Warrior Fund - Wayne State University (2012)
Technology Commercialization/Blackstone LaunchPad
Technology Commercialization/Blackstone LaunchPad
GROUP: Technology Commercialization/Blackstone LaunchPad
CONTRIBUTION: Press Release, Advertisement Design, Copywriting (Print, Web),
NOTE: The Wayne State Warrior logo is a registered trademark of Wayne State University. The Warrior Fund logo was produced by Sagor Bhuiyan.
CONTRIBUTION: Press Release, Advertisement Design, Copywriting (Print, Web),
NOTE: The Wayne State Warrior logo is a registered trademark of Wayne State University. The Warrior Fund logo was produced by Sagor Bhuiyan.
Release Date: March xx, 2012
Contact: Julie O’Connor
Wayne State University News Release
Pre-seed venture fund for students launches at Wayne State University
DETROIT — When the next breakthrough technology is conceived on a university campus, pondered over in a late-night study session or discovered in a laboratory, its inventor will have a better reason to stay connected to the Detroit area.
The Warrior Fund, a new pre-seed investment fund launched this month at Wayne State University with backing from the Michigan Initiative for Innovation & Entrepreneurship (MIIE), is poised to spur innovation among Wayne State University students.
The fund aims to support student start-ups and nurture novel technologies created at Wayne State University. It will attract student entrepreneurs of varying backgrounds and empower them to build bold ideas and explore technology-based business opportunities. The $25,000 fund will invite WSU student teams to “pitch” their business ideas to a panel of judges. The result will be five to ten teams of students awarded up to $5,000 in startup capital.
Potential student entrepreneurs will be guided by a “Warrior Fund” committee that includes Andrew Olson, commercialization principal at WSU, Aubrey Agee, senior program administrator Blackstone LaunchPad at WSU, and William Volz, professor of business law and ethics at WSU’s School of Business Administration and executive director of the Blackstone LaunchPad at WSU. They along with guest “investors” from the regional venture capital community and other WSU advisors and community leaders, will advise student teams by guiding them through a practice pitch session before they formally present their ideas.
“There are many resources available for entrepreneurs, but having the ability to provide funds and knock down barriers is the most important of all,” said Olson. “Student entrepreneurs are gifted at doing more with less, and it is critical that we leverage this “can-do” attitude while helping start companies that can thrive and grow right here in Detroit.”
The idea to provide a localized entrepreneurship resource to young innovators grew from a collaboration between WSU’s Office of Technology Commercialization and the Blackstone LaunchPad at WSU. The Blackstone LaunchPad, the result of a joint partnership between the Blackstone Charitable foundation and the Burton D. Morgan Foundation, focuses on teaching students how to translate their ideas into thriving business opportunities.
For more information about the Warrior Fund, visit http://wayne.edu/blackstonlaunchpad/warriorfund.php
# # #
Wayne State University is one of the nation’s pre-eminent public research universities in an urban setting. Through its multidisciplinary approach to research and education, and its ongoing collaboration with government, industry and other institutions, the university seeks to enhance economic growth and improve the quality of life in the city of Detroit, state of Michigan and throughout the world. For more information about research at Wayne State University, visit http://www.research.wayne.edu.
Contact: Julie O’Connor
Wayne State University News Release
Pre-seed venture fund for students launches at Wayne State University
DETROIT — When the next breakthrough technology is conceived on a university campus, pondered over in a late-night study session or discovered in a laboratory, its inventor will have a better reason to stay connected to the Detroit area.
The Warrior Fund, a new pre-seed investment fund launched this month at Wayne State University with backing from the Michigan Initiative for Innovation & Entrepreneurship (MIIE), is poised to spur innovation among Wayne State University students.
The fund aims to support student start-ups and nurture novel technologies created at Wayne State University. It will attract student entrepreneurs of varying backgrounds and empower them to build bold ideas and explore technology-based business opportunities. The $25,000 fund will invite WSU student teams to “pitch” their business ideas to a panel of judges. The result will be five to ten teams of students awarded up to $5,000 in startup capital.
