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Introduction to the NSF Innovation Corps (I-Corps)

Frank Rimalovski Executive Director, NYU Entrepreneurial Institute Instructor, NSF Innovation Corps (I-Corps) April 6, 2015

Lindsey Gray Director, NYU Entrepreneurial Institute Instructor, NSF Innovation Corps (I-Corps)

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Agenda u  Background

u  Program benefits and outcomes

u  Program details o Curriculum o Eligibility o Application process

u  How we can help

u  Q&A

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Path to commercialization… u  …increasingly requires startup to advance technology,

develop customer/partner relationships & build team before acquisition

Startup Acquired By

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Commercialization Myth

Basic & Applied

Research

Scientific Discovery/Invention/ IP Creation

Venture Formation & Growth

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The “valley of death”

Commercialization Reality

Basic & Applied

Research

Scientific Discovery/ Invention/ IP Creation

Venture Formation & Growth

@NYUEntrepreneur The “valley of death”

Basic & Applied

Research

Scientific Discovery/ Invention/ IP Creation

Customer Discovery & Prototype

Dev

Business Model &

Team Formation

Venture Formation & Growth

• Customer/market discovery • Engineering/prototypes • Mentors and advisors • Collaborative spaces • Business leadership • Legal counsel • Capital

Commercialization Reality

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Background Creation of NSF I-Corps Program

u  Maximizes impact of NSF investments – accelerate readiness to transition tech out of the lab

u  $50,000 grants to create prototypes & commercialization roadmaps

u  7-week ‘bootcamp’ that leverages best practices from startup community

u  Facilitates team formation u  Creates a national network

o  Scientists, engineers, innovators, business leaders and entrepreneurs

* Eligibility: NSF grant within past 5 years

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NYC Regional Innovation Node

u  Collaborating with CUNY & Columbia to run NYCRIN o  Awarded $3.74m over 3 years o  1 of 7 national I-Corps Nodes

u  Support network of 25 research universities in NY, NJ, CT, & PA

u  Provide NSF-selected teams 7-week immersive I-Corps training program (~2x/year)

u  Curriculum leveraged for other NYU, NYC & regional training programs

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Background Creation of Regional I-Corps Program

u  I-Corps for non-NSF funded teams, run by NYCRIN Node

u  Open to faculty and researchers from all universities in NY, NJ, CT & PA

u  Same curriculum & program structure as NSF program

u  National programs for other agencies coming soon…

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Program Curriculum u  Lean Launchpad Methodology

o  Business-model discovery & development to address market risk

o  Leverages scientific method – form hypotheses, run experiments, iterate to search for repeatable & scalable business model

o  Learn to secure substantial customer feedback before building & launching your product

u  Flipped Classroom o  Online lectures via Udacity o  “Classroom” time spent reviewing progress o  Interview ~15 customers & partners/week o  Weekly teaching team office hours

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Benefits of I-Corps For your research/startup u  Concentrated time to focus on

commercialization & team—a year’s worth of work in 7 weeks

u  Funding for customer discovery & prototype development that you don’t have to find elsewhere (for NSF program)

u  Exposure to/input from startup experts, investors & mentors from NYC startup ecosystem

u  Increased likelihood of startup success

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SBIR / STTR

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With I-Corps:

14% 2-3x higher

Without I-Corps:

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Get to market more quickly

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Benefits of I-Corps For you and your team u  Improved ability to identify commercial

potential of future research u  Increased probability of future grant success u  Faculty more attractive to potential students u  Increased visibility with NSF u  More consulting opportunities u  New career opportunities for grad students/

postdocs (startup, industry, or gov) u  Potential for monetary gain

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Expected Outcomes o  New startup business

o  Licensing opportunities

o  A business case suitable for venture capital (Angels or VC funds)

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Who else is participating?

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Eligibility u  NSF award within last 5 years (for NSF program);

No NSF funding requirement for Regional program

u  Team in place at time of application o  Principal Investigator (PI) o  Entrepreneurial Lead: typically PhD student or Postdoc o  Industry Mentor

u  Commitment to attend all sessions over 7 weeks o  3-day kick-off o  3 hours per week for webex ‘classes’ o  15+ hours per week of customer discovery/preparation o  2-day final presentation session

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Application Process

Form Team Prepare

Exec Summary

Contact Program Directors

Team Interview(s)

Submit Proposal

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Application Process

Form Team Prepare

Exec Summary

Contact Program Directors

Team Interview(s)

Submit Proposal

u  Entrepreneurial Lead (EL)

o  Postdoc or grad student who can move project forward

u  Principal Investigator (PI)

o  Researcher with prior award

o  Responsible for grant management (for NSF program)

u  Industry Mentor (IM)

o  Domain-relevant volunteer guide

o  Proximity is better

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Application Process

Form Team Prepare

Exec Summary

Contact Program Directors

Team Interview(s)

Submit Proposal

u  One page

u  Composition of team proposing to undertake commercialization feasibility research

u  Relevant awards (NSF or other funding source)

u  Brief description of potential commercial impact

u  Brief description of current commercialization plan

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Application Process

Form Team Prepare

Exec Summary

Contact Program Directors

Team Interview(s)

Submit Proposal

u  For NSF Program: Topic-Specific Program Directors Steve Ellis – BIO Anita La Salle – CISE Don Millard – EHR Babu DasGupta – ENG Raffaella Montelli – GEO Sean Liam Jones – MPS Irene Qualters – OCI Quinetta Roberson– SBE I-Corps Program Officers Babu DasGupta Anita La Salle

u  For Regional Program: Frank Rimalovski Lindsey Gray Risa Cohn

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Application Process

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Form Team Prepare

Exec Summary

Contact Program Directors

Team Interview(s)

Submit Proposal

u  Conference call with your entire team & program directors o  NSF program will require at least 2 interviews

u  Interviews focus on availability and commitment to program and openness to customer feedback

u  Not asked to provide details about your technology

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Application Process

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Form Team Prepare

Exec Summary

Contact Program Directors

Team Interview(s)

Submit Proposal

FOR NSF PROGRAM ONLY: u  Read solicitation 12-602

Written authorization from Program Director required to submit proposal—sent after phone interviews

u  5-page proposal o  Team (2 pages) o  NSF Lineage (1 Page) o  Potential Commercial Impact (1 page) o  Project Plan/Demo (1 page)

u  Rolling process, quarterly batches, FCFS u  4-week turnaround to award

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We are here to help u  Additional detail about program & what to expect

u  Discuss what kind of projects are best suited

u  Introductions to mentors who may join your team

u  Facilitate intro to NSF I-Corps Program Directors

u  Review executive summary before you submit

u  Help anticipate what to expect from interviews

u  Connect with others who’ve participated in I-Corps

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http://bit.ly/WhatisICorps

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More Information NSF I-Corps:

o  Website: nsf.gov/i-corps o  Monthly webinars – first Tuesday of the month o  Hear feedback from I-Corps veterans:

http://bit.ly/WhatisICorps

Regional I-Corps: u  NYC Regional I-Corps Node website: nycrin.org u  NYU contact: Risa Cohn at rsc255@nyu.edu

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Questions?

entrepreneur@nyu.edu @nyuentrepreneur nyu.edu/entrepreneur nyuentrepreneur.com 16 Washington Place

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