Business Plan Overview and Submission Requirements
- Business Plan Phase Overview: Challenge Teams develop a 10-page business plan or business model canvas; a one minute elevator speech via recorded video as well as a five minute "live" pitch via Skype
- How to Submit: If your Challenge Team's LOI has been accepted, CAI will communicate this to you and you will automatically see additional information using the same link you used to submit your LOI
- What Constitutes a Complete Submission (estimated 20 pages PPT and Word (not including appendices)):
- 10 page business plan or a business model canvas
- 1 minute elevator pitch in a pre-recorded video posted on YouTube
- 5 minute live pitch via Skype or video conferencing to judges
- 10 page pitch deck (maximum length is 10 pages Powerpoint or Prezio)
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
Business Plan Timing
Business plan phase: The official business plan phase will begin on a rolling basis when a Challenge Team is accepted into the Challenge during the Letter of Intent (LOI) phase. The latest start date for the business plan phase is December 2nd, 2013. Business plan documentation/deliverables are due on February 3rd, 2014. Final pitches will be conducted February 13th, 2014. Award decisions will be made by February 19th, 2014
- Rolling Start Date into the Business Plan Phase: Your team will start when you are accepted into the LOI phase
- Final Deliverables Due: February 3rd, 2014
- Pitches Occur: February 3-13, 2014 as scheduled through the Center for Advancing Innovation
- Award Decisions Made: February 19th, 2014
- Awards Delivered: Within two weeks of the award decisions
Business Plan Phase Steps for Challenge Teams
- Review the Business Plan template and guidance. More information can be found here
- Please DO NOT contact Inventors directly. All contact to inventors should be made through the CAI team
- Add CAI to your schedules; there will be meetings with CAI twice a month every Friday afternoon for 30-45 min (CAI will post finalized dates and times on Wiggio). Meetings for inventions 1-5 and 6-10 will alternate weeks starting with 1-5 on December 6th, 2013 and 6-10 on December 13th, 2013. 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
- Identify your Team's availability for a meeting with the inventor between 1 and 5pm ET, December 4-6th or 11-13th, 2013
- Start working on deliverables outlined above in Business Plan Overview and Submission Requirements above
- Submit availability for pitches by December 28th, 2013. 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 pitch reviews in the afternoons ET starting on February 3rd, 2014 through February 13th, 2014. Please indicate if your Team has Skype capability
- Submit all deliverables on February 3rd, 2014. Post your Team's business plan and business model canvas and pitch presentation at a link to be provided by October 1st, 2013; your Team will be provided with a new link to post your Team's deliverables. Post the YouTube link to your Team's one minute elevator speech as well. Upload your Team's one minute elevator speech to YouTube. Subscribe to the Breast Cancer Start-up Challenge YouTube channel
Evaluation Process
- Challenge Teams will need to perform a "live" pitch over Skype. CAI must receive your Team's availability by December 28th, 2013. CAI will finalize Challenge Team pitch schedules and send to each Team (through Wiggio post) by January 3rd, 2014. If your Team does not provide available times CAI will assign a date/time to your Team
- Receive business plan deliverables on February 3rd, 2014
- Evaluate and score business plan deliverables (see criteria below)
- Listen to and assess "live" Skype pitches between February 3rd and February 13th, 2014
- Finalize scores and identify winners
- Communicate to the business plan phase winners and move to the start-up phase of the challenge on February 19th, 2014
Criteria and Guidelines
Criteria I: Comprehensive and Complete:
Criteria II: Ability to Attract Investors/Collaborators:
Criteria III: Operational Feasibility:
Criteria IV: Strong Collaborators, Management Team and Board of Advisors:
Criteria V: Risk Mitigation:
- 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 these risk have of occurring
- Created a feasible mitigation plan for all the risks that have the highest probability of negative impact and occurrence