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Home > Resources > Entrepreneurs > Assistance

Business Development Assistance

Approach to New Business Development

UM Tech Transfer has