
Funding
Is funding guaranteed for start-ups?
No. CAI has connected with several potential funding organizations. If funding organizations have agreed to participate in the Challenge to evaluate start-ups that arise out of this Challenge, they are listed in the potential funding section of the website
No. CAI has connected with several potential funding organizations. If funding organizations have agreed to participate in the Challenge to evaluate start-ups that arise out of this Challenge, they are listed in the potential funding section of the website
Other Pointers
Creativity: CAI encourages creativity in every sense of the word to help your team have a high probability of a successful outcome and differentiate yourself, while abiding by the “rules” of the Challenge
Branding: Remember to also be aware of branding. Many biomedical companies have names that seem obscure and do not relate to anything the end user can relate to. Challenge participants may differentiate yourself if you choose a name that end users can actually relate to. Also, be sure to include imagery and tag lines and potentially even a jingle and mascot
Stakeholder Engagement: Remember to include Key Opinion Leaders (KOLs), patient advocate groups, doctors (contemporary and more traditional), venture funds/private equity/angel investors, other inventors, etc.
Due Diligence: Please perform your own due diligence on the inventions in the challenge
Licensing Process and Forms: Please familiarize yourself with the licensing process and licensing agreements for inventions
Branding: Remember to also be aware of branding. Many biomedical companies have names that seem obscure and do not relate to anything the end user can relate to. Challenge participants may differentiate yourself if you choose a name that end users can actually relate to. Also, be sure to include imagery and tag lines and potentially even a jingle and mascot
Stakeholder Engagement: Remember to include Key Opinion Leaders (KOLs), patient advocate groups, doctors (contemporary and more traditional), venture funds/private equity/angel investors, other inventors, etc.
Due Diligence: Please perform your own due diligence on the inventions in the challenge
Licensing Process and Forms: Please familiarize yourself with the licensing process and licensing agreements for inventions
