Venture Readiness Program (VRP)

1) To improve UTM researchers’ understanding of what it means to innovate
2) To improve their awareness, processes, and capabilities around innovation
3) To assist these researchers with valuable feedback and knowledge of the requirements to succeed globally with their technologies
4) To initiate a connection between UTM researchers and other world-­-class researchers, innovators, entrepreneurs, and funding sources

Training offered:

5 DOI & Business Terms Workshop

5 DOI is intended to bring the common language of the Five Disciplines of Innovation. Participants will each present their own Elevator Pitches prior to breaking into teams and working on three projects. Each team will present their Value Proposition in Value Creation Forum format. The participants will then be familiar with the terms used in the 5DOI and be able to effectively participate in VCFs held at the university. With additional work, they will also be prepared for participation in other commercialization readiness program components.

Business Term Workshop will involve research personnel in this workshop who have the need and desire to understand business terms and concepts used in evaluating ventures and licensing opportunities. This one- or two-day workshop will provide participants with interactive and hands-on activities that will allow an understanding of the basic business terms that anyone wanting to be a part of starting up a company (or working with those who are doing so) should be aware of. It is not meant to replace the education that would be received in a typical Masters of Business degree program. The workshop will cover the following building blocks for creating an effective business plan:

1) Understanding the role of sales, marketing, and distribution
2) Developing a sustainable competitive advantage
3) Understanding basic accounting
4) Developing an effective business model
5) Choosing an appropriate organizational structure
6) Deciding between ownership structures
7) Choosing a source of financing

Value Creation Advisor will invite teams that have previously participated in a Five Disciplines of Innovation program or Value Creation Workshop. The teams will be invited to present their iterated Value Propositions to a panel consisting of SRI and UTM (or UTM-selected) personnel. The Value Creation Forums (VCFs) will be held for personnel covering subjects mutually agreed upon by the parties in advance. Each VCF will consist of a 20-40 minute Value Proposition presented by a Client team. SRI (and UTM-selected) personnel will then provide feedback and work with the team on how to improve preparation for licensing or venture activities. Each team will also receive individual coaching and assistance from SRI personnel.

1. New Venture Plan boot camp is an entrepreneurship course designed to teach participants the basic processes and tasks required to construct a business plan en route to the creation of a new enterprise. The course is designed not only for participants with immediate entrepreneurial aspirations but for any participants considering being involved in an entrepreneurial venture at any point in his or her career. This New Venture Plan boot camp is required prior to any team’s selection for the Silicon Valley boot camp, which will allow teams to learn and practice key activities and processes while preparing their own venture. The New Venture Plan boot camp is organized around a business concept that is assigned to a team, or, with the permission from SRI, it may be a business concept that has been developed by the team and is mature enough to be part of this boot camp (the Silicon Valley boot camp requires that teams work on their own venture idea). Each participant will study the assigned concept, analyze it, and evolve it into a business plan. There will be two participant teams, each working on a different business concept. Each team will review and analyze the work of the other, along with the instructors.
   • Day 1 General introduction, venture viability, team organization, and team building
   • Day 2 Defining team roles and responsibilities, applying elements of a business model for a new venture, understanding and assessing competitive strategies, learn how to construct marketing and sales plans
   • Day 3 Finalizing the business model, evolving business models, creating go-to-market plans, construct a marketing and sales plan, matching revenues with expenses, financing needs, staffing requirements, pro forma profit & loss statements, cash flow and financing requirements
   • Day 4 Integrate the components from the first three days of the boot camp, develop a draft of the business plan, draft the executive summary
   • Day 5 Teams present their financing pitch to the panel (present for 30 minutes, 20 minutes of Q&A plus feedback). All team members are expected to participate in the presentation

   Each day will be broken into three sections, which will consist of a lecture and discussion period on a venture plan topic, followed by a project team exercise. Homework will be assigned for completion overnight.