Definitions and FAQs on Challenge
Definitions
Seasoned Entrepreneur: A person who has founded a Life Sciences, biomedical and/or health IT company; raised dilutive and/or non-dilutive capital for that company and have exited either successfully or unsuccessfully. CAI prefers entrepreneurs that have tenure of at least five years in a start-up and also have had corporate experience. If the entrepreneur had a successful exit (sold their company or had an IPO) in less than five years, this also qualifies as being a “seasoned entrepreneur.” Please note: an “entrepreneur in residence” typically does not meet these qualifications unless they meet the criteria outlined
Examples of Seasoned Entrepreneurs:
Invention: means any discovery or invention that is or may be patentable or otherwise protected under Title 35, U.S.C., or any novel variety of plant that is or may be protectable under the Plant Variety Protection Act (7 U.S.C. 2321 et seq.) or is protectable under the equivalent laws of a foreign nation
Start-up (to qualify for a license):
The National Institutes of Health (NIH): NIH is one of the 11 agencies that compose the United States Department of Health and Human Services (HHS) and is the primary agency of the United States government responsible for biomedical and health-related research. The NIH is made up of 27 institutes and centers, each with its own specific research agenda
The Center for Advancing Innovation (CAI): CAI is a global public-private partnership non-profit corporation. CAI’s mission is to support, accelerate and increase the volume of knowledge and technology transfer, translational research, commercialization and entrepreneurship in various fields of research, including biomedical research, to make more research available to the world for educational and innovation purposes and to improve the economy, create a virtuous circle of innovation and positively impact world health
The Heritage Provider Network, Inc. (Heritage) provides medical care services to its members. It offers preventive healthcare services, including employer-based health education programs, vaccinations, and fitness programs. It offers its services through a network of healthcare centers in Southern and Central California. Heritage Provider Network, Inc. was founded in 1996 and is based in Northridge, California.
Examples of Seasoned Entrepreneurs:
- Carol Nacy: Dr. Carol A. Nacy is currently founder and Chief Executive Officer of Sequella, Inc., a fifteen year- old privately-held pharmaceutical company that commercializes new and more effective treatments for life-threatening infectious diseases. Sequella has a novel antibiotic in a pivotal trial in Russia for MDR-TB with its corporate partner Infectex, a Phase 2 efficacy study in Africa in drug-sensitive TB, and a Phase 2 efficacy study in Texas for Helicobacter pylori infections. Sequella also has an extensive pipeline of earlier-stage drugs moving to the clinic in various infectious disease indications. Sequella has ongoing research collaborations with large pharmaceutical companies and academic centers for development of new drugs for neglected diseases. Sequella raised $81M to date from institutional and individual investors and peer- reviewed grants. Prior to Sequella, Dr. Nacy was Executive Vice President and Chief Scientific Officer at EntreMed, Inc., from 1993 through its successful public offering in June 1996. She left EntreMed in November 1996 to establish Sequella, Inc. and was part-time Chief Scientific Officer (1997-1998) for Anergen, Inc., a California company focused on autoimmune diseases. There, she reorganized the scientific staff and positioned the company for acquisition by Corixa Corp. in December 1998. Dr. Nacy became full time CEO and Chair of the Board of Sequella in January 1999. She is a member of the Board of Directors of for-profit companies (Social and Scientific Systems) and non-profit agencies (Sequella Foundation, Tech Council of Maryland, Foundation for Soldier and World Health, among others) and on a number of committees in global health organizations. Prior to her business experience, Dr. Nacy was career scientist and science manager for 17 years at the Walter Reed Army Institute of Research in Washington, DC, where she studied tropical infectious diseases. She has published over 160 scientific papers to date. Dr. Nacy was elected to the American Academy of Microbiology in 1985. She maintains strong ties to the scientific research community, was President of the American Society for Microbiology (1996) and the Society for Leukocyte Biology (1993), and was on the Board of the National Academy of Science, National Research Council (1996-2001). She is an adjunct faculty member of both the Department of Biology at the Catholic University of America, and the Department of Tropical Diseases at the George Washington University, Washington, DC. She earned her A.B., M.S., and Ph.D. degrees from the Catholic University of