Potential student entrepreneurs will be guided by a “Warrior Fund” committee that includes Andrew Olson, commercialization principal at WSU, Aubrey Agee, senior program administrator Blackstone LaunchPad at WSU, and William Volz, professor of business law and ethics at WSU’s School of Business Administration and executive director of the Blackstone LaunchPad at WSU. They along with guest “investors” from the regional venture capital community and other WSU advisors and community leaders, will advise student teams by guiding them through a practice pitch session before they formally present their ideas.
“There are many resources available for entrepreneurs, but having the ability to provide funds and knock down barriers is the most important of all,” said Olson. “Student entrepreneurs are gifted at doing more with less, and it is critical that we leverage this “can-do” attitude while helping start companies that can thrive and grow right here in Detroit.”
The idea to provide a localized entrepreneurship resource to young innovators grew from a collaboration between WSU’s Office of Technology Commercialization and the Blackstone LaunchPad at WSU. The Blackstone LaunchPad, the result of a joint partnership between the Blackstone Charitable foundation and the Burton D. Morgan Foundation, focuses on teaching students how to translate their ideas into thriving business opportunities.
For more information about the Warrior Fund, visit http://wayne.edu/blackstonlaunchpad/warriorfund.php
# # #
Wayne State University is one of the nation’s pre-eminent public research universities in an urban setting. Through its multidisciplinary approach to research and education, and its ongoing collaboration with government, industry and other institutions, the university seeks to enhance economic growth and improve the quality of life in the city of Detroit, state of Michigan and throughout the world. For more information about research at Wayne State University, visit http://www.research.wayne.edu.
2012 Warrior Fund Eligibility Overview
Each team must meet the followingrequirements in order to compete in the 2012 Warrior Fund series:
The goal of theWarrior Fund is to create stronger Wayne State University - Student runbusinesses by mentoring, coaching, and preparing the ventures to receive seedfunding. Not all ventures will receive funding, but all will be coached on howto make changes that strengthen the business opportunity.
Student
The program is for students enrolled at Wayne State Universityin a degree program in the current academic year. Students from otheruniversities are not eligible. Students who graduated in the preceding academicyear are not eligible to participate. However, exceptions may be made for students who worked on their venturein the preceding semester. Students may be eligible within 6 months ofgraduation.
There are no limits on the size of a team. Non-student team members are welcome toattend the presentation with the student team, but are prohibited fromparticipating in the presentations or Q&A sessions. Faculty advisors or other team mentors areencouraged to attend but are not allowed to participate.
This is a program for Wayne State University undergraduate,graduate, and doctoral students. All graduate students, not just MBAcandidates, are eligible to participate in the program. This includes MD candidates,JD candidates, other Masters candidates, and PhD candidates. Individuals in University Postdoctoralpositions are not eligible to compete as students.
Non-students may be members of the venture’s management teamand may participate in planning the venture. However, only students may present the plan and answer questions fromthe committee.
Company
All ventures must be open to seeking outside capital,typically early stage venture investment or early stage angel investment.
The program is for student created and managed ventures,including new ventures launched by licensing university technology. Students are expected to:
(1) be the driving force behind the newventure,
(2) haveplayed the primary role in developing the business pitch,
(3) havekey management roles in the venture, and
(4) ownsignificant equity in the venture. (if formed)
In general, a member of the student team should be CEO, COO,or President of the venture, or members of the student team should occupy 50%or more of the functional area management positions that report directly to theCEO, COO, or President.
The program issupportive of student teams that have created a business pitch to launch a newventure based on university-developed research and innovations. A secondary goal of the competition is tosupport the commercialization of promising university technologies through thelicensing of technologies to start-up ventures.
Recognizing thatthe equity structure of these new university-based ventures may not yet beestablished, the 50% equity ownership rule may be waived in thissituation. This waiver will be examinedon a case-by-case basis.
The Warrior Fundcommittee has the final decision on which teams are invited to participate inthe Warrior Fund series and reserves the right to include or exclude any teamsfor any reasons.
The business pitch must represent the original work ofmembers of the team. Student teams enrolling in the program MUST acknowledgethat the submissions of misleading, inaccurate information are grounds forimmediate disqualification. All submitted materials will be verified.
