What do over 400 startups with over 250

What do over 400 startups with over $250 M in seed funding have in common? 1

Why I-Corps™? Most academic spinouts fail because they develop something NO ONE CARES ABOUT

Why I-Corps™? Most academic spinouts fail because they develop something NO ONE CARES ABOUT Wow. Everyone will want this laser! 3

Why I-Corps™? Most academic spinouts fail Do customers because they develop want something more efficient? something NO ONE CARES ABOUT or maybe just cheaper? or just smaller? 4

Why I-Corps™? Most academic spinouts fail Do customers because they develop want something more efficient? something NO ONE CARES ABOUT or maybe just cheaper? or just smaller? What problem does this solve for my customers? Is that a big problem? or maybe just inconvenient? 5

Why I-Corps™? Most academic spinouts fail Do customers because they develop want something more efficient? something NO ONE CARES ABOUT What problem does this solve for my customers? Is that a big problem? or maybe just cheaper? or just smaller? How do they adopt new technologies? Who make a purchase decision? How do I reach new customers? or maybe just inconvenient? The answers are not in the lab and not even on campus 6

What is I-Corps™? I-Corps™ provides $50 k for a team to travel to meet with OVER 100 POTENTIAL CUSTOMERS and partners 7 week intensive training program to GET OUT OF THE LAB to learn how to actually EVALUATE MARKET OPPORTUNITY 7

What is I-Corps™? Business Model Canvas: value propositions, customer segments, key activities, key resources, key partners, channels, and revenue streams We work from the Customer Discovery method developed by Steve Blank & the Business Model Canvas popularized by Alex Osterwalder. 8

Taught by I-Corps National Instructors: deep entrepreneurship, investment & business experience

What is I-Corps™? • Focus on PRODUCT-MARKET FIT • Evidence for an informed GO/NO GO DECISION • Sense of URGENCY • TEAM-based: 2 people + 1 mentor • Focused mainly on PRE-STARTUP formation… why launch a company if there isn’t a viable business model? …but it works well at any stage where you have real market risk.

The Network The National Innovation Network • 8 Nodes • 87 Sites • >1200 Teams I-Corps is National! 11

Interested? Want to learn more? I-Corps™ website: http: //www. nsf. gov/i-corps Program Director: Steve Konsek: skonsek@nsf. gov 12

Backups 13

NSF Investments Resources Invested Private funds Public funds Research Proof-of. Concept Early Stage Prototype Product Development Commercialization

ENG overall Private funds IIP Domain Public funds 7 6 Translational Research 5 0. 215 0. 643 IIP 4 $B Resources Invested NSF overall NSF Investments ENG minus IIP 3 2 1 0 Research Proof-of. Concept Early Stage Prototype Product Development 4. 948 NSF minus ENG FY 15 NSF Research Budget Request Commercialization

IIP Programs GOALI I/UCRC PFI: BIC PFI: AIR-TT PFI: AIR-RA I-Corps SBIR/STTR ENG overall Private funds IIP Domain 250 Public funds 200 6. 25 10. 6 10. 5 21 Translational Research 150 GOALI I-Corps $M Resources Invested NSF overall startups I/UCRC PFI 100 165 SBIR/STTR 50 0 FY 15 IIP Budget Request Research Proof-of. Concept Early Stage Prototype Product Development Commercialization Note: I-Corps FY 15 funding request = $25 M across

IIP Programs GOALI I/UCRC PFI: BIC PFI: AIR-TT PFI: AIR-RA I-Corps SBIR/STTR ENG overall IIP Domain Private funds If only things were this easy 250 Public funds 200 6. 25 10. 6 10. 5 21 Translational Research 150 GOALI I-Corps $M Resources Invested NSF overall startups I/UCRC PFI 100 165 SBIR/STTR 50 0 FY 15 IIP Budget Request Research Proof-of. Concept Early Stage Prototype Product Development Commercialization Note: I-Corps FY 15 funding request = $25 M across

IIP Programs GOALI I/UCRC PFI: BIC PFI: AIR-TT PFI: AIR-RA I-Corps SBIR/STTR ENG overall IIP Domain Private funds If only things were this easy What does this mean to them? 250 Public funds 200 6. 25 10. 6 10. 5 21 Translational Research 150 $M Resources Invested NSF overall startups 100 165 GOALI I-Corps I/UCRC PFI SBIR/STTR 50 0 FY 15 IIP Budget Request Research Proof-of. Concept Early Stage Prototype Product Development Commercialization Note: I-Corps FY 15 funding request = $25 M across

Resources Invested ENG overall NSF Investments Private funds IIP Domain Public funds Translational Research Proof-of. Concept Early Stage Prototype Are you facing a Valley of Death? Product Development Commercialization

ENG overall NSF overall Resources Invested IIP Domain Public funds Translational Research Or maybe this? Private funds Research Proof-of. Concept Early Stage Prototype Product Development Commercialization

ENG overall NSF overall Resources Invested IIP Domain Public funds Translational Research Black Hole of Death? Private funds Research Proof-of. Concept Early Stage Prototype Product Development Commercialization

ENG overall NSF overall Resources Invested Private funds IIP Domain Public funds Translational Research I-Corps helps would-be entrepreneurs learn how to identify market potential Private funds Research Proof-of. Concept Early Stage Prototype Product Development Commercialization

I-Corps helps would-be entrepreneurs learn how to identify market potential

Most academic spinouts fail because they develop something NO ONE CARES ABOUT I-Corps helps would-be entrepreneurs learn how to identify market potential