Dare To Dream - Info

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  • 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

2. Agenda

  • Dare to Dream in the context of business development and ZLI activities
  • What are Dare to Dream grants
  • Three types of grants
  • Applications: content and review
  • Moving beyond Dare to Dream
  • Timeline
  • Questions

3. Dare to Dream encourages

  • ..the thoughtful development of student-led businesses
  • AND
  • ..the development of student entrepreneurial skills and understanding

4. Dare to Dream Grants are

  • Unique to Michigan
  • Sponsored by Eugene Applebaum
    • A $100,000 program, no winner
    • $500, $1,500 and up to $10,000 awards
    • Multiple awardees in each phase in each round
  • Every Fall and Winter semester
  • Documented by written deliverables of student progress through the business development activities

5. Dare to Dream Grants are

  • Awarded to businesses or concepts that demonstrate
    • Innovation
    • Value
    • Motivation
  • Relative importance of criteria change from Phase to Phase of the Dare to Dream evaluation process

Motivation Value Innovation 6. Dare to Dream Grants are

  • Encouragement for students to
    • Take on real business development activities
      • Execute primary research with customers, users, partners, technologists
      • Incorporate
      • Recruit and build a team
        • email[email_address]for more information
    • Explore opportunities
      • Is your solution the right solution for market need?
      • Is there a better market for your solution?
    • Expend effort and dedicate time
      • Fit these activities into already busy Michigan schedule

7. Dare to Dream Grants are NOT

  • A competition: many teams are given the opportunity to receive grants based on the merit of the application
  • For academic credit
  • An endorsement or criticism of the business or idea
  • An endorsement or criticism of the management team

8. 3 Phases of Dare to Dream

  • Opportunitygrants initiate business ideation
      • What would the product be? Who uses this?
      • Move beyond this is a cool idea/technology
  • Assessmentgrants force developmental issues
      • Is there enough there there to move forward?
      • Does this idea pass a feasibility test?
  • Integrationgrants drive the team to
      • Build upon the go decision
      • Assemble a full business plan to address all concerns of launching and growing a business

9. Deliverables

  • Opportunity
    • Application is Technology/Product Description
    • Deliverable is theBusiness Hypothesis
  • Assessment
    • Application isBusiness Hypothesis
    • Deliverable is theFeasibility Study
  • Integration
    • Application isFeasibility Study
    • Deliverables are the full Business Plan and Investor Presentation

10. Opportunity Application: Product/Technology Description

  • Simple statement of the technology, product, or service
  • Plain language description of the technology, product or service
      • What makes this unique?
      • How is this different?
  • Who are the typical users and/or customers?
      • Needs, pains, desires
  • Discussion of the potential business
      • What types of activities

11. Opportunity Deliverable & Assessment Application:Business Hypothesis

  • Statement describing the proposed business
  • Plain language description of the technology, product or service
  • What is the competition already in the market?
      • Is the market pain being satisfied already?How?
      • Why will customers pay for your solution?
  • Discussion of the proposed business
      • How will the business be built around this product?
      • What value-added activities will the business conduct?

12. Assessment Deliverable & Integration Application: Feasibility Study

  • Target market assessment
      • Pain
      • Size, and growth rate
      • Options to grow into other segments
  • Overall market assessment
      • Overall market size and growth rate
      • Macro-trends
  • Industry assessment
      • Five forces analysis
      • Likely changes
      • (continued)

13.

  • Firm
      • Proprietary elements
      • Competitive advantage, superior performance
      • Economic viability
  • Team
      • Mission, risk, congruence of goals
      • Ability to execute Critical Success Factors (CSF), and manage around Fatal Flaws (FF)
      • Connectedness
    • Conclusion

Assessment Deliverable & Integration Application:Feasibility Study 14. Integration Deliverables: Business Plan & Investor Presentation

  • Business Plan
    • Executive summary
    • Operational plan: how to get there from here
    • Full financial model: narrative and spreadsheets
    • Financing and exit issues
  • Investor Presentation
    • Documentation and presentation for target funders
    • In-person, persuasive appeal to secure funding
      • Friends and family
      • Angel
      • Institutional
      • Grantors generally do not receive presentations

15. Dare to DreamApplications

  • Student-led teams convince ZLI of
    • Innovation
    • Value
    • Motivation
  • Application and review criteria
    • Different requirements and evaluation for Opportunity, Assessment, and Integration

16. Evaluation ofOpportunity Applications

  • Panelists individually value items
  • Panel asked to specifically consider:
    • Innovation, uniqueness
    • Understanding of relationship to users
      • Payers vs. non-payers
      • Technologists vs. general public

17. Evaluation ofAssessment Applications

  • Panelists individually value items
  • Panel asked to specifically consider:
  • Clarity of the proposed business
  • Tech/prod/service
    • Uniqueness
    • Current solutions
    • Comparison to status quo
  • Customer identification
    • Desires, needs, pains
    • Currently being served
  • Business model
    • What company does
    • How it makes money

18. Evaluation ofIntegration Applications

  • Panelists individually value items
  • Does application convince panel of feasibility
  • Panel asked to specifically consider:
  • Target market viability
  • Addressable market potential
  • Industry and competitive situation
  • Firm advantages
  • Economic viability
  • Team ability, ambition, connectedness

19. Applications

  • Available on the Institute website
  • www.zli.bus.umich.edu/events_programs/dream_details.asp
  • Three sections:
    • WHO:
      • Team information
    • WHAT:
      • OP: Technology/product/service description
      • AS: Business Hypothesis
      • IN: Feasibility Study
    • DELIVERABLES:
      • Know what you are agreeing to do!

