Phase 3: Startup
Equity Requirements
Equity of up to 7.5% in every winning start-up created out of this challenge will be granted to one of the pharmaceutical companies supporting this Challenge. Additionally, a board of advisors seat will be awarded to this external company (no fiduciary responsibility)
Start-up Overview and Submission Requirements
Teams incorporate their start-up; apply for the NIH license or the license appropriate for your invention, and apply for seed funding. In order to complete these three activities, it will also be necessary for the team to refine their commercialization plan, development plan, regulatory strategy and provide a comprehensive view of their management team and board of advisors
Submission Requirements:
As an alternative to creating your own start-up, you may want to find a start-up that has interest in licensing the invention. In this case, you will be required to perform the above steps together with the licensing start-up
AN ONLINE FORM WILL BE PROVIDED FOR YOU TO ATTACH THESE SUBMISSIONS; PLEASE ADHERE TO THE GUIDANCE ON ATTACHMENT NAMING CONVENTION PROVIDED IN THE ONLINE FORM
Submission Requirements:
- revised commercialization plan
- revised development plan
- revised regulatory strategy
- revised comprehensive view of their management team and board of advisors
- application(s) for seed funding
- application for NIH license
As an alternative to creating your own start-up, you may want to find a start-up that has interest in licensing the invention. In this case, you will be required to perform the above steps together with the licensing start-up
AN ONLINE FORM WILL BE PROVIDED FOR YOU TO ATTACH THESE SUBMISSIONS; PLEASE ADHERE TO THE GUIDANCE ON ATTACHMENT NAMING CONVENTION PROVIDED IN THE ONLINE FORM
Start-up Timeline
Start-up phase: The start-up phase will begin with the start-up launch on June 19th, 2016, the start-up deadline will be August 28th, 2016. The end date of the Challenge may be extended if Start-ups have not received feedback from seed funders to whom they applied
- Start date: July 19th, 2016
- End date: August 28th, 2016
- Please note: the end date may shift out at the discretion of the core team
Start-up Phase Steps for Challenge Teams
- Review the Start-up template and guidance. More information can be found here
- Review potential seed funders that have agreed to participate in this Challenge; they will be posted on the Challenge website and will continue to be updated throughout the Challenge
- As soon as you enter this portion of the Challenge we recommend that you identify which seed funding you will apply for and look at the seed funding application requirements. In addition, we recommend that you identify NIH information requirements in their start-up license. Finally we suggest incorporating your company. It would be wise to do these three activities in parallel
- Complete and submit all applications as soon as possible in this stage upon revising business plan components
- Submit all deliverables outlined under "submission requirements" above on August 28th, 2016
Evaluation Process, Criteria and Guidelines
In this phase, the Office of Technology Transfer (OTT) at the National Institutes of Health (NIH) will evaluate start-up licensing applications independently of seed funders as well as the core team and judges. Seed funders will evaluate applications to receive dilutive/non-dilutive capital. Below we've provided links to typical dilutive and non-dilutive capital criteria from specific organizations as well as the licensing requirements from the NIH
Criteria for Seed Funding:
License: NIH Licensing Application
Criteria for Seed Funding:
- Dilutive Example -
- Ben Franklin Foundation
- Breakout Labs
- Non-Dilutive Example -
License: NIH Licensing Application
