Definitions and FAQs on Challenge
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
Eligible Participants - Anyone!
- No minimum team size
- Your Background: Anyone with an entrepreneurial spirit! Participants can come from any background
- No Geography Restrictions: This challenge welcomes international participants
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.)
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.)
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. Q&A sessions will be conducted virtually via 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 unique team name to use throughout the competition. CAI reserves the right to changes team names
Can an Organization have more than one team?
Yes, there is no limitation on the number of teams per organization
Can an Organization have more than one team per invention?
Yes, there is no limitation. Please be aware that the Challenge judges will typically choose only one or two winners per invention
Can a team member participate on several invention teams?
Yes.
Are there limitations on team members?
No, you can have one or more team members on your team. You can participate as an individual!
Can we change a team member after we are accepted into the Challenge?
Yes, you will need the new team member fill out this form. Also, you must indicate to the Challenge organizers that one of your members is being added/dropped
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. Q&A sessions will be conducted virtually via 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 unique team name to use throughout the competition. CAI reserves the right to changes team names
Can an Organization have more than one team?
Yes, there is no limitation on the number of teams per organization
Can an Organization have more than one team per invention?
Yes, there is no limitation. Please be aware that the Challenge judges will typically choose only one or two winners per invention
Can a team member participate on several invention teams?
Yes.
Are there limitations on team members?
No, you can have one or more team members on your team. You can participate as an individual!
Can we change a team member after we are accepted into the Challenge?
Yes, you will need the new team member fill out this form. Also, you must indicate to the Challenge organizers that one of your members is being added/dropped
Scope of Challenge
What is the scope of the Challenge?
A health focus on illnesses affecting veterans
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
A health focus on illnesses affecting veterans
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
Inventions
Find a Technology to work on! You can either:
Who owns the inventions?
If you don't own the invention, then inventions will be brought in by the CAI team from various universities, federal agencies, and hospitals
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 patent 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 low. CAI will notify all teams if this were to occur
- Choose a challenge invention;
- Bring in your own invention;
- Get matched to an invention based on your interests
Who owns the inventions?
If you don't own the invention, then inventions will be brought in by the CAI team from various universities, federal agencies, and hospitals
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 patent 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 low. CAI will notify all teams if this were to occur
Letter of Intent Phase
How many teams are accepted into the Challenge per invention?
Maximum of 10 per invention
Do teams select the inventions for which they want to build a team?
Yes. CAI advises teams to select an area of interest or a specific invention
Where can we populate our LOI application?
Yes, LOIs can be submitted here
Is there a maximum number of LOIs that can be submitted per team?
No
What are the team requirements?
Please see our Eligibility and Rules
Are inventors allowed to participate as part of a team?
Yes, subject to any requirements of the inventor’s current employer
Are NIH-funded labs able to be collaborators for our team?
Yes.
Do teams need to be formed all from individuals from within the same state?
No, team members can be from any state and country
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. Please contact Rosemarie Truman at [email protected] for any additions to your team
Are there any tools provided to help the students form teams?
Yes, you may post contact information for your 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
Maximum of 10 per invention
Do teams select the inventions for which they want to build a team?
Yes. CAI advises teams to select an area of interest or a specific invention
Where can we populate our LOI application?
Yes, LOIs can be submitted here
Is there a maximum number of LOIs that can be submitted per team?
No
What are the team requirements?
Please see our Eligibility and Rules
Are inventors allowed to participate as part of a team?
Yes, subject to any requirements of the inventor’s current employer
Are NIH-funded labs able to be collaborators for our team?
Yes.
Do teams need to be formed all from individuals from within the same state?
No, team members can be from any state and country
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. Please contact Rosemarie Truman at [email protected] for any additions to your team
Are there any tools provided to help the students form teams?
Yes, you may post contact information for your 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
Business Plan Phase
Can a business model canvas be created in lieu of the business plan?
No
No
Business Plan Phase
How many Start-up Phase teams will there be for each invention?