Technology
This program is focused on providing working capital totechnology-based entities. Scholars define technology as the following:
…the branch ofknowledge that deals with the creation and use of technical means and theirinterrelation with life, society, and the environment, drawing upon suchsubjects as industrial arts, engineering, applied science, and pure science.
Our definition oftechnology is pretty simple:
…A technologicalprocess, invention, method, or the like.
Unfortunately, this program does not provide capital forlifestyle businesses (e.g. coffee shops, salons, or restaurants). The Warrior Fund program is for new, independent ventures inthe seed, start-up, or early growth stages. Licensing technologies fromuniversities or research labs is encouraged, assuming they have not beencommercialized previously.
Past awardees are not eligible to compete again.
Eligible student teams MUST have attended one (1) or morecoaching sessions prior to presenting their venture plan to the committee. SeeBlackstone LaunchPad for details.
In order to gauge the success of this program and providedata for its future success, award recipients of the Warrior Fund program willbe required to report non confidential operations data to the committee. Thecommittee pledges not disclose operations data to any parties outside of theWarrior Fund, with the exception of the grant source. (Grant source: MichiganInitiative for Innovation & Entrepreneurship)
Each team member will be required to submit an individualForm W-9 at registration. If the venturehas been incorporated and has received an EIN, one form may be filled out. No prizes will be awarded without a completedW-9 on file with the Warrior Fund committee.
Each team must meet the followingrequirements in order to compete in the 2012 Warrior Fund series:
The goal of theWarrior Fund is to create stronger Wayne State University - Student runbusinesses by mentoring, coaching, and preparing the ventures to receive seedfunding. Not all ventures will receive funding, but all will be coached on howto make changes that strengthen the business opportunity.
Student
The program is for students enrolled at Wayne State Universityin a degree program in the current academic year. Students from otheruniversities are not eligible. Students who graduated in the preceding academicyear are not eligible to participate. However, exceptions may be made for students who worked on their venturein the preceding semester. Students may be eligible within 6 months ofgraduation.
There are no limits on the size of a team. Non-student team members are welcome toattend the presentation with the student team, but are prohibited fromparticipating in the presentations or Q&A sessions. Faculty advisors or other team mentors areencouraged to attend but are not allowed to participate.
This is a program for Wayne State University undergraduate,graduate, and doctoral students. All graduate students, not just MBAcandidates, are eligible to participate in the program. This includes MD candidates,JD candidates, other Masters candidates, and PhD candidates. Individuals in University Postdoctoralpositions are not eligible to compete as students.
Non-students may be members of the venture’s management teamand may participate in planning the venture. However, only students may present the plan and answer questions fromthe committee.
Company
All ventures must be open to seeking outside capital,typically early stage venture investment or early stage angel investment.
The program is for student created and managed ventures,including new ventures launched by licensing university technology. Students are expected to:
(1) be the driving force behind the newventure,
(2) haveplayed the primary role in developing the business pitch,
(3) havekey management roles in the venture, and
(4) ownsignificant equity in the venture. (if formed)
In general, a member of the student team should be CEO, COO,or President of the venture, or members of the student team should occupy 50%or more of the functional area management positions that report directly to theCEO, COO, or President.
The program issupportive of student teams that have created a business pitch to launch a newventure based on university-developed research and innovations. A secondary goal of the competition is tosupport the commercialization of promising university technologies through thelicensing of technologies to start-up ventures.
Recognizing thatthe equity structure of these new university-based ventures may not yet beestablished, the 50% equity ownership rule may be waived in thissituation. This waiver will be examinedon a case-by-case basis.
The Warrior Fundcommittee has the final decision on which teams are invited to participate inthe Warrior Fund series and reserves the right to include or exclude any teamsfor any reasons.
The business pitch must represent the original work ofmembers of the team. Student teams enrolling in the program MUST acknowledgethat the submissions of misleading, inaccurate information are grounds forimmediate disqualification. All submitted materials will be verified.
Technology
This program is focused on providing working capital totechnology-based entities. Scholars define technology as the following:
…the branch ofknowledge that deals with the creation and use of technical means and theirinterrelation with life, society, and the environment, drawing upon suchsubjects as industrial arts, engineering, applied science, and pure science.
Our definition oftechnology is pretty simple:
…A technologicalprocess, invention, method, or the like.