America in Washington, DC: in 2002 she was awarded a Lifetime Achievement Award in Science from CUA. Dr. Nacy was singled out as a Top 50 Innovator in the U.S. by Inc. Magazine in 2002, named Entrepreneur of the Year by Women in BIO in 2004. The state of Maryland named Dr. Nacy in its Top 100 Business Women in 2005, and the Washington Business Journal named her as a top 25 female executive in the Washington DC metropolitan area in 2005. In 2006, she received a National Leadership Award in Healthcare from the National Urban Technology Center in New York City, and in 2007 she was honored with a Special Outstanding Achievement Award for Clinical Trials by Women in BIO. In December 2009 she was awarded the Humanitarian Award, Hope is a Vaccine, by the Global Alliance for Immunization against Aids (GAIA) for her work to create new drugs for TB
- Gil Price: Dr. Gil Price is a clinical physician trained in Internal Medicine with a long-standing interest in the study of adverse drug reactions, drug utilization, drug development and regulation. He is an accomplished senior level manager with over 26 years of diverse therapeutic drug development experience. His responsibilities have included pharmacovigilance, competitive intelligence, and clinical development. Prior to his current position as Founder and CEO of Drug Safety Solutions, Dr. Price was the Director of Clinical Development for Oncology at MedImmune Inc. He previously worked in the CRO sector at ClinTrials. Dr. Price began his pharmaceutical career at Glaxo, Inc. in Research Triangle Park, NC, where he worked for nearly nine years on both the commercial and research sides of the company. Dr. Price is a member of the American Medical Association, the Academy of Pharmaceutical Physicians, the American Society of Microbiology, the Association of Clinical Research Professionals, and the Drug Information Association
Invention: means any discovery or invention that is or may be patentable or otherwise protected under Title 35, U.S.C., or any novel variety of plant that is or may be protectable under the Plant Variety Protection Act (7 U.S.C. 2321 et seq.) or is protectable under the equivalent laws of a foreign nation
Start-up (to qualify for a license):
- has been in operation for less than five (5) years;
- less than fifty (50) employees;
- less than five million ($5M) in funding since incorporation
- is majority owned by individuals, hedge funds, or venture funds or by a company that is majority owned by individuals, hedge funds or venture funds
The National Institutes of Health (NIH): NIH is one of the 11 agencies that compose the United States Department of Health and Human Services (HHS) and is the primary agency of the United States government responsible for biomedical and health-related research. The NIH is made up of 27 institutes and centers, each with its own specific research agenda
The Center for Advancing Innovation (CAI): CAI is a global public-private partnership non-profit corporation. CAI’s mission is to support, accelerate and increase the volume of knowledge and technology transfer, translational research, commercialization and entrepreneurship in various fields of research, including biomedical research, to make more research available to the world for educational and innovation purposes and to improve the economy, create a virtuous circle of innovation and positively impact world health
The Heritage Provider Network, Inc. (Heritage) provides medical care services to its members. It offers preventive healthcare services, including employer-based health education programs, vaccinations, and fitness programs. It offers its services through a network of healthcare centers in Southern and Central California. Heritage Provider Network, Inc. was founded in 1996 and is based in Northridge, California.
Team Member Definitions
Team Leader: Accountable for deliverables and the Challenge's single point of contact
Team Member: Responsible for deliverables
Mentor: Person who has domain expertise who actively works with the team on a daily basis as the team needs
Advisor: Person who has domain expertise and the team uses for Q&A sessions only
Collaborator: Organization that agrees to help support the team by; these include but are not limited to: seed funding organization, service companies (e.g., legal, financial, etc.)
Please find definitions for terms such as "responsible" and "accountable" here
Team Member: Responsible for deliverables
Mentor: Person who has domain expertise who actively works with the team on a daily basis as the team needs
Advisor: Person who has domain expertise and the team uses for Q&A sessions only
Collaborator: Organization that agrees to help support the team by; these include but are not limited to: seed funding organization, service companies (e.g., legal, financial, etc.)
Please find definitions for terms such as "responsible" and "accountable" here
FAQs
Challenge Overall
What are the goals of the Challenge?