1-3 teams; all must create a company in this phase
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. 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
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 licensing organization
Can the start-ups also license other technology that might complement the invention they are using for the Challenge?
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 $2000 for winning Phase 2 provided by CAI. Teams may potentially receive additional funding from VC pitches organized through the Challenge
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
Funding
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
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 and licensing agreements for inventions
1-3 teams; all must create a company in this phase
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. 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
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 licensing organization
Can the start-ups also license other technology that might complement the invention they are using for the Challenge?
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 $2000 for winning Phase 2 provided by CAI. Teams may potentially receive additional funding from VC pitches organized through the Challenge
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
Funding
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
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 and licensing agreements for inventions
Submission Rules
All Submissions must comply with the following rules:
Information Sharing
Information sharing is fundamental to the attainment of the Challenge’s goals of collaborative innovation among the Participants. However, information sharing during the time frame of the Challenge is for the limited purpose of creating business plans and live pitches, including commercialization plans, development plans, regulatory strategies, intellectual property strategies and such other deliverables as the Challenge Teams believe are critical for the business plan of the Challenge. Details for the Challenge can be found on the Overview Page.
Accordingly, the Challenge Teams shall only use Confidential Information for the Challenge. In addition, the Challenge Teams will keep all Confidential Information they receive directly or indirectly from any other Participant strictly confidential and, except as permitted herein, shall not disclose, reveal or share any portion of the Confidential Information to or with any individual or entity.
As used herein, “Confidential Information” means any and all information that is presented or disclosed by a Participant to any other Participant(s) in written, electronic, visual or oral form or in any other tangible medium during meetings, communications, or other information exchanges held in connection with the business plan of the Challenge. Confidential Information shall include, but not be limited to, unpublished data, research results, unpublished proprietary methods, financial/valuation models, business plans, business model canvases, theories, drawings and figures or visual depictions of research data or results regardless of format. Confidential Information also includes anything disclosed by a Participant (the “Disclosing Participant”) to another Participant that the Disclosing Participant marks in writing as “Confidential.”
“Confidential Information” shall not include, and the obligations contained herein shall not extend to, any part of the Confidential Information: (a) that can be demonstrated to have been in the public domain or publicly known at the time of disclosure; (b) that can be demonstrated to have been in the possession of or that can be demonstrated to have been readily available to Signatory from another source prior to the disclosure; (c) that becomes part of the public domain or publicly known by publication or otherwise, not due to any unauthorized act by Signatory; (d) that can be demonstrated as independently developed or acquired by Signatory without reference to or reliance upon such Confidential Information; or (e) that is required to be disclosed by law.
Additional Information
All Submissions must comply with the following rules:
- The Challenge is void wherever prohibited or restricted by law. CAI collectively reserves the right to disqualify any applicant to the Challenge
- This Challenge is subject to all applicable United States federal, state and local laws and regulations. Participation constitutes applicant’s full and unconditional agreement to these Official Rules and Sponsor, CAI decisions, which are final and binding in all matters related to the Challenge. Winning a prize is contingent upon fulfilling all requirements set forth herein
- By participating in this Challenge, Challenge Team members agree to assume any and all risks and waive claims against the Federal Government and its related entities, CAI, except in the case of willing misconduct, for any injury, death, damage, or loss of property, revenue, or profits, whether direct, indirect, or consequential, arising from a Challenge team's participation in this Challenge, whether the injury, death, damage, or loss arises through negligence or otherwise. By participating in this Challenge, Challenge Team members agree to indemnify the Federal Government and CAI against third party claims for damages arising from or related to Challenge activities
