Discovery Launchpad
The Discovery Launchpad is a startup incubator and program of formal coaching for University of Minnesota researchers interested in forming a startup company to commercialize new technology.
The program leverages the broad network of resources across the UMN to improve the success of startup companies and the overall return on investment for research. Other UMN programs, such as MIN-Corps and MN-REACH, provide early stage support for technology development. The Discovery Launchpad complements these programs by helping researchers explore the next step in commercialization— launching a company.
Customized Coaching and Curriculum
Participation in the Discovery Launchpad is voluntary and can start as soon as the researcher feels ready to explore the possibility of launching a startup. Experienced advisors help researchers move efficiently through the startup process using a three phase approach:
Assess
- Meet with Discovery Launchpad advisors to discuss project, review existing pitch materials (if any), and determine priorities for startup planning
Coach
- Complete tasks on the work plan including:
- Business, marketing, and sales plans
- Financial management system and processes
- Professional business pitch
- SBIR/STTR funding assistance (delivered by MNSBIR)
- Shared office space 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 attaining 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 |
Areas Using Group/Course Work
| Area | Outcome |
|
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 |
Upon completion of the Discovery Launchpad program, startups will develop a complete investor pitch for their business.
In the Early Stages of Starting your Company?
Watch these Discovery Launchpad webinars to learn some basics of starting your company:
- Payers and Healthcare Economics Part One; Payers and Healthcare Economics Part Two (June 19, 2019)
- Developing Relationships with Strategic Corporate Partners (July 16th, 2019)
- Grant Funding Programs (August 12, 2019)
- Getting the Most Value from your Business Lawyer (February 4, 2020)
- MN Venture Builders: Starting & Restarting Digital Marketing (June 30, 2020)