Please find here the link to the Challenge goals
Will we have access to the inventors during the competition?
Yes, via scheduled Q&A sessions hosted by CAI and NIH. Q&A sessions will be conducted virtually via Skype, Video Conferencing or a join.me session. If your team is unable to make the Q&A session, you may listen to the meeting afterwards. CAI will provide a link to the Q&A sessions, to be accessed via CAI only. These recordings will be confidential under the Challenge CDA. Also, CAI will collect questions ahead of time and consolidate for the inventor. The inventor will answer questions in the order he/she deems most important for the teams
How will the Challenge distinguish teams?
Challenge teams must create a team name following the template 'organization' - 'invention #'.'group letter' where:
Can an Organization have more than one team?
Yes, there is no limitation other than the than the total number of teams per invention is 30
Can an Organization have more than one team per invention?
Yes, there is no limitation other than the than the total number of teams per invention is 30. Please be aware that once an invention has reached 30 qualified teams in the LOI portion of the Challenge; the invention will be closed to additional Challenge Teams. A status "ticker" regarding the number of teams per invention can be found on the Teams Participating page on this web site
Can a student participate on several invention teams?
Yes, as long as there is a definitive role. For example, CAI imagines that there may be some entrepreneurs that may participate on several teams from one Organization
Can we have more than two students on a team?
Yes, there is no limit to how large your team can be, but must be a minimum of two students
Can any team member fill the discipline requirements?
Yes, the core team as well as mentors, advisors, and collaborators can fill team requirements for the four disciplines. However at least one of the two graduate students must fill either the Business or Medical Scientific discipline. Keep in mind that by definition, mentors, advisors and collaborators will commit less time in terms of Challenge deliverables. Challenge teams will be evaluated based on their application of each discipline and their collective ability to execute deliverables
Can we change a team member after we are accepted into the Challenge?
Yes, however, if you are changing a core team member or the entrepreneur, you will need the new team member fill out this form. Also, you must indicate to the Challenge organizers that one of your members are being added/dropped out.
What assistance will the students receive from the Challenge facilitators?
CAI is facilitating and managing the Challenge and you will receive communications regarding the Challenge through CAI on behalf of NIH. CAI's team will provide templates, tools and other resources. CAI will also have an established mentoring methodology for the teams. CAI will also serve as a mentor to the teams. In addition to CAI’s team, CAI is also formulating a team of mentors that will be able to answer questions in different subject matter areas. If you'd like to nominate a mentor or judge, please click here
Who is on the Challenge core team?
Please click here to view the Challenge core team
Will the summary of the technologies be available for students to look at by August 1st, 2014?
Yes
Please find here the link to the Challenge goals
Will we have access to the inventors during the competition?
Yes, via scheduled Q&A sessions hosted by CAI and NIH. Q&A sessions will be conducted virtually via Skype, Video Conferencing or a join.me session. If your team is unable to make the Q&A session, you may listen to the meeting afterwards. CAI will provide a link to the Q&A sessions, to be accessed via CAI only. These recordings will be confidential under the Challenge CDA. Also, CAI will collect questions ahead of time and consolidate for the inventor. The inventor will answer questions in the order he/she deems most important for the teams
How will the Challenge distinguish teams?
Challenge teams must create a team name following the template 'organization' - 'invention #'.'group letter' where:
- 'organization' - Organization of the Team Leader
- 'invention #' - The invention number the team has chosen
- 'group letter' - If there are multiple groups within the same organization AND with the same invention you may coordinate within your organization or the CAI team will assign you a letter at the end of your group name
Can an Organization have more than one team?
Yes, there is no limitation other than the than the total number of teams per invention is 30
Can an Organization have more than one team per invention?
Yes, there is no limitation other than the than the total number of teams per invention is 30. Please be aware that once an invention has reached 30 qualified teams in the LOI portion of the Challenge; the invention will be closed to additional Challenge Teams. A status "ticker" regarding the number of teams per invention can be found on the Teams Participating page on this web site
Can a student participate on several invention teams?
