Phase 2: Business Plan
Phase 2 Overview and Submission Requirements

  • Business Plan Phase Overview: Challenge semi-finalists  will develop a 10-page business plan; a financial model; pitch deck; and a twenty minute "live" pitch via video conference
  • Incorporation:  During Phase 2, Teams will incorporate their companies if they have not done so already
  • What Constitutes a Complete Submission (estimated 20 pages PPT and Word (not including appendices)):
    • 10 page business plan with potential funding sources; put in 11 point font or larger.  The title page and table of content pages are not counted in the 10 page count 
    • A financial model (P&L, Balance Sheet, Valuation Table) in excel format only
    • 10 page pitch deck in PowerPoint or Prezi.  The title page is not included in the page count for the pitch deck
    • 20 minute (5 minute presentation, 5 minute Q&A, 10 minute preparation time) live pitch, to the Challenge judges and to potential funders
    • Signed "Founder Agreement"  
  • How to Submit: Deliverables will be submitted on our submission platform used in Phase 1.  Please log back in to your Jot Form Submission Link the phase 2 submission will be at the end of the form
  • Winners and Prizes:  Winners will be determined and announced on October 5th 2018.  The winners of this phase will receive a $2000 cash award, per team from CAI.  
Phase 2 Timeline
Business plan phase: The official business plan phase will begin on July 2nd, 2018, promptly after the ending of Phase 1.  Teams are welcome and encouraged to begin their deliverables for Phase 2 earlier than this date, however, only the Phase 1 semi-finalists will be allowed official participation.  
  • Official Start Date into Phase 2: July 2nd, 2018
  • Final Deliverables Due: September 27th, 2018
  • Pitches Occur: October 1st 2018 - October 12th 2018 as scheduled through the Center for Advancing Innovation
  • Finalists and Winners Announced: October 26th, 2018
Business Plan Phase Steps for Challenge Teams
  1. 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
  2. Start working on deliverables outlined above in Business Plan Overview and Submission Requirements above
  3. Submit all deliverables Post your Team's business plan and business model canvas on the Jot Form Submission Link.
  4. Submit availability for pitches by September 1st, 2018 via communications with CAI.  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 business plan and pitch reviews starting on October 1st 2018 - October 12th 2018.  Please indicate if your Team has VOIP and Webcam capability.
  5. Finally we suggest incorporating your company. 
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 that these risks have of occurring
  • Created a feasible mitigation plan for all the risks that have the highest probability of negative impact and occurrence