Unfortunately, this program does not provide capital forlifestyle businesses (e.g. coffee shops, salons, or restaurants). The Warrior Fund program is for new, independent ventures inthe seed, start-up, or early growth stages. Licensing technologies fromuniversities or research labs is encouraged, assuming they have not beencommercialized previously.
Past awardees are not eligible to compete again.
Eligible student teams MUST have attended one (1) or morecoaching sessions prior to presenting their venture plan to the committee. SeeBlackstone LaunchPad for details.
In order to gauge the success of this program and providedata for its future success, award recipients of the Warrior Fund program willbe required to report non confidential operations data to the committee. Thecommittee pledges not disclose operations data to any parties outside of theWarrior Fund, with the exception of the grant source. (Grant source: MichiganInitiative for Innovation & Entrepreneurship)
Each team member will be required to submit an individualForm W-9 at registration. If the venturehas been incorporated and has received an EIN, one form may be filled out. No prizes will be awarded without a completedW-9 on file with the Warrior Fund committee.
2012 Warrior Fund Deliverables
Each teammust submit the following materials by the dates specified in order to competein the 2012 Warrior Fund series:
ORALPRESENTATIONS
Initial oral presentations will take place on the WayneState University campus on Friday,March9, 2012 at a location to be announced to participants.
• Contents of theSlide Deck: Your pitch deck may include as many slides as needed to makeyour point. Remember, you only have 10 minutes to pitch your business. Werecommend the following format:
» Problem (needfor your product)
» Solution (valueproposition)
» AddressableMarket
» Business Model (revenuegeneration)
» Competition (Everyonehas competitors!)
» Marketing &Sales
» OperationsManagement (team and/or advisors)
» FinancialProjections & Milestones
» Questions
• Confidentiality:Judges will hold submissions in the strictest confidence but will not sign anyconfidentiality documents.
• Coaching/PracticeOpportunities, Friday, March 2, 2012: Prior to the committeepresentation, all teams will have access to coaching from business leadersprovided by the Warrior Fund. All selected teams will participate in the Coachingsession on Tuesday beginning at 2:00 pm. This will provide an opportunity foreach team to do a “dry run” of their pitch and receive specific, team focusedfeedback from a select group of judges prior to the final presentation. Youwill have 10 minutes for this presentation, plus 10 minutes for judgesquestions/answers and 10-minute feedback. The coaching session will not bescored.
• CommitteePresentation, Friday, March 9: In the committee presentation, asin the coaching round, each team will have 10 minutes to present its businessplan. The presentation will be followed by a 10-minute question-and-answersession with the judges. THESE TIME LIMITS WILL BE STRICTLY ENFORCED. For the committeepresentation, each team should be in position at least 15 minutes prior totheir designated presentation times. Teams will start early if the team beforethem finishes ahead of schedule.
*FeedbackSession: Following the committee presentation session, each team will have10 minutes of additional feedback from the judges evaluating theirpresentation. Student teams should be prepared to answer any questionspertaining to material covered in the pitch deck or the oral presentation.
NOTE: Questions arenot limited to material submitted or presented to the committee. Presentationsare not open to the public.
*Equipment: Teams should plan to bring a laptop and/or a copy oftheir presentation on a USB drive or CD. The presentation room is equipped witha large-screen projector and a room PC to run your presentation. You may alsoconnect your laptop directly to the projector to present.
SELECTION/AWARDS
The Warrior Fund Committee may select one or more ventureproposals each round for funding. Selection criteria will include at least the following considerations.
• What is theanticipated outcome of the proposed venture?
• Is thewritten proposal/business plan clear?
• Is theventure technology based and aligned with the goals of the fund?
• Is theventure feasible as proposed?
• Is the timeline reasonable?
• Is thebudget reasonable?
• Does theventure have potential to become self-sustaining?
• Will funds invested today help clearthe path forward for the venture to achieve its goals?
The Warrior Fund Committee expects to review proposals on arolling basis.
