Venture DC Advice for Entrepreneurs Department of Small and Local Business Development July 31, 2015

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Robert Booth
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1 Venture DC Advice for Entrepreneurs Department of Small and Local Business Development July 31, 2015

COMMERCIALIZATION BARRIER Funding Continuum RESEARCH FUNDING RESEARCH COMMERCIALIZATION FUNDING VALLEY OF DEATH M&A/IPO UNIVERSITY RESEARCH PROOF OF CONCEPT (Technical Risk) PRODUCTABILITY (Product

2 COMMERCIALIZATION BARRIER Funding Continuum RESEARCH FUNDING RESEARCH COMMERCIALIZATION FUNDING VALLEY OF DEATH M&A/IPO UNIVERSITY RESEARCH PROOF OF CONCEPT (Technical Risk) PRODUCTABILITY (Product Risk) SCALEABILITY (Manufacturing Risk) PROFITABILITY (Market Risk) $35 Billion Gov t Funding SBIR / STTR Phase I SBIR / STTR Phase II Angel Investors / Seed Stage VCs VCs and Corporations ConnecTech Focus 2

3 SBIR Program Overview PHASE I Feasibility study, proof of concept $150K max, for 6 months PHASE II Full research and development effort $1.0 Million max, for 12 months Only Phase I winners may apply for a Phase II. Phase I or Phase II awardees can move to a Phase III PHASE III Commercialization stage Seek external funding (No Use of SBIR Funds) Non SBIR Federal Funding, or Private Sources 3

4 SBIR Participating Agencies Department of Agriculture Department of Commerce National Oceanic and Atmospheric Administration National Institute of Standards and Technology Department of Defense Department of Education Department of Energy Department of Health and Human Services Department of Homeland Security Department of Transportation Environmental Protection Agency National Aeronautics and Space Administration National Science Foundation 4

5 Characteristics Commercial Market High Risk High Reward Technology (Patentable) Capable Team 5

6 irobot 6

7 Lift Labs 7

8 Lift Labs 8

9 DOING BUSINESS IN DC HIVE 2.0 memberships include 24/7 access, wifi, flexible membership terms, meeting space, and access to office equipment. Thanks to the support of Capital One Bank they host small business workshops and networking events that are free and open to the public! 9

Incubators / Accelerators / Bootcamps http://www.1776.

10 Incubators / Accelerators / Bootcamps is a global incubator and seed fund helping startups transform industries that impact millions of lives every day education, energy & sustainability, health, transportation and cities. Events for members and nonmembers / Co-Working space The Halcyon Incubator is committed to solving 21st century challenges by helping social entrepreneurs with audacious ideas incubate and accelerate social ventures with the capacity for measurable social change. Application cycle / 5 month residency The best way to learn is by doing. Through a structured, 4-month curriculum of weekly training courses and business-building assignments, you graduate the Founder Institute as the Founder of an enduring company. Plus, sessions are held at night, so you can keep your day job. An accelerator that provides money and mentoring to companies that sell technology to other companies. Companies accepted into the program receive a $30,000 investment, as well as access to mentors and a network of alumni and business contacts. 10

11 Tech News & Social Media *How to hack the DC Tech Ecosystem Hackpad Blogs/News Bisnow Tech Elevation DC In The Capital Tech (DC Inno) Potomac Tech Wire Tech Cocktail Technical.ly DC Washington Business Journal TechFlash Washington Post Capital Business Facebook Communities DC Tech DCUX DC Front-end Dev DC Designers DC Social Media DC Tech Jobs Refresh DC #DCTech 11

Coding & Startup Skills http://theironyard.com/locations/washington-dc/ The Iron Yard exists to create exceptional growth and mentorship for people and their ideas through tech-focused education.

