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Idea to Impact: An overview of VentureWell
7 October, 2016
Phil Weilerstein President & CEO
VentureWell.org
Our Mission VentureWell supports early-stage, socially beneficial science and technology innovators, their ventures, and the innovation and entrepreneurship ecosystems that are critical to their success.
1
Innovators’ Pathway
Aware Validate Discover Prepare Build Grow
Faculty
Students
Entrepreneurs
Innovators
Universities
Accelerators / Incubators
Governments / Philanthropies
Investors
Learn
Discover (market, customer), Validate (market, business
model)
Validate, Build, Grow
Inspire, Educate
Educate, Support
Fund, Connect
Coach, Mentor, Connect
Invest
Innovation & Entrepreneurship Landscape
Our Programs & Initiatives Early Stage Innovator
Programs
I-Corps
E-Teams
Xcelerator
GIST
ASPIRE
BMEidea / DEBUT
Faculty Initiatives Programs
Faculty Grants
Pathways to Innovation
OPEN
Lean LaunchPad®
I&E Network Initiatives
National Innovation Network
BME-IDEA Meeting
TTA Advisory
GIST Network
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Inputs Activities Outputs Outcomes Impact
Early Stage Innovators
VentureWell Staff & Networks
Funders I-Corps™
Attitudinal Shifts
Adoption of I&E practices
Educational • Academic Success
E-Teams (E1 & E2)
Xcelerator
GIST Bootcamps
ASPIRE
BMEidea / BMEstart /DEBUT
Faculty Grants • student teams
Pathways to Innovation
Faculty
Trainers, Instructors, Mentors, Coaches
National Innovation Network
Cultivate I&E Networks
OPEN
Lean Launch Pad ®
BME-IDEA Meeting
TTA Advisory
GIST Network
Recruit, Train, Support and/or Fund Early Stage Innovators
Recruit, Train and/or Fund Faculty
I-Corps@NIH
Recruitment
Funding
Networks
RTS$
R$
R$
Building National Innovation Capacity
Policy
Documented Evidence of Commitment to I&E
Internal
Behavioral
Venture / Organizational
Early Stage Innovators
Career • Employment • Research • Teaching
Faculty
• Lemelson • NSF • NIH • USAID • State
Department • Gates • Kauffman • AutoDesk • European
Investment Fund
• USDoE
RT$
Training, Coaching & Mentoring RTS$
RTS$
Participation, Retention / Attrition Rates
Quantity & Quality of S&T Ventures
RT
RT$
Satisfaction Levels
Quantity & Quality of Applicant Pool
T
Intent to Persist
Networks
Quantity & Quality of Connections
Policy Change
Achievement of Benchmarks
Accomplishments, Milestones Achieved
Economic • Products • Ventures • Investments
Institutions
Actual I&E Persistence
Knowledge Gains
Awareness & Support from Key Decision Makers
Participation, Retention & Attrition Rates
Satisfaction Levels
Identification of Helpers & Barriers
Immediate Feedback for Program Improvement
Institutional
Quantity & Quality of I&E Opportunities
Assessment of Overall Program Impact
Career • Employment • Research • Teaching
Commercialization • Investments • Revenue • Jobs • Patents
Social and/or Environmental • Beneficiaries
Intent to Persist
Intent to Persist
Awareness of I&E Economy
CTIC Morocco
RTS$
Our Funders and Partners
*
Consul*ngandServiceRevenue20%
OtherFederal5%
OtherState
Dept3%
Na*onalScienceFounda*on38%
PrivatePhilanthropies20%
Sponsorship3%
FundingSources
Support and Training for Innovators and Entrepreneurs We work directly to support inventors and innovators in bringing their ideas to market through:
– Workshops and training
– Coaching and mentoring
– Funding or awards
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Example Current Programs: o E-Teams o ASPIRE o I-CorpsTM / Lean Start Up
o Xcelerator o GIST Bootcamps o Venture Pipeline Development
Idea
Training to support Early Stage innovators
Goals are: § Develop start-up competency in commercialization § Expanding the pipeline of early stage innovations
Investment /Partnership Ready
Introduction to evidence-based, milestone-based entrepreneurship
Market Discovery and Validation
Customer Discovery and Business Model Development
Customer Validation and Investment Readiness
TypicalTopicsofTraininginSTIEPrograms
E-Team Grants Program
§ 50 teams § $5,000 in funding Key objective: Discover the best market for the invention.
§ 9-10 teams § opportunity for further
funding Key objective: Develop a case for partners and investors to invest in the business.
§ 20 teams § $20,000 in funding Key objective: Develop and validate business model.
Stage1MarketDiscovery
Stage2BusinessModelDevelopment
Stage3ASPIRE
Presented with support from The Lemelson Foundation. Stage 3 ASPIRE presented with additional support from the Ewing Marion Kauffmann Foundation.
The E-Team Program cultivates opportunities for collegiate entrepreneurs to move ideas out of the lab and into the marketplace.
