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)


  • 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