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SBOE Idaho Incubation Fund Workshop Office of Technology Transfer Idaho Incubation Fund Program The Idaho Incubation Fund is designed to provide critical "gap" funding that will help promising innovations and inventions that have a high degree of commercial potential to move forward to commercial application. What is GAP Funding? The final infusion of funds for additional research or prototype development that will make the innovation or invention marketphase ready or as the basis for a new company start-up. Why is GAP funding used? Most university innovations are early stage o Very little external funding available for applied research o Companies/individuals tend not to invest in early stage innovations o Gap funding creates the “proof of concept” and reduces the investment risk What is the SBOE GAP Fund? The Idaho State Board of Education (SBOE) has made monies available to support innovations that are: 1) developed at the Idaho universities, 2) have a high chance of commercialization, and 3) where GAP funding can accelerate the commercialization process. Origination of the SBOE GAP Fund From the Higher Education Research Council (HERC) believing that GAP money is needed 1) to fully realized the potential of innovation advances from the universities, 2) to meet the expectations of stakeholders, and 3) to create opportunities for retaining students within Idaho after graduation. Who is Eligible? Researchers at: o o o o Boise State University Idaho State University Lewis-Clark State University University of Idaho Award Sizes Highest ranking proposals will be funded up to the level of funding available. Most projects will be funded in the range of $10,000 - $50,000 per project for a period not to exceed 12 months. OTT Goals and Expectations Researchers and project teams at University of Idaho should establish a long-term “team” relationship with OTT to develop and submit a proposal. Types of projects that would tend to “fit” in the GAP funding criteria include: Prototype development Software completion Beta testing Scale-up of process Proposal Submission Through the University of Idaho 1) First meet with OTT to discuss research idea and submit preproposal. 2) Upon OTT invitation, assign technology to University. 3) Work with OTT as a “team” to develop full proposal. 4) Submit full proposal through OTT to SBOE “GAP” Fund. Submission Timeline 1) Pre-proposal due to OTT – 8:00 am October 18, 2010 2) OTT respond to pre-proposal with invitation to submit full proposal – 5:00 pm October 18, 2010 3) OTT and Investigator prepare full proposal and submit for internal review– by November 15, 2010 4) Selected full proposals submitted to HERC for external review – by December 6, 2010 5) External review results to HERC – by January 7, 2010 6) HERC recommendations to Board for approval – February 16, 2010 Pre-proposal Content Brief description of the innovation Describe the innovation’s current state Identify the potential product/service Identify potential customers Identify any commercialization partners Briefly describe how the requested funds will be used Pre-proposal review Pre-proposals due to [email protected] no later than 8:00 am Monday, October 18, 2010 Gut Check! ◦ Is there a product/service? ◦ Does innovation meet customer need? ◦ Can this funding get it ready for Angel level funding? Full proposal invitation EOB October 18 Full Proposal Format (10 page limit) Executive Summary “Gap” Project Objective & Total Requested Name of Idaho public institution Name of faculty member directing project Description how project reflects priorities of UI Evidence of potential impact on economy of Idaho Partnerships or new company formation Proposal Format (10 page total) The Market Opportunity The Technology Commercialization Partners Specific Project Plan and Detailed Use of Funds Education and Outreach Institutional and Other Sector Support Appendices OTT will assist in determining Market Opportunity such as: Market need Customer / end-user Is innovation better, faster and/or cheaper than current products/services? Market barriers Market drivers Competitive climate Etc…… Full Proposal Review Full proposal received at [email protected] by EOB November 15, 2010 Internal Review Team ◦ ◦ ◦ ◦ ◦ Satisfies Intent Clearly describes Market Opportunity Clearly demonstrates viability of Innovation Believable plan for Commercialization Partners Specific Project Plan Recommendations for external review by December 6, 2010 External Review Overseen by HERC Coordinated by the Idaho Technology Council HERC’s recommendation to Board in time for February 16 – 17 meeting. Funding should be available shortly after February 17. Awarded Proposals Business Plan Development On-going review with OTT Mentors Commercialization partners Licensing Revenue sharing