Phase 2: Business Plan
Phase 2 Timeline
Business plan phase: The official business plan phase will begin on February 3rd, 2018, promptly after the ending of Phase 1. Teams are encouraged to begin their deliverables for Phase 2 earlier than this date, however, only the Phase 1 semi-finalists will be allowed official participation starting January 20th. Business plan documentation/deliverables are due on June 1st, 2018. Live pitches will be conducted from June 4th - June 15th. Finalists and Winners will be announced by June 25th, 2018
- Official Start Date into Phase 2: February 3rd, 2018
- Incorporate Company: May 15th, 2018
- Final Deliverables Due: June 1st, 2018
- Pitches Occur: June 4th - June 15th as scheduled through the Center for Advancing Innovation
- Finalists and Winners Announced: June 25th, 2018
Phase 2 Overview and Submission Requirements
- Business Plan Phase Overview: Challenge semi-finalists from Phase 1 will develop a 10-page business plan and a ten-minute "live" pitch via video conference (TBD)
- What Constitutes a Complete Submission (estimated 20 pages PPT and Word (not including appendices)):
- 10-page business plan with potential funding sources; put in 11 point font or larger. The title page and table of content pages are not counted in the 10-page count
- A financial model (P&L, Balance Sheet, Valuation Table) in Excel format only
- 10-page pitch deck in PowerPoint or Prezi. The title page is not included in the page count for the pitch deck
- 10-minute (5 minute presentation, 5 minute Q&A, 10 minute preparation time) live pitch via (TBD), to the Challenge judges and to potential funders
- Optional: Appendices, business model canvas
- Signed "Founder Agreement:"
- How to Submit: Deliverables will be submitted on our submission platform used in Phase 1. This is to be determined
- Winners and Prizes: Winners will be determined and announced on July 25th. The winners of this phase will receive a $2000 cash award, per team, from CAI.
Business Plan Phase Steps for Challenge Teams
- Review the Business Plan template and guidance. More information can be found here
- Please DO NOT contact inventors directly. All contact to inventors should be made through the CAI team
- Start working on deliverables outlined above in Business Plan Overview and Submission Requirements above
- Submit all deliverables. Post your Team's business plan and business model canvas on the designated platform
- Submit availability for pitches via communications with CAI. If CAI has not received dates for your Team's availability, CAI will assign a date/time to your Team. Please ensure your Team has VOIP and Webcam capability
Criteria and Guidelines
Criteria I: Comprehensive and Complete:
Criteria II: Ability to Attract Investors/Collaborators:
Criteria III: Operational Feasibility:
Criteria IV: Strong Collaborators, Management Team and Board of Advisors:
Criteria V: Risk Mitigation:
- Defined commercialization and development plan over the appropriate time period and have included specific milestone events (note: milestone events should include go/no-go decisions for potential investors). For example, therapeutics will take a longer period of time to get approved unless they are addressing a rare disease/orphan indication
- Clearly articulated all potential addressable target customer segments and the market/competitive landscape
- Identified additional plans required, for example, Intellectual Property (IP) plan
- Evaluated the entire lifecycle of your invention, both branded and generic products, if relevant
- Identified medical/scientific experiments and developed your overall clinical trials plan in development plan. For the next invention tests required, outlined a very high level protocol with the correct number and type of samples and tests that need to be completed with specific goals for statistical significance. Created a plan for reproducing the results (if relevant)
- Documentation provided is of high quality and includes sources, assumptions. Overall plans are pragmatic yet optimistic
Criteria II: Ability to Attract Investors/Collaborators:
- Identified specific differentiators and novelty of your Team's product/service to all key stakeholders. Novelty will indicate why the invention is unique from a scientific perspective. Differentiation will indicate how the invention is better than anything else currently available e.g., better standard of care (e.g., one drug versus several for a shorter period of time with fewer side effects), cheaper, easier to use (e.g., at home diagnostic test), etc. Note: stakeholders will be defined in your stakeholder engagement plan but should include the end patient, doctors, payers, VCs, etc.
- Identified a specific exit or liquidity event, e.g., IPO, out-licensing/sub-licensing, funding partners (both dilutive and non-dilutive), revenue from a viable product, M&A, etc.
- Creatively defined a quick revenue and profit model through your Team's commercialization and development plans that will assist your Team in reducing investment risk, e.g., do you have a way to bootstrap larger investments via, for example, R&D services; do you know if you can get a priority review voucher; can your invention be fast-tracked and approved in Phase II Clinical Trials, etc.
- Identified how your Team's invention will be reimbursed through payers
- Created realistic financial models that illustrate how to achieve profitability that is sustainable and growing
Criteria III: Operational Feasibility:
- Created practical plans and financial and valuation models estimating revenue, investment requirements and profitability
- Presented a clear idea of clinical applicability and how to manufacture/market/sell products
- Outlined specific collaborators that will help your Team at different stages of development
- Defined a clear regulatory path for any regulatory body, in particular, the FDA
Criteria IV: Strong Collaborators, Management Team and Board of Advisors:
- Competent team that works together cohesively
- Identified dilutive and non-dilutive funders as part of your Management/Board of Advisors/Directors team
- Comprehensively identified all capabilities (either as collaborators, management team members, business advisors and/or scientific advisors) that will allow you to be successful, e.g., Business Development, Scientific leadership, R&D, Manufacturing, Sales, etc.
- Clearly described how the management team will be compensated
- Identified the legal form of ownership of the company
Criteria V: Risk Mitigation:
- Identified risks, the impact of these risks and the probability that these risks have of occurring
- Created a feasible mitigation plan for all the risks that have the highest probability of negative impact and occurrence