Below is a complete list of 2012 Warrior Fund Prep & Pitch sessions:
Round 1
3/2 Prep Session
3/9 Pitch Session
Round 2
3/30 Prep
4/6 Pitch
Round 3
5/4 Prep
5/11 Pitch
Round 4
6/1 Prep
6/8 Pitch
Round 5
6/29 Prep
7/15 Pitch
Round 6
8/3 Prep
8/10 Pitch
Round 7
9/21 Prep
9/28 Pitch
Round 8
10/19 Prep
10/26 Pitch
Round 9
11/16 Prep
11/30 Pitch
Round 10
12/7 Prep
12/14 Pitch
Additional sessions may beadded as deemed necessary. For updates head to: wayne.edu/blackstonelaunchpad
Each teammust submit the following materials by the dates specified in order to competein the 2012 Warrior Fund series:
ORALPRESENTATIONS
Initial oral presentations will take place on the WayneState University campus on Friday,March9, 2012 at a location to be announced to participants.
• Contents of theSlide Deck: Your pitch deck may include as many slides as needed to makeyour point. Remember, you only have 10 minutes to pitch your business. Werecommend the following format:
» Problem (needfor your product)
» Solution (valueproposition)
» AddressableMarket
» Business Model (revenuegeneration)
» Competition (Everyonehas competitors!)
» Marketing &Sales
» OperationsManagement (team and/or advisors)
» FinancialProjections & Milestones
» Questions
• Confidentiality:Judges will hold submissions in the strictest confidence but will not sign anyconfidentiality documents.
• Coaching/PracticeOpportunities, Friday, March 2, 2012: Prior to the committeepresentation, all teams will have access to coaching from business leadersprovided by the Warrior Fund. All selected teams will participate in the Coachingsession on Tuesday beginning at 2:00 pm. This will provide an opportunity foreach team to do a “dry run” of their pitch and receive specific, team focusedfeedback from a select group of judges prior to the final presentation. Youwill have 10 minutes for this presentation, plus 10 minutes for judgesquestions/answers and 10-minute feedback. The coaching session will not bescored.
• CommitteePresentation, Friday, March 9: In the committee presentation, asin the coaching round, each team will have 10 minutes to present its businessplan. The presentation will be followed by a 10-minute question-and-answersession with the judges. THESE TIME LIMITS WILL BE STRICTLY ENFORCED. For the committeepresentation, each team should be in position at least 15 minutes prior totheir designated presentation times. Teams will start early if the team beforethem finishes ahead of schedule.
*FeedbackSession: Following the committee presentation session, each team will have10 minutes of additional feedback from the judges evaluating theirpresentation. Student teams should be prepared to answer any questionspertaining to material covered in the pitch deck or the oral presentation.
NOTE: Questions arenot limited to material submitted or presented to the committee. Presentationsare not open to the public.
*Equipment: Teams should plan to bring a laptop and/or a copy oftheir presentation on a USB drive or CD. The presentation room is equipped witha large-screen projector and a room PC to run your presentation. You may alsoconnect your laptop directly to the projector to present.
SELECTION/AWARDS
The Warrior Fund Committee may select one or more ventureproposals each round for funding. Selection criteria will include at least the following considerations.
• What is theanticipated outcome of the proposed venture?
• Is thewritten proposal/business plan clear?
• Is theventure technology based and aligned with the goals of the fund?
• Is theventure feasible as proposed?
• Is the timeline reasonable?
• Is thebudget reasonable?
• Does theventure have potential to become self-sustaining?
• Will funds invested today help clearthe path forward for the venture to achieve its goals?
The Warrior Fund Committee expects to review proposals on arolling basis.
Below is a complete list of 2012 Warrior Fund Prep & Pitch sessions:
Round 1
3/2 Prep Session
3/9 Pitch Session
Round 2
3/30 Prep
4/6 Pitch
Round 3
5/4 Prep
5/11 Pitch
Round 4
6/1 Prep
6/8 Pitch
Round 5
6/29 Prep
7/15 Pitch
Round 6
8/3 Prep
8/10 Pitch
Round 7
9/21 Prep
9/28 Pitch
Round 8
10/19 Prep
10/26 Pitch
Round 9
11/16 Prep
11/30 Pitch
Round 10
12/7 Prep
12/14 Pitch
Additional sessions may beadded as deemed necessary. For updates head to: wayne.edu/blackstonelaunchpad
