Discovery Launchpad MN offers customized coaching for companies formed outside the University of Minnesota. This program is Launch Minnesota’s statewide partner and is able to leverage resources inside the UMN and in the external startup ecosystem to address specific issues, challenges, and gaps in a business’ plans, ultimately, improving a company’s chance of success.
You must be a Launch MN Innovation Grant recipient to apply for and participate in Discovery Launchpad MN.
Applications for this program are accepted until JUNE 30, 2022.
Apply for Discovery Launchpad MN
Customized Coaching & Curriculum
Participation in Discovery Launchpad MN will challenge business leaders to identify strengths in their business plans and spot areas to develop further. With help from our group of experienced advisors, businesses are coached on what needs to be done to fill the gaps and increase their probability of success.
This hands-on program brings experienced advisors from our Venture Center Business Advisory Group into the conversation to help a startup business’ leadership move efficiently through the incubator process using a two-phase approach:
Assessment: Participants meet with Discovery Launchpad MN advisors to discuss the startup. Specific challenges and objectives to focus on are identified, serving as the work plan for the duration of the program.
Pitch Dry Run: Participants test drive their investment pitch with a group of advisors and get feedback.
Timeline
Those accepted into the program will participate in eight to ten 1-hour advising sessions spread over eight weeks.
Potential Work Plan Areas for Advisement
| Area | Outcome |
|---|---|
| Business Model | Explore options, test assumptions, and develop a feasible plan for how the business will operate and generate revenue. |
| Technology & Readiness | Identify strategy for completing necessary steps to ready technology for commercial use (may be integrated with regulatory plan, depending upon the nature of the business. |
| Team | ● Define and nurture a healthy business culture ● Understand the difference between advisory boards, boards of directors, and how to recruit and use both ● Resource and incentivize the team ● Define roles and work as a team for maximum results |
| Marketing & Sales | ● Develop a marketing and sales plan ● Develop an initial strategy to translate customer learning into sales execution and revenue |
| Regulatory | Develop a plan for seeking and obtaining appropriate regulatory approvals which may be needed for the business, including (as appropriate) FDA, EPA, USDA, FCC, etc. |
| IT & Operations | Understand, plan the design for, and implement IT and operations systems appropriate for the business. |
| Financial | ● Prepare a financial model and cash flow plan for first two years ● Identify a financial management system and processes |
| IP Strategy & Cost | ● Explore and model future patent needs based on business goals ● Create a clear picture of expenses company will assume |
| Business Pitch | Throughout the program, companies will practice and refine the business pitch. At the conclusion of the program, we will offer a session of pitch review and feedback. |
Questions?
Contact venture@umn.edu to schedule an appointment and learn more.