icorps-combined fedc may 2019 … · product/ market fit pain = customer problem ... startup...
TRANSCRIPT
I-Corps Where Science Gets Down to Business
Tom O’Neal UCF NSF I-Corps Site Principle Investigator
BIG Concept Training Teams to Launch Businesses,
Lowers the Risk of Start-up Failures
Historically, too few ideas finding market success
Beyond Driving Basic Research, the US wants NSF investments to Drive Economic Impact
• Approximately $5.5B spent annually on basic research
• Insufficient Economic Impact from Large Federal Investments
• NSF Focused on Finding Methods to Enhance Commercialization
Driving Commercialization is a US Imperative
Make sure Your Business Idea is Sound, Before You Build
The Lean Start-up Approach
“It’s probably a good idea to plan your business, before you spend lots of money.”
– some smart Investor
State of the Art in
Entrepreneurship
“…start by understanding your customers.”
– Steve Blank, Stanford
Leveraging Best Practices from Silicon Valley
“Start-ups are NOT smaller versions of big companies…”
Implementing I-Corps - Starts with a Team Focus
BIG Concept We Lower Risk by Implementing the
Scientific Method to Discover Market Fit
Teams Learn a Process to Drive Long-term Success
Which Markets? Which Products? Which Channels? Which Services?
What Prices? What Features? What Partners? What Cost?
Business Model
Creation
Experienced Mentors
Customer Validation
Viable Business Model
Technology Idea
How Do We Make Money?
The i-Corps Team
Phase 1 State Hypothesis Draw Business Model Canvas
Phase 2 Test the Problem with the Customer
Phase 3 Test a Minimal Solution the Customer
Phase 4 Verify Patterns or Pivot Away
Customer Discovery Process
Teams Learn “Discovery” to Test Their Hypothesis
The Scientific Method Applied to Start-ups
Need to Engage With Enough Customers to Find Buying
Patterns
Conduct About 100 Interviews
The Customer SegmentThe Value Proposition
Teams Learn How to Discover Customer Needs
Product/ Market Fit
Pain = Customer Problem Gain = Customer Solution
Understanding PAINs and Realizing GAINs Help Teams Discover the Value Customers Need
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If you build it, they will come!
We used to do this before, and with a very low success rate.
Various Customer Types can impact the data found in Discovery
Teams Learn to Talk to Customers
Various roles have critical information to help teams understand the real PAINs and GAINs.
Teams Learn to Use the Business Model Canvas
Product/ Market Fit
By Aligning their Canvas, Teams document their Business Model before they begin execution
Expected Success Rate Improves
The Benefits Your Solution Offers
Customers Who Want
These Benefits
How Teams Get PaidFocus on Long-term
Value
Things They need for Success
Where are you from?
What’s your best work
environment?
What are you good at?
How do you measure trends?
How do you define growth?
What is your ultimate goal?
Give us your battle cry!
So, Which is Lean is Lean? Using BMC for Process Improvement
Silicon Valley
Chaotic
Solution Development
Toyota, Aichi, Japan
Predictable
Process Optimization
Statistical Variances Many Interviews
Top-line
Innovating
Bottom Line
Eliminating Waste
Kanban! Discovery!Doing Things Right
Doing the Right Things
Infographic concept c/o: https://www.pinterest.com/pin/219409813073044331/
National Innovation Network
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UCF Program
• 4 plus years • 120 plus companies • Hispanic Cohort with Prospera
• Great start for ideas – Capacitech ---Next generation capacitors – Thor Ore -- New ways of extracting rare earth
materials – Talon Simulations -- Augmented reality training – iDem -- New ways of manufacturing
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I-Corps™ Site at USF, Tampa
Sudeep Sarkar, Ph.D. Associate Vice-President for Special Programs
Professor and Chair, Computer Science & Engineering
• USF’s 6-week “boot camp” gives Teams real-world, hands-on experience to turn knowledge into products.
• Spring and Fall Semesters.