12 Coding & Startup Skills The Iron Yard exists to create exceptional growth and mentorship for people and their ideas through tech-focused education. Through their broad, deep and growing network of teachers, programmers, designers, entrepreneurs, investors, employers and coworking spaces, we have developed a thriving community where serendipity happens en masse. At General Assembly, we are creating a global community of individuals empowered to pursue work they love, by offering full-time immersive programs, long-form courses, and classes and workshops on the most relevant skills of the 21st century from web development and user experience design, to business fundamentals, to data science, to product management and digital marketing. Code for Progress brings women and people of color into the coding workforce through holistic investment in their technical training and communities of support. Our year-long fellowship starts with a three to five month (depending on fellows' needs and schedules) residency in Washington DC, where participants are trained in coding and human centered design, and are coached and mentored by talented local professionals.. 12

13 Events / Meetups *How to hack the DC Tech Ecosystem Hackpad Women in Tech: DCFemTech DC Web Women Code(her) GeekChic: Programming School Girl Develop It Hear Me Code (free) Python Workshops Ladies Who Code DCLesbians Who Tech PyLadies DC RailsGirlsDC: Regular RoR learning group Women Who Code Minorities in Tech: Diversitech Color of Tech DC Blacks in Tech Technoir Marketing Social Media Club DC Events (Aggregators) Here on Meetup Here on Eventbrite

14 Community Resources Fosterly is a community of entrepreneurs, creators, and collaborators, all working together to tackle new challenges in business and technology. We connect our members with resources, events, and opportunities, both online and offline. Join Fosterly, and let us help you achieve your entrepreneurial goals. FISHstep is designed to enable startup companies to protect their intellectual property early in their formation often before the first round of seed funding without diverting cash from their core business. Select startup companies will be invited to join the FISHstep program, the benefits of which include the preparation and filing of a patent application with deferred billing until the company is funded, in exchange for 1% of the startup company s equity. Provide a venture mentoring service to entrepreneurs in the Washington D.C. area. We have collaborated with the Massachusetts Institute of Technology and adopted some of their best practices that have served their community well for 14 years and counting. DC I-Corps is a regional program designed to foster, grow and nurture an innovation ecosystem in the nation s The program provides real world, hands-on training on how to successfully incorporate innovations into successful products. The ultimate goal is to create a new venture or licensing opportunity for program participants. 14

15 Government Resources By becoming a Certified Business Enterprise (CBE), you will receive preference in procurement opportunities offered by the District of Columbia. The CBE program helps position your business to better compete in DC government contracting opportunities.. The FastTracTechVenture program is designed for aspiring entrepreneurs who are developing a technology or science-based business and need help navigating the factors that go in to starting such a company. The program will help entrepreneurs realize the business behind technology while understanding how to acquire funding and IP protection. DC Tech Incentives provide certain credits, exemptions, and other benefits for a Qualified High Technology Company (QHTC). A QHTC can leverage the program to develop their workforce, secure affordable facilities for their business, and benefit from reduced real estate, personal property, sales, and income taxes. The District of Columbia Collateral Support Program is part of the U.S. Treasury s State Small Business Credit Initiative. The Treasury has allocated $1.5 billion nationally to create or expand small businesses, with $13.2 million for District businesses. The Department of Insurance, Securities and Banking will use the money for several small business finance programs. The D.C. Collateral Support Program is the first. Digital DC Technology Fund (DDCTF) pilot investment round awarded grants ranging from $25,000 to $200,000 to tech start ups in the early stages and poised for growth. The majority of the winners were a seeded company ready to grow into Series A or B financing. D.C. gave almost $840,000 to help accelerate eight companies, which were chosen from a set of over 140 applicants. 15

16 Contact Philip Reeves Manager, Small Business Technology and Innovation DC Department of Small and Local Business Development 441 4th Street, NW Suite 850N Washington, DC Phone: Erin Horne McKinney Tech & Innovation Sector Manager Office of the Deputy Mayor for Planning & Economic Development 1350 Pennsylvania Ave, NW Suite 317 Washington, DC Phone:

Mahendra Jain mjain@kstc.com

Kentucky: Encouraging New Entrepreneurs Mahendra Jain mjain@kstc.com www.kstc.com http://ksef.kstc.com The National Academies: Learning from Each Other: U.S. and European Perspectives on SB Innovation