Challenge Overview

High Level Overview
The Center for Advancing Innovation (CAI) has launched the Freedom from Cancer Startup Challenge (FCSC), an unprecedented, open innovation challenge to create 100 startups around commercially viable cancer-related inventions. The Laura and John Arnold Foundation (LJAF) has committed $1.2 million dollars for the orchestration of this program. CAI will also leverage additional funding from MedImmune/AstraZeneca for the scientific advisory and development of these startups.
Challenge Phases
  • Phase 0: Enter Challenge: Teams provide details and backgrounds of the members of their team, and how team members meet eligibility requirements. Teams also choose their invention and outline their intent to participate in the Challenge. Only teams that have the intent of creating a start-up will be accepted into the Challenge.  A maximum of 10 teams per invention will be accepted
  • Phase 1: Elevator Speech: Teams develop a two-minute elevator speech via recorded video and a 350-word executive summary outlining potential commercial product(s) and company vision. Winners of this phase will be the semi-finalists to move on to Phase 2: Business Plan. NOTE: A maximum of five (5) semi-finalists from each invention will move on to Phase 2
  • Phase 2: Business Plan: Teams develop a 10-page business plan with a detailed financial plan as well as a 20-minute "live" pitch presented virtually to the Challenge judges. The winners of this phase will receive a $2000 award per team that is provided by CAI as well as move on to Phase 3: Start-up. NOTE: A maximum of three (3) winners from each invention 
  • Phase 3: Start-up: Teams launch their start-ups, including company incorporation, apply for licenses, and executing other developmental needs
Key Dates
Team Eligibility and Guidelines
  • Names: For team names and required documents, we require teams to stick to the guidelines for naming conventions.
  • Inventions: Inventions offered through the competition will be provided on the inventions page. Teams are not restricted to competing for only one invention, but those teams must address their ability to pursue multiple product lines
  • Age: No age restrictions, those under the age of 18 will have to complete a consent form
  • Participant Background: There are no restrictions to the background of participants in this challenge
  • Team Size: As large as the lead member decides; the minimum team size is two people
  • Type of Team: Teams may be formed out of an university, on an individual basis, or from existing startups
  • Preferred Disciplines: Teams should be cross-functional, representing business, medical/scientific, and entrepreneurial disciplines.  It also may be useful for some Challenge teams to have computer science and/or engineering expertise
  • Preferred Entrepreneur: Seasoned entrepreneur, who has founded a Life Sciences, biomedical and/or health IT company, raised dilutive and non-dilutive capital for that company, and have exited either successfully or unsuccessfully. We prefer entrepreneurs that have tenure of at least five years (a minimum of three years) in a start-up and also have had corporate experience
  • Recommended Team Members: Include collaborators, mentors and advisors on your team as defined here
  • Geography: This team is open to international participation; there are no geographic restrictions except where this Challenge is prohibited by law
  • Start-up: Teams must have the intent of creating a startup for the Challenge
Deliverables Per Phase
Phase 0: Enter Challenge - (you will provide all documentation electronically through the LOI form):
  1. Choose an Invention: The model of this Challenge encompasses high-value inventions from various research institutes. Teams may choose a provided invention from the inventions list
  2. Letter of Intent Form: Challenge teams will need to select their invention and provide details on their team. The team will also need to submit their statement of intent to participate in each phase of the Challenge. Click here for the LOI form
  3. CDA Form: All Team members (advisors, mentors, collaborators) will need to execute a CDA. The CDA form can be found here. CAI can work with any members concerning the terms of the CDA
  4. Resumes and Optional Documents: Each core team must submit their resumes in one single word document or pdf file. You can submit your Resumes with your LOI
Phase 1: Elevator Speech
  1. 2-minute elevator pitch in a recorded video, uploaded on our YouTube site
  2. 350-word executive summary
  3. Public voting
Phase 2: Business Plan – estimated 20 pages PPT and Word (not including appendices):
  1. 10-page business plan: 11pt font (depending on font type) - title, table of contents, and appendix should not be counted in the 10 pages
  2. Financial Model: Profit & Loss w/ risk-adjusted NPV, Valuation, and Cap Table
  3. 20-minute Pitch (5 minute presentation, 5 minute Q&A, 10 minute preparation time) virtual live pitch via join.me to the Challenge judges and to potential funders
  4. 10-page pitch deck (maximum length is 10 pages PowerPoint or Prezi)
*appendices should be added and submitted with your business plan as a supplement, to be available on request from the judges
Phase 3: Start-up
  1. Start-up company incorporation
  2. Applications for the license
  3. Applications for dilutive/non-dilutive funding
  4. Management team selection