Yes, as long as there is a definitive role. For example, CAI imagines that there may be some entrepreneurs that may participate on several teams from one Organization
Can we have more than two students on a team?
Yes, there is no limit to how large your team can be, but must be a minimum of two students
Can any team member fill the discipline requirements?
Yes, the core team as well as mentors, advisors, and collaborators can fill team requirements for the four disciplines. However at least one of the two graduate students must fill either the Business or Medical Scientific discipline. Keep in mind that by definition, mentors, advisors and collaborators will commit less time in terms of Challenge deliverables. Challenge teams will be evaluated based on their application of each discipline and their collective ability to execute deliverables
Can we change a team member after we are accepted into the Challenge?
Yes, however, if you are changing a core team member or the entrepreneur, you will need the new team member fill out this form. Also, you must indicate to the Challenge organizers that one of your members are being added/dropped out.
What assistance will the students receive from the Challenge facilitators?
CAI is facilitating and managing the Challenge and you will receive communications regarding the Challenge through CAI on behalf of NIH. CAI's team will provide templates, tools and other resources. CAI will also have an established mentoring methodology for the teams. CAI will also serve as a mentor to the teams. In addition to CAI’s team, CAI is also formulating a team of mentors that will be able to answer questions in different subject matter areas. If you'd like to nominate a mentor or judge, please click here
Who is on the Challenge core team?
Please click here to view the Challenge core team
Will the summary of the technologies be available for students to look at by August 1st, 2014?
Yes
Scope of Challenge
Is the Challenge limited to the US or is it international?
International
Is the Challenge limited to one state within the US?
No. This Challenge is global
How does this fit into iCorps program?
Several Universities participating in the iCorps program will be participating in the Challenge. They will use the guidelines specified by the iCorps program but adhere to CAI's timeline. Other than this, there is no direct linkage to the iCorps program at present
International
Is the Challenge limited to one state within the US?
No. This Challenge is global
How does this fit into iCorps program?
Several Universities participating in the iCorps program will be participating in the Challenge. They will use the guidelines specified by the iCorps program but adhere to CAI's timeline. Other than this, there is no direct linkage to the iCorps program at present
Inventions
Who owns the inventions?
NIH owns the all inventions
Are there national and/or international patents on the inventions in the Challenge?
This varies by invention; however, the inventions either have patents granted on an international/US basis or patents applications have been filed
Will an option to the invention be provided when the teams enter the Challenge?
No. This Challenge provides teams a real-life substantive, genuine experience that entrepreneurs in the world face every day
Are the winning teams guaranteed a license to their selected invention?No. Licenses are not guaranteed to teams and their selected invention. Negotiations will need to occur in order to receive a licensing agreement.
Will known risks/weaknesses and strengths for the inventions be disclosed?
Yes, they are part of the invention description
Is there a chance that the invention might be licensed by another organization during the course of the Challenge?
Yes, but the risk is remote. It is unusual for the NIH to have more than one license application for a patent family
About NIH inventions: while another potential licensee may put an exclusive licensing application forth during the course of the Challenge, the intent to grant an exclusive license must be posted in the Federal Register for at least 15 days. Anyone can object (including Challenge participants) to the license by submitting a license application during the Federal Register notice period. Finally, Federal statutory and NIH’s Office of Technology Transfer policy requirements give preference to small US businesses; thereby further mitigating the risk that Challenge Teams have an invention pulled from under them. The largest risk of an invention being licensed will occur during the business plan phase of the Challenge.
NIH owns the all inventions
Are there national and/or international patents on the inventions in the Challenge?
This varies by invention; however, the inventions either have patents granted on an international/US basis or patents applications have been filed
Will an option to the invention be provided when the teams enter the Challenge?
No. This Challenge provides teams a real-life substantive, genuine experience that entrepreneurs in the world face every day
Are the winning teams guaranteed a license to their selected invention?No. Licenses are not guaranteed to teams and their selected invention. Negotiations will need to occur in order to receive a licensing agreement.
Will known risks/weaknesses and strengths for the inventions be disclosed?
Yes, they are part of the invention description
Is there a chance that the invention might be licensed by another organization during the course of the Challenge?
