Phase 2: Business Plan
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Phase 2 Overview and Submission Requirements
  • Business Plan Phase Overview: Challenge Teams develop a 10-page business plan or business model canvas; and a twenty minute "live" pitch via Skype
  • What Constitutes a Complete Submission (estimated 20 pages PPT and Word (not including appendices)):
    • 10 page business plan with dilutive/non-dilutive funders or potential licensees* no font size limit, title and table of contents should not be numbered, appendix should not be counted in the 10 pages
    • A financial model in excel format only
    • 10 page pitch deck (maximum length is 10 pages Powerpoint or Prezio)
    • 20 minute (5 minute presentation, 5 minute Q&A) live pitch via WebEx, to the Challenge judges and to potential funders
    • Optional: Appendices*, Business model canvas
*appendices should be added and submitted with your business plan as a supplement, to be available on request from the judges
  • How to Submit: Deliverables will be submitted on our submission platform used in Phase 1.  Please log back in to your pitchburner account and the phase 2 submission will be at the end of the form
  • Winners and Prizes:  Winners will be determined and announced on May 6th 2015.  The winners of this phase will receive a $2500 cash award, per team from CAI and Heritage.
Phase 2 Timeline
Business plan phase: The official business plan phase will begin on January 24th, 2015, promptly after the ending of Phase 1.  Teams are welcome and encouraged to begin their deliverables for Phase 2 earlier than this date.  Business plan documentation/deliverables are due on April 16th, 2015.  Live pitches will be conducted from April  20-24, 2015.  Finalist and Winners will be announced by May 6th, 2015
  • Official Start Date into Phase 2: January 24th, 2015
  • Final Deliverables Due: April 16th, 2015
  • Pitches Occur: April 20-24, 2015 as scheduled through the Center for Advancing Innovation
  • Finalists and Winners Announced: May 6th, 2015
Business Plan Phase Steps for Challenge Teams
  1. Review the Business Plan template and guidance.  More information can be found here
  2. Please DO NOT contact Inventors directly.  All contact to inventors should be made through the CAI team
  3. Add CAI to your schedules; there will be meetings with CAI twice a month every Friday afternoon for 30-45 min. There will be no meetings during the week of official holidays; these meetings will be conducted on the following week.  Challenge Teams are not required to participate in any meetings; they are for your benefit and for any additional questions and guidance
  4. Start working on deliverables outlined above in Business Plan Overview and Submission Requirements above
  5. Submit all deliverables on April 16th, 2015. Post your Team's business plan and business model canvas on the pitchburner platform
  6. Submit availability for pitches by March 30th, 2015 on the Pitchburner submission platform.  If CAI has not received dates for your Team's availability, CAI will assign a date/time to your Team.  CAI will only be conducting pitch reviews starting on April 20th, 2015 through April 24th, 2015.  Please indicate if your Team has VOIP and Webcam capability
Criteria and Guidelines
Criteria I: Comprehensive and Complete:
  • Defined commercialization and development plan over the appropriate time period and have included specific milestone events (note: milestone events should include go/no-go decisions for potential investors).  For example, therapeutics will take a longer period of time to get approved unless they are addressing a rare disease/orphan indication
  • Clearly articulated all potential addressable target customer segments and the market/competitive landscape
  • Identified additional plans required, for example, Intellectual Property (IP) plan
  • Evaluated the entire lifecycle of your invention, both branded and generic products, if relevant
  • Identified medical/scientific experiments and developed your overall clinical trials plan in development plan. For the next invention tests required, outlined a very high level protocol with the correct number and type of samples and tests that need to be completed with specific goals for statistical significance. Created a plan for reproducing the results (if relevant)
  • Documentation provided is of high quality and includes sources, assumptions.  Overall plans are pragmatic yet optimistic

Criteria II: Ability to Attract Investors/Collaborators:
  • Identified specific differentiators and novelty of your Team's product/service to all key stakeholders. Novelty will indicate why the invention is unique from a scientific perspective.  Differentiation will indicate how the invention is better than anything else currently available e.g., better standard of care (e.g., one drug versus several for a shorter period of time with fewer side effects), cheaper, easier to use (e.g., at home diagnostic test), etc.  Note: stakeholders will be defined in your stakeholder engagement plan but should include the end patient, doctors, payers, VCs, etc.
  • Identified a specific exit or liquidity event, e.g., IPO, out-licensing/sub-licensing, funding partners (both dilutive and non-dilutive), revenue from a viable product, M&A, etc.
  • Creatively defined a quick revenue and profit model through your Team's commercialization and development plans that will assist your Team in reducing investment risk, e.g., do you have a way to bootstrap larger investments via, for example, R&D services; do you know if you can get a priority review voucher; can your invention be fast-tracked and approved in Phase II Clinical Trials, etc.
  • Identified how your Team's invention will be reimbursed through payers
  • Created realistic financial models that illustrate how to achieve profitability that is sustainable and growing

Criteria III: Operational Feasibility:
  • Created practical plans and financial and valuation models estimating revenue, investment requirements and profitability
  • Presented a clear idea of clinical applicability and how to manufacture/market/sell products
  • Outlined specific collaborators that will help your Team at different stages of development
  • Defined a clear regulatory path for any regulatory body, in particular, the FDA

Criteria IV: Strong Collaborators, Management Team and Board of Advisors:
  • Competent team that works together cohesively
  • Identified dilutive and non-dilutive funders as part of your Management/Board of Advisors/Directors team
  • Comprehensively identified all capabilities (either as collaborators, management team members, business advisors and/or scientific advisors) that will allow you to be successful, e.g., Business Development, Scientific leadership, R&D, Manufacturing, Sales, etc.
  • Clearly described how the management team will be compensated
  • Identified the legal form of ownership of the company

Criteria V: Risk Mitigation:
  • Identified risks, the impact of these risks and the probability these risk have of occurring
  • Created a feasible mitigation plan for all the risks that have the highest probability of negative impact and occurrence