ASPIRE Program
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§ ASPIRE creates advanced, sector-specific training programs and prepares high-potential, emerging hardware ventures for investment.
E-Team Outcomes
§ 583 grants awarded to teams from 161 schools
§ $7.5mm awarded to date
§ 140 companies formed
§ over $750mm raised by companies
Seed Investing Program
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Goals: 1. Invest in innovations with high-potential for impact to help them get out of
the lab and into the market; 2. Catalyze investment into a high-risk but potentially high-impact company; 3. Return financial returns into the organization to further the mission; 4. Make investments instead of a grant to create a regenerative effect. We
teach investment-ready teams the ins & outs of venture funding and signal confidence to otherwise wary angel and seed investors.
Our seed-stage investments are tools for learning, providing catalytic risk capital.
Seed Investing Criteria • Venturehasemergedfromourpipeline• Simpleinvestmentvehicle(typicallyconver*bledebt)
• 1:1matchfromasophis*catedleadinvestor.• Aclearpathtoprofitabilityandanexitstrategy• Cataly*cuseoffundsthatallowtheteamtoachievekeymilestonesthatarecri*caltogrowth
Innovation Network Development
§ Initiatives to create and build networks to strengthen the overall innovation & entrepreneurship ecosystem.
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o National Innovation Network
o BME-IDEA Meeting o TTA Advisory o GIST Network
National Innovation Network Hundreds of NSF-funded researchers from I-CorpsTM Teams, Nodes, and Sites participate in the National Innovation Network (NIN). This network of thinkers is addressing America’s needs for innovation education, infrastructure, and research.
7 Nodes, 51 Sites
As of May 2016 …
§ 38 courses held § 749 teams trained § 203 colleges and universities sending
teams § 2,392 individuals trained § 42,000+ customer discovery interviews
conducted
Expansion Across Agencies
I-CorpsL3courses
I-Corps@NIH2courses;38teams
Lab-Corps8Labs
2013 2014 2015 2016
including12teamsfromDOE,DOD,NIH,orUSDAARS.
I-Corps@DODPilot
Accep*ngapplica*ons
I-CorpsEnergy&Transporta*onKicks-offinMay
As of April 2016 … • 324 companies…. and growing • 3 acquisitions • $83 million raised
1% 2% 3%
31%
63% Awards/contestsRevenueGrantsAngel/VCfundingGovernmentawards
81% of I-Corps Teams are active 13-21 months after the course
PIs
60%Posi7veInfluence
60% of PIs say I-Corps positively influences their teaching
81%Ac7ve
CleanTech Innovation Challenge § CTIC supports global CleanTech
innovation and entrepreneurship through direct work with innovators and ecosystem development and support.
§ First location – Morocco, Fall 2016 o Workshops for innovators;
sector-specific topics include value proposition and business model development
o Creation of network of supporters and mentors for CleanTech innovators
European Investment Fund - TTA
Country-wide early-stage innovation support and training program. Focus on developing: § Technology Transfer Capacity in
Country § Building Funding Capability of
Angel and VC groups to support Early Stage Innovators
§ Advisory to Governmental Agencies on the support of early stage innovators.
Turkey Technology Transfer Accelerator Advisory • European Innovation Funded Program to
support building capacity in startup support and tech transfer.
• The initiative has the following key objectives:
• Assist with matchmaking and linkages for Turkish TTO’s and agencies to U.S. TTO counterparts
• Help in building the Turkish Technology Transfer Offices community
• Develop TTO-specific strategic plans
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Faculty Initiative Programs § Initiatives to support faculty in developing programs that
cultivate & support student innovators and promote institutional change through: – Grants – Workshops & Training – Conferences
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o Faculty Grants o Pathways to Innovation o Open o Lean LaunchPad®
Faculty Grants VentureWell grants of up to $30,000 challenge faculty to create new courses and programs in which students develop ideas and gain the skills to bring them to market. These grants support experiential learning and foster student invention, innovation, and entrepreneurship that leads to the creation and support of VentureWell student E-Teams.
Next deadline: November 9
Faculty Grants Outcomes
Since 2011: § 156 grants awarded § $4.5MM total § 94 institutions § over 14,000 students impacted § 3 out of 4 of the courses & programs created
through the grant continue after the grant period
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Pathways to Innovation Program:
Faculty Development & Institutional Change Initiative
Goal: Enable engineering programs to develop widespread, effective, and accessible innovation and entrepreneurship (I&E) offerings for undergraduate engineering students embedded into formal and informal undergraduate engineering education.
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Program Elements
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Lean LaunchPad® The Lean LaunchPad educators program trains faculty to integrate Lean Startup principles into curriculum.
Next seminar: December 5-7
OPEN Conference Open is an annual convening of faculty, government, foundations and others focused on increasing science and technology invention, innovation & entrepreneurship in higher education & research.
Next Conference: Washington, D.C. March 24-25, 2017