Yes, but the risk is remote. It is unusual for the NIH to have more than one license application for a patent family
About NIH inventions: while another potential licensee may put an exclusive licensing application forth during the course of the Challenge, the intent to grant an exclusive license must be posted in the Federal Register for at least 15 days. Anyone can object (including Challenge participants) to the license by submitting a license application during the Federal Register notice period. Finally, Federal statutory and NIH’s Office of Technology Transfer policy requirements give preference to small US businesses; thereby further mitigating the risk that Challenge Teams have an invention pulled from under them. The largest risk of an invention being licensed will occur during the business plan phase of the Challenge.
Entering the Challenge - Team Formation and Requirements
How many Challenge teams are there per invention?
30 maximum
Do students select the inventions for which they want to build a team?
Yes. CAI advises students to select an area of interest as well as an area in which they have some experience
Can we populate our LOI using the live system?
Yes, however, do not submit until August 1st, 2014 when we will be officially accepting LOIs. We will not accept LOIs submitted before August 1st, 2014
Is there a maximum number of LOIs that can be submitted per team?
No, however, LOIs that put forth strong teams and meet CAI's criteria and minimally accepted team criteria will be immediately accepted into the Challenge so that the team can start to develop their business plan. CAI encourages teams to be prepared to submit their LOI on August 1st, 2014 so that they get considered first for a particular invention. LOIs can be submitted here
What are the team requirements?
Please see our Eligibility and Rules
Are co-inventors who are no longer employees of the NIH allowed to participate as part of a team?
Yes, subject to any requirements of the co-inventor’s current employer and NIH post-employment restrictions
Do teams need to be formed all from individuals from within the same state?
No, team members can be from any state and country
Do the team members actually have to be part of the leadership team of the start-up?
No, the team can put forth a management team that is separate and distinct from the team participating in the Challenge. The management team, however, must be represented in the letters of incorporation for the start-up
Can new members of the team be added during the progression for the Challenge?
Yes, as long as the CAI administrators are made aware of the additional team member, the role that they will play, etc. Team members must be eligible as well, e.g., over 18 years old. See eligibility requirements here. Please contact Jonathan Lui at [email protected] for any additions to your team
Do post-docs and medical students in residency count as “graduate students”?
Yes
Are there any tools provided to help the students form teams?
Yes, the Challenge will be posting contact information for all teams and potential team members. You can see this list here
How do I know how many teams have been accepted for each invention?
A "ticker" beside each invention description can be found here. CAI will indicate when no more LOIs will be accepted
How will I know if I've been accepted into the business plan portion of the contest?
You will receive an email from CAI stating that you have been accepted into the business plan portion of the contest. Also, you will see additional tabs open up on the link you used to submit your LOI. These additional tabs will indicate how and where to submit your business plan deliverables
30 maximum
Do students select the inventions for which they want to build a team?
Yes. CAI advises students to select an area of interest as well as an area in which they have some experience
Can we populate our LOI using the live system?
Yes, however, do not submit until August 1st, 2014 when we will be officially accepting LOIs. We will not accept LOIs submitted before August 1st, 2014
Is there a maximum number of LOIs that can be submitted per team?
No, however, LOIs that put forth strong teams and meet CAI's criteria and minimally accepted team criteria will be immediately accepted into the Challenge so that the team can start to develop their business plan. CAI encourages teams to be prepared to submit their LOI on August 1st, 2014 so that they get considered first for a particular invention. LOIs can be submitted here
What are the team requirements?
Please see our Eligibility and Rules
Are co-inventors who are no longer employees of the NIH allowed to participate as part of a team?
Yes, subject to any requirements of the co-inventor’s current employer and NIH post-employment restrictions
Do teams need to be formed all from individuals from within the same state?
No, team members can be from any state and country
Do the team members actually have to be part of the leadership team of the start-up?
No, the team can put forth a management team that is separate and distinct from the team participating in the Challenge. The management team, however, must be represented in the letters of incorporation for the start-up
Can new members of the team be added during the progression for the Challenge?
