march 9 2017 start event - information for applicants
TRANSCRIPT
Welcome to the
2017 START Program
Information Session
AgendaWelcome - Dr. Ken Mahmud, Executive Vice President, Triton Systems
Introduction to START - Jerry Bird, President, MassVentures
START Program Process - John Fitzpatrick, START Program Manager
How to Fail to Win – Robert Weiss, START Program Director
START Winners & Judges/Reviewers: Basics of a successful application
Elaine Trudell, Former President, Metamagnetics
Mark W. Smithers, CTO, Boston Engineering Corporation
Ted Acworth, Founder & CEO, ARTAIC
Q & A session with presenters – moderated by Dr. Mahmud
2
START Program
Presented by Jerry Bird
Winner of the SBA’s2015 Tibbetts Award
• Driving innovation and creating new jobs through the SBIR/STTR Program
• Moving ideas from the lab to the product place
• Adding jobs and advancing our technological potential
4
• Helping our country compete globally
Massachusetts is an SBIR Hub
5
Massachusetts has long been a national leader in SBIR
grants and dollars received
• 2nd in the nation in dollars received
• 1st in dollars received per capita
• $3.8 billion in commercial sales of SBIR technologies
generated to date
0.0%
10.0%
20.0%
2007 2008 2009 2010 2011 2012 2013 2014 2015
Mass SBIR $ as % of U.S.
% of US
Research to Business:
• SBIR / STTR focuses on research
• START focuses on transforming that research into successful products and companies:
– Commercialization process
– Flexibility in use of funds
• Ease of application process
6
START Program Details
7
3 Stages over 3 years
Stage 1: Ten companies receive $100,000 each
Stage 2: Five companies receive $200,000 each
Stage 3: Two companies receive $500,000 investment each
$1 Million$1 Million$1 Million$1 Million
$1 Million $1 Million $1 Million
$1 Million $1 Million
2012 2013 2014 2015
Stage 3
Stage 2
Stage 1
Impact
• The 36 companies employ over 700 in Mass
– Job growth on START funded project :
• Year 1: 99 new employees, 180% increase
• Year 2 – 51 more new employees
– Leverage:
• Companies have raised $138 million in new loans, grants and equity since receiving START funds
– Growth
• The year after START grant revenues in aggregate increased $25 million (37%)
8
START ProgramProcess
Presented by John Fitzpatrick
Selection Process – Stage 1Streamlined and User-friendly process
• A two-page executive summary and Quad Chart
• 80 reviewers evaluate the plans
• Top 15 – 20 present to panel of judges
– 10 Minute presentation, 5 minute Q&A
• 10 are selected for $100k grant subject to due diligence and contract
10
Qualified Reviewers
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• 110 experts in their fields
• Evenly divided among:
– Scientists
– Engineers
– Managers of technology companies
– Investors
• Each proposal reviewed by minimum of 7 individuals
2017 Key Dates
• Announcement / RFP– Stage I: March 1– Stage II: March 15– Stage III: April 26
• Applications Due:– Stage I: April 3– Stage II: April 19 – Stage III: May 16
• Presentations and tentative decision– Stage I: May 23– Stage II: May 3– Stage III: June 2
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STAGE I PROPOSAL: HOW TO FAIL TO WIN
Presented by Bob Weiss
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1. FAIL TO EXPLICITLY
FOLLOW INSTRUCTIONS
2. LEAVE OUT AN
ENTIRE SECTION
WITHOUT EXPLANATION
15
3. DEVOTE MOST OF
THE SPACE TO
TECHNICAL DESCRIPTION
16
4. FAIL TO RECOGNIZE
THE AUDIENCE:
NON-SCIENTISTS
17
5. FAIL TO INCLUDE
SPECIFIC
MARKET DATA
18
6. FAIL TO RECOGNIZE
COMPETITIVE PRODUCTS OR SERVICES
19
7. BE UNREALISTIC
ABOUT % OF
MARKET ACCESSIBLE
20
8. BE UNREALISTIC
ABOUT TIME TO
GET TO MARKET
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9. FAIL TO DESCRIBE
YOUR PATH TO
THE MARKET
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10. FAIL TO DESCRIBE
HOW YOU WILL RAISE
THE CAPITAL
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LASTLY, THINK LIKE A REVIEWER WITH 8
PROPOSALS, LIMITED TIME AND ONLY GENERAL
KNOWLEDGE
24
BEST OF LUCK !