20. Grant Recipients

  • Announced at the Michigan Business Challenge Awards Ceremony, Feb. 15
  • At least half the team members must attend at least the corresponding Business Development Seminar on March 7
    • Hypothesis at 9:00
    • Feasibility Study at 12:00
    • Business Plan at 3:00

21. Grant Deliverables

  • Intermediate
    • Opportunity Hypothesis not applicable
    • Assessment - Feasibility Study 3/28
    • Integration - Business Plan 4/25
  • Final
    • Opportunity Hypothesis 3/2
    • Assessment - Feasibility Study 4/25
    • Integration - Business Plan 7/25

22. Symposia and Events

  • Mingle n Match
  • Casual, networking events
  • Foster discussion between students with business ideas and their colleagues in search of concepts
  • Students with ideas present one-minute overviews
  • Informal discussions about the presented ideas, needs and ambitions
  • AFTER THE EVENT: presenters provided with the contact information of interested students
  • Low impact. Only expectation is to continue the discussion
  • Contact: teambuilding@umich.edu

February 7 Ann Arbor SPARK 23. Moving Beyond Dare to Dream

  • Tie in to other entrepreneurial activities
    • ES electives
      • ES615: New Venture Creation
      • ES715: Innovation
    • Michigan Business Challenge
      • Iterative, multi-cycle tournament for student-led start-ups
      • Over $40,000 in prize money
    • Marcel Gani self-hosted internships: Student CEOs paid to work on their own start-ups
      • Applications due on 3/21

24. Past Participants

  • Mobius Microsystems Winter 2002
    • Relocated to CA, raised $8MM
  • Style High - Assess Fall 2004
    • Now Spirit Shop, operating in AA, post-raise
  • Incept Biosystems Integrate Fall 2004
    • Currently in multimillion fund raise
  • Gregory Sports Management Assess Fall 2005
    • Operating as a lifestyle business
  • MicroNeural Interfaces Assess Winter 2006
    • Competing in MBC 2007, currently semifinalist

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

  • What kind of businesses are you looking for?
    • These are student Dreams not ZLI Dreams
    • Preference for applications that show
      • Innovation
        • innovation does not have to be technology
      • High growth potential
      • Committed teams
    • Discourage restaurants and real estate flippers
    • Applications do not have to be for future Fortune 100 firms

29. Questions

  • How does this relate to business plan competitions?
    • These are separate programs
    • Mutually supportive
    • D2D is more developmental, incubatorish
    • BPCs are more competitive, more personal with more feedback

30. Questions

  • Do you have to have a business student on the team
    • Yes, for Assessment and Integration
    • No, for Opportunity

31. Questions

  • Can I apply for Dare to Dream in my last semester?
    • Yes, for Opportunity and Assessment
      • Deliverables are due the SAME semester as awards are granted
    • No, for Integration
      • Deliverables are due six months after award date

32. Questions

  • What if the Feasibility Study shows the idea is NOT feasible?
    • Team still receives $$ if the Feasibility Study is completed properly
    • Emphasis is learning HOW to evaluate ideas, WHAT questions to ask, WHEN
      • Answers are NOT predetermined

33. Questions

  • Can I be on more than one team?
  • Can I make more than one submission?
    • Yes, but.
    • Instills doubt about commitment, focus and motivation
    • Discouraged

34. Questions

  • 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?
    • Absolutely
    • The grant applications do not have to be in sequential terms
    • However, one business can only get each grant once

35. Questions

  • Do you have to wait a whole term to move forward with your idea?
    • The Dare to Dream grants are awarded once a semester
    • You can work independently on your business to get it started
    • If means you leapfrog from Opportunity to Integration, that is okay

36. Questions

  • How in depth is the application for Opportunity?I only have a very vague idea
    • Opportunity grants are designed to be very easy to apply for
    • What you need is a well thought out and clearly articulated product/technology/service description

37. Questions

  • What is the benefit of applying for Opportunity instead of Assessment?
    • Opportunity was originally designed for non-business students who have an idea but are unsure what to do with it
    • If you can comfortably complete the Assessment application, there really is no advantage to applying for Opportunity first

38. Questions

  • Can you add pictures to your application?
    • Use them sparingly
    • You should be able to describe your product/technology with plain language

39. Questions

  • Do judges prefer huge businesses with designs to revolutionize the market?
    • Not at all
    • The review panels are encouraged to look for successful ideas of all sizes, not just the next Wal-Mart or Google

40. Mingle n Match

  • Casual, networking events
  • Foster discussion between students with business ideas and their colleagues in search of concepts
  • Students with ideas present one-minute overviews
  • Informal discussions about the presented ideas, needs and ambitions
  • AFTER THE EVENT: presenters provided with the contact information of interested students
  • Low impact. Only expectation is to continue the discussion
  • Contact: teambuilding@u