Discovery Launchpad
The Discovery Launchpad is a no-cost, no-equity-required startup incubator for forming startup companies based on University of Minnesota innovations. These programs are available to help groups improve the success of startup companies and the overall return on investment for their research by leveraging expert, experienced advisors, and the broad network of resources across the university.
Following similar models, such as MIN-Corps, two programs are available to assist entrepreneurial teams as they develop their strategic plans and explore next steps in launching a company:
Pre-STTR/SBIR Advance Incubator Program
The Pre-SBIR/STTR Advance Incubator enhances the resources available to UMN startups through the MNSBIR Catalyst Program, equipping UMN startups with the critical tools and strategies needed to strengthen their funding applications and position them for long-term success. The ideal time to join is four to six months before the funding deadline.
Through this program, participating startups receive expert guidance on:
- Project management resources to streamline workflow
- Regulatory review and strategy tailored for grant applications
- Low-cost operations and legal strategy with essential documentation
- HR documentation outlining founder roles and responsibilities
- Financial documentation to support funding efforts
- Technology development roadmap for strategic growth
- Intellectual property (IP) ownership documentation for current and future developments
- Initial branding strategy on a startup-friendly budget
Eligibility Requirements
To qualify for the program, startups must meet the following criteria:
- Based on University of Minnesota (UMN) owned innovation
- Completion of MIN-Corps or a clearly articulated value proposition
- Identification of the first employee or entrepreneur
- Engagement with or acceptance into the MNSBIR Catalyst Program
- Ability to commit at least eight hours per week to advancing the project/application (hours may be shared among team members)
Shared office space is available at no cost.
Pre-Investment Impact Incubator Program
Eligibility Requirements
To qualify for the program, startups must meet the following criteria:
- Based on UMN-owned innovation
- Completion of 20 documented customer interviews
- Clearly articulated value proposition
- CEO or business lead identified
- Plans to raise investment capital in 6-12 months
- Ability to commit at least eight hours per week (total across all team members) to advancing the project/application
Customized Coaching & Curriculum
Experienced Entrepreneurs-In-Residence help innovators move efficiently through the startup process using a three phase approach. Ideal timing to start this process is 6-12 months prior to starting investment fundraising.
Assess
Meet with Discovery Launchpad advisors to discuss the research, value proposition, team, and plans, review existing pitch materials (if any), and determine priorities.
Coach
Complete tasks on the work plan including:
- Business, marketing, and sales plans
- Capital formation plan
- Regulatory plan, if needed
- HR Documentation
- IT and Operations Strategy
- Financial management system and processes with an in-house CFO-in-residence
- Professional business pitch
Shared office space is available at no cost.
Post Launch Support
Consultation with Discovery Launchpad advisors available for up to one year.
Work Plan
Each company receives an individualized work plan based on its needs and priorities, including specific deliverables of varying scope and scale in the following areas.
Individualized Planning Areas
| Area | Outcome |
|---|---|
| Business Model | ● Explore options, test assumptions, and develop a feasible plan for how the business will operate and generate revenue |
| IT and Operations | ● Understand, plan the design for, and implement IT and operations systems appropriate for the business |
| Technology Readiness | ● Identify strategy for completing necessary steps to ready technology for commercial use (may be integrated with regulatory plan, depending upon the nature of the business. |
| Marketing and Sales | ● Develop a marketing and sales plan ● Develop an initial strategy to translate customer learning into sales execution and revenue |
| Regulatory | ● Develop a plan for seeking and obtaining appropriate regulatory approvals which may be needed for the business, including (as appropriate) FDA, EPA, USDA, FCC, etc. |
| Financial | ● Prepare a financial model and cash flow plan for first two years ● Identify a financial management system and processes ● Seek federal SBIR/STTR funding to support research and commercialization (delivered by MNSBIR) |
| Team | ● Define and nurture a healthy business culture ● Understand the difference between advisory boards, boards of directors, and how to recruit and use both ● Resource and incentivize the team ● Define roles and work as a team for maximum results |
| Value Proposition and VOC | ● Explore and identify strongest value proposition and development path ● Identify and collect customer insights required We encourage companies to work with MIN-Corps for this portion of the program and bring the work back to the Discovery Launchpad for integration into the plan. Some will use NSF’s iCorps program. |
| Legal and Structural Considerations in Company Formation | ● Choose the right legal entity ● Understand governance and fiduciary responsibility ● Understand and develop a capitalization table |
| IP Plan and Preparing to Emerge from the University | ● Understand the risks and responsibilities of running an independent company ● Understand conflict of interest and use of University facilities ● Develop plan to preserve IP protection as IP responsibility is transferred out of the University |
Questions?
Contact [email protected] to schedule an appointment and learn more.