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START Winners & Judges/Reviewers: Basics of a successful application
– Elaine Trudell, Former President, Metamagnetics
– Mark W. Smithers, CTO, Boston Engineering Corporation
– Ted Acworth, Founder & CEO, ARTAIC
Elaine Trudell, former President of Metamagnetics
Was awarded multiple grants: two Stage I, two Stage II, and one Stage III award
• Used the funding to:
– hire critically-needed sales and technical staff
– purchase market reports
– develop improved website and sales/marketing materials
– contract a CFO
• Advice for your pitch:
– Don’t focus on the technical aspects of your product
– Don’t have very many slides
– Make sure you have all the required content
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Company Confidential© 2014 Boston Engineering Corporation 29
Perspective from a Recipient, a Reviewer, and a Judge
What you should consider
Important Considerations and Goals
When you apply …
© 2015 Boston Engineering Corporation Company Confidential 30
When you present …
Treat the template as a prescriptive structure for response
Technology is important … The business case is imperative
Ensure lead person is a good business presenter
Practice, practice, practice … then practice again with timer
When you execute …
Use the majority of the money to know your customer
Sales & Marketing is good … Fact-to-face demos are better
Use your funding to get more grant funding ... more on this
Quality is both the content and the “packaging”
Company Confidential© 2014 Boston Engineering Corporation 31
Support from the Commonwealth of Massachusetts
Grant Support in the Commonwealth (Services)
50% match ($12k)
for training from
MassMEP
resource
© 2015 Boston Engineering Corporation Company Confidential 32
ISO 13485
and 9001
Certified by 3rd
party agency
2012 2013 2016
Workforce Training
(WFT) Grant
Comprehensive
$156k training
initiative with
50% match by
company
Medical Device
Development
Services
Segment
Grows
The Leaders of the
Commonwealth want you to
grow a healthy business
Commonwealth STEP (State Trade and Export Promotion) Grant
Towed Maritime Depressors (V-WingTM)V-Wing
Towed
Antenna
BIOSSwimmerTM
© 2015 Boston Engineering Corporation Company Confidential 33
$8,500 Grant to Support Exporting
With 25% to 40% Match Requirement
Boston Engineering attended Oceanology in the UK in March 2016
http://www.mass.gov/export/step/
Company Confidential© 2014 Boston Engineering Corporation 34
Applying Grants
Boston Engineering Selected as a Manufacturing Innovation Center
(MIC) to Help other Small Companies
Manufacturing Innovation Center Example
© 2015 Boston Engineering
CorporationCOMPANY CONFIDENTIAL
35
Transforming a wiring “mess” to a professional, high quality, highly
reliable product design
Impact Expected:
1. 80% reduction in assembly time
2. 20% reduction on material cost
3. Significant increase in quality
4. Significant increase in reliability
Other Projects to Date
Optimizing assembly process for Mosaic panels
© 2015 Boston Engineering Corporation Company Confidential 36
DFM and Value Engineering (Lower
Cost)
Latest Defense Specific Grant from OEA
(Federal)
Cost reduction of a medical disposable (5X less achieved)
DFM/Intrinsic safety improvements for methane recovery
DFM for hand help optical imaging ($25k scope in proposal)
Similar Support from Boston Engineering
© 2015 Boston Engineering Corporation Company Confidential 37
Since 2008 – Design for Manufacturing (DFM) and Value Engineering Supplier
Recent Achievement – Completed FDA 510(k) Approval for Medical Device and six patents
Since 2015 – Design for Manufacturing (DFM), Value Engineering and Commercialization Assistance Supplier
Coming Soon … Discretionary Technical Assistance (DTA) … Helping SBIR-Funded Companies with DFM
Company Confidential© 2014 Boston Engineering Corporation 38
Leveraging Grants
(Combining State and Federal Interests)
START Program … Grant progression
© 2015 Boston Engineering Corporation Company Confidential 39
ONR
SBIR
2008
GhostSwimmer
BIOSwimmer
DHS
SBIR
2009
Phase
I
2013
Phase II
Phase II
2014
Manufacturing
Matching Funding
$100k $200k
20152014Phase
II
Phase
III
$500k
$150k$15k
2016
$10kDefense Diversification
Matching Funding
50%
Match
Significant Business
Progress .. Demos!!!
Commercialization and
Manufacturing Setup
Assistance
2016
$15k
$612kSeaport Economic
Council
2017MORE
State and
Federal
First pass (year 1) not
selected. Engineers
wrote the application
with heavy dose of
technology
Boston Engineering Corporation: 300 Bear Hill Road, Waltham, MA 02451www.boston-engineering.com
Thank You.
Mark Smithers, CTO 781-314-0714 [email protected]
Ted AcworthFounder & CEO
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Design/ Rendering
43
Robotic Manufacturing - Made in USA- Lead time 2-4 weeks
44
Installed Image
Clinic
Patient
Pharmacy