Activity 1: Boot camp at USF
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Activity 2: Courses
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• “Entrepreneurship with Social Impact” and • “Engineering Design Capstone”
Activity 3: Student Incubator
Post I-Corps Support
• Bull Ring Accelerator Grant (BRAG) • $25K in grant from USF Foundation and
USF Research Foundation • Shark-tank style presentation • Nine awards given out so far.
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By the numbers• 178 teams trained locally at the Site:
– 65 teams trained in 6-week bootcamp, – 81 in courses (Entrepreneurship with Social Impact, and
Engineering Capstone) – 32 in the student incubator.
• 28 national teams to date, – Largest number of any Sites in nation.
• 18 teams have started companies and have raised nearly $6.4 million in funding. (6 women led)
• Teams span Engineering, Arts and Sciences, Nursing, Marine Science, Education, Medicine, and Business
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HeartMapp• HeartMapp is designed to
monitor and treat physical and cognitive symptoms related to heart failure.
• Ponrathi Athilingam from Nursing and Miguel Labrador from Computer Science & Engineering
• Collaborating with Posit Science, a San Francisco-based company, to add cognitive exercises for the app.
• BRAG funded and now NIH funding
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Team NEWgenerator• Funding from the Bill &
Melinda Gates Foundation.
• To further the development waste water recycling machine and conduct a field test in Durban, South Africa.
• Prof. Daniel Yeh, Dr. Robert Bair, Prof. Kaushik Dutta (mentor).
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Kinetic Crutch Tip• This product is now in the market
(MTip) priced at $35.95. • Prof. Kyle Reed and Dr. Ismet
Handžic. • iStride shoes in the works
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Path Optical Systems
• Path Optical Systems, Inc: Small and affordable fiber optics that transport information at the speed of light
• BRAG funded. • 2019 Cade Prize Final 4
Contestant • Venkat Bhethanabotla
and Roger Tipton.
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• Expand Innovation Corps (I-Corps) throughout Florida
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Florida Atlantic University’s EntrepreneurialEcosystem
Newly Awarded I-Corps Site
FAU Wave Program
• Regina Gonzalez, MBA, Student Entrepreneurship Coordinator
• Undergraduate applied research and entrepreneurial program that challenges students to create projects to solve real world problems
• Multiple disciplines and categories • Pipeline to other programs
FAU Business Plan Competition• The Adams Center for
Entrepreneurship-Kevin Cox Ph.D., Assistant Director
• Opportunity to share their unique ideas to gain funding for their innovative business ventures
• Access to resources to aid students in creation, implementation, and skills
• Pitch in front of a panel of experienced entrepreneurs
FAU Tech Runway
• Rhys Williams, J.D., Associate Vice President and Managing Director
• A hub for technology development and entrepreneurial startups
• Help students house, educate, mentor, and fund their companies from origination through venture funding
• Three tracks: community, faculty/staff, and student companies
• Access to Angel investors
FAU Research Park• Andrew Duffell, MBA, President • A technology business incubator for growing
startup companies • An interface between business and academia • Access to free professional services • Month to month lease terms
NSF I-Corps at FAU
• Strengthen and grow our region's innovation ecosystem
• A one-day kickoff workshop, 5-week course, and final presentation of lessons learned
• 16 teams first cohort, 5 eligible for NSF, 1 recently awarded $50,000 grant and accepted into Nationals
FAU I-Corps Team Innovations
EqualWater: Solar powered filtration device that can extract clean water from surface water, wastewater or salt water
SlideMap: Low cost slide scanner for cancer pathologists to increase efficiency and accuracy of cancer diagnosis
ExtremeComms: Software for wireless underwater networking with unmanned submersibles
TeamSparx: Collaborative research platform that facilitates partnerships with universities and businesses outsourcing research development
FAU Contact Information
Regina Gonzalez-Division of Research FAU Wave, I-Corps [email protected] 561-235-9326
Rhys Williams-Tech Runway [email protected]
Kevin Cox-Adams Center for Entrepreneurship [email protected]