- Based on the subject matter of the Challenge, the type of work that it will possibly require, as well as an analysis of the likelihood of any claims for death, bodily injury, or property damage, or loss potentially resulting from Challenge participation, Applicants are not required to obtain liability insurance or demonstrate financial responsibility in order to participate in this Challenge
- Challenge Logos/Website:
- Challenge Team members agree that they will not use the name or the logo or trademark or other mark of the Challenge Sponsor, "The Center for Advancing Innovation," or any variation, adaptation, or abbreviation thereof, or the name of any of their respective trustees, officers, faculty, students, employees, or agents, or any trademark owned in any advertising or publicity (including but not limited to advertising or publicity on your organization’s website) without first seeking and obtaining the prior written permission of CAI or Challenge sponsor, as applicable
- Not withstanding the foregoing, Challenge Team members agree to acknowledge the support provided by CAI in all brochures, website postings, informational and marketing materials, annual reports and publications describing the Challenge programs and activities you have funded or otherwise supported and to use the format agreed upon by the CAI
- In addition you agree to allow The Center for Advancing Innovation to post your organization’s logo and a link to your organization’s website on the main Challenge website https://www.innovatevabeach.com
Information Sharing
Information sharing is fundamental to the attainment of the Challenge’s goals of collaborative innovation among the Participants. However, information sharing during the time frame of the Challenge is for the limited purpose of creating business plans and live pitches, including commercialization plans, development plans, regulatory strategies, intellectual property strategies and such other deliverables as the Challenge Teams believe are critical for the business plan of the Challenge. Details for the Challenge can be found on the Overview Page.
Accordingly, the Challenge Teams shall only use Confidential Information for the Challenge. In addition, the Challenge Teams will keep all Confidential Information they receive directly or indirectly from any other Participant strictly confidential and, except as permitted herein, shall not disclose, reveal or share any portion of the Confidential Information to or with any individual or entity.
As used herein, “Confidential Information” means any and all information that is presented or disclosed by a Participant to any other Participant(s) in written, electronic, visual or oral form or in any other tangible medium during meetings, communications, or other information exchanges held in connection with the business plan of the Challenge. Confidential Information shall include, but not be limited to, unpublished data, research results, unpublished proprietary methods, financial/valuation models, business plans, business model canvases, theories, drawings and figures or visual depictions of research data or results regardless of format. Confidential Information also includes anything disclosed by a Participant (the “Disclosing Participant”) to another Participant that the Disclosing Participant marks in writing as “Confidential.”
“Confidential Information” shall not include, and the obligations contained herein shall not extend to, any part of the Confidential Information: (a) that can be demonstrated to have been in the public domain or publicly known at the time of disclosure; (b) that can be demonstrated to have been in the possession of or that can be demonstrated to have been readily available to Signatory from another source prior to the disclosure; (c) that becomes part of the public domain or publicly known by publication or otherwise, not due to any unauthorized act by Signatory; (d) that can be demonstrated as independently developed or acquired by Signatory without reference to or reliance upon such Confidential Information; or (e) that is required to be disclosed by law.
Additional Information
- Taxes: You are responsible for all taxes and reporting related to any award you receive as part of the Challenge
- General Conditions: CAI reserve the right to cancel, suspend, and/or modify elements of the Challenge, for any reason, CAI's discretion. Participation in this Challenge constitutes an applicant’s full and unconditional agreement to abide by the Challenge's Official Rules found within this webpage
- Press: All Challenge Teams, as a condition of participation in the Challenge, will be required to participate in media and press opportunities related to the Challenge at the request of CAI. CAI may, for example, request that the team:
- Prepare a 100-150 word description of the invention the Team is working on as well as the Team’s commercialization and development strategy that will be made available to media and may be released publicly, either in part or in its entirety
- Speak to the media during Challenge-related interviews
- Provide quotes and/or content for any Challenge-related press release
- Participation in media and press opportunities in no way requires Teams to disclose any proprietary or otherwise confidential information related to their businesses. Upon request CAI will provide consultation to any team to avoid such disclosures while participating in press related opportunities
- CHALLENGE WEBSITE: The Challenge website will serve as a resource for information about the Challenge, including rules, timelines and contributors. The Challenge website will not be used for fundraising or for the advertising or marketing of non-Challenge related events or activities. The Challenge website is the sole property of CAI