Yes, as long as the CAI administrators are made aware of the additional team member, the role that they will play, etc. Team members must be eligible as well, e.g., over 18 years old. See eligibility requirements here. Please contact Jonathan Lui at [email protected] for any additions to your team
Do post-docs and medical students in residency count as “graduate students”?
Yes
Are there any tools provided to help the students form teams?
Yes, the Challenge will be posting contact information for all teams and potential team members. You can see this list here
How do I know how many teams have been accepted for each invention?
A "ticker" beside each invention description can be found here. CAI will indicate when no more LOIs will be accepted
How will I know if I've been accepted into the business plan portion of the contest?
You will receive an email from CAI stating that you have been accepted into the business plan portion of the contest. Also, you will see additional tabs open up on the link you used to submit your LOI. These additional tabs will indicate how and where to submit your business plan deliverables
Business Plan Phase
Can a business model canvas be created in lieu of the business plan?
Yes
Yes
Start-up Phase
How many Start-up Phase teams will there be for each invention?
1-3
What happens if there is no start-up?
All teams in the start-up phase will be required to incorporate a company. So, all teams that agree to be in the start-up phase should be serious about creating a new company
What constitutes a “winner” in the start-up phase of the Challenge?
A business entity that has successfully negotiated a license to a Challenge invention and has also secured dilutive and/or non-dilutive seed funding
Can there be more than one start-up winner per invention?
Yes, technically if all teams in the start-up phase of the Challenge put forth licensing applications for different fields of use, there could be three start-ups per invention resulting in 15-40 start-ups
Are winning teams guaranteed licenses to their respective technologies?
No. Winners of the Challenge will still need to submit a complete license application, which will be granted by the discretion of the NIH
Can the start-ups also license other technology that might complement the invention they are using for the Challlenge?
Yes. They should use whatever mechanism possible to allow them to have a high probability of a sustainable, successful start-up as long as they comply with the Challenge rules
How much will teams receive for winning Phase 3: Startup?
There is no prize other than the $2500 for winning Phase 2 provided by CAI and Heritage. Teams may potentially receive additional funding from VC pitches organized through the Challenge
How will equity be allocated in the start-up?
The management team or designated leaders of the management team will collectively make this decision
Does the Challenge team absolutely have to create a start-up?
No, the Challenge team may find a start-up organization who may want to license the invention to augment their portfolio
What happens to the Challenge team if they find a potential licensee that has a start-up?
The team may still win the “start-up medal of honor prize,” but equity in the company is at the discretion and based on the negotiation between the start-up team and the start-up company that already exists
1-3
What happens if there is no start-up?
All teams in the start-up phase will be required to incorporate a company. So, all teams that agree to be in the start-up phase should be serious about creating a new company
What constitutes a “winner” in the start-up phase of the Challenge?
A business entity that has successfully negotiated a license to a Challenge invention and has also secured dilutive and/or non-dilutive seed funding
Can there be more than one start-up winner per invention?
Yes, technically if all teams in the start-up phase of the Challenge put forth licensing applications for different fields of use, there could be three start-ups per invention resulting in 15-40 start-ups
Are winning teams guaranteed licenses to their respective technologies?
No. Winners of the Challenge will still need to submit a complete license application, which will be granted by the discretion of the NIH
Can the start-ups also license other technology that might complement the invention they are using for the Challlenge?
Yes. They should use whatever mechanism possible to allow them to have a high probability of a sustainable, successful start-up as long as they comply with the Challenge rules
How much will teams receive for winning Phase 3: Startup?
There is no prize other than the $2500 for winning Phase 2 provided by CAI and Heritage. Teams may potentially receive additional funding from VC pitches organized through the Challenge
How will equity be allocated in the start-up?
The management team or designated leaders of the management team will collectively make this decision
Does the Challenge team absolutely have to create a start-up?
No, the Challenge team may find a start-up organization who may want to license the invention to augment their portfolio
What happens to the Challenge team if they find a potential licensee that has a start-up?
The team may still win the “start-up medal of honor prize,” but equity in the company is at the discretion and based on the negotiation between the start-up team and the start-up company that already exists
University Requirements
What would you like of the Universities?
What’s “in it” for the Universities?
Many Universities are seeking to expand their entrepreneurship offerings for students. CAI hopes that this platform serves as a platform to further augment and enhance the current entrepreneurship programs offered by the University. In addition, CAI sees this competition creating “built-in” jobs for students and spurring economic growth within the region. Many Universities would see this as a benefit as well given this is one of the ways they are able to attract students to enroll in the University. Also, many Universities would love to have a start-up success story; we hope that there is this opportunity with the NIH inventions selected. Finally, CAI anticipates that this Challenge will provide Universities a platform to create cross-disciplinary teams across their University and collaborations in their state to further strengthen ties within the University and state
- Advertise
- Create Teams
- Potentially identify a leader to spear head the effort for the University
- Integrate the Challenge to the best of your ability into your curriculum
- Proactively provide feedback regarding how we can improve the Challenge
- Collaborate with our team and others using the social media platform
What’s “in it” for the Universities?
Many Universities are seeking to expand their entrepreneurship offerings for students. CAI hopes that this platform serves as a platform to further augment and enhance the current entrepreneurship programs offered by the University. In addition, CAI sees this competition creating “built-in” jobs for students and spurring economic growth within the region. Many Universities would see this as a benefit as well given this is one of the ways they are able to attract students to enroll in the University. Also, many Universities would love to have a start-up success story; we hope that there is this opportunity with the NIH inventions selected. Finally, CAI anticipates that this Challenge will provide Universities a platform to create cross-disciplinary teams across their University and collaborations in their state to further strengthen ties within the University and state
Funding
Are SBIR grants guaranteed by the NIH?
No, they need to be applied for and go through the normal SBIR evaluation process. The SBIR team at the NIH will be aware of Challenge team applications. CAI encourages the teams to apply for SBIR grants as soon as their start-up is incorporated and they have necessary documentation
Is funding guaranteed for start-ups?
No, CAI has connected with several potential funding organizations. If funding organizations have agreed to participate in the Challenge to evaluate start-ups that arise out of this Challenge, they are listed in the potential funding section of the website. Funding organizations will be available on October 1st, 2013 and will be updated throughout the course of the Challenge
No, they need to be applied for and go through the normal SBIR evaluation process. The SBIR team at the NIH will be aware of Challenge team applications. CAI encourages the teams to apply for SBIR grants as soon as their start-up is incorporated and they have necessary documentation
Is funding guaranteed for start-ups?
No, CAI has connected with several potential funding organizations. If funding organizations have agreed to participate in the Challenge to evaluate start-ups that arise out of this Challenge, they are listed in the potential funding section of the website. Funding organizations will be available on October 1st, 2013 and will be updated throughout the course of the Challenge
Other Pointers
Creativity: CAI encourages creativity in every sense of the word to help your team have a high probability of a successful outcome and differentiate yourself, while abiding by the “rules” of the Challenge
Branding: Remember to also be aware of branding. Many biomedical companies have names that seem obscure and do not relate to anything the end user can relate to. Challenge participants may differentiate yourself if you choose a name that end users can actually relate to. Also, be sure to include imagery and tag lines and potentially even a jingle and mascot
Stakeholder Engagement: Remember to include Key Opinion Leaders (KOLs), patient advocate groups, doctors (contemporary and more traditional), venture funds/private equity/angel investors, other inventors, etc.
Due Diligence: Please perform your own due diligence on the inventions in the challenge
Licensing Process and Forms: Please familiarize yourself with the licensing process, the startup licensing agreements as well as the model licensing agreements
Branding: Remember to also be aware of branding. Many biomedical companies have names that seem obscure and do not relate to anything the end user can relate to. Challenge participants may differentiate yourself if you choose a name that end users can actually relate to. Also, be sure to include imagery and tag lines and potentially even a jingle and mascot
Stakeholder Engagement: Remember to include Key Opinion Leaders (KOLs), patient advocate groups, doctors (contemporary and more traditional), venture funds/private equity/angel investors, other inventors, etc.
Due Diligence: Please perform your own due diligence on the inventions in the challenge
Licensing Process and Forms: Please familiarize yourself with the licensing process, the startup licensing agreements as well as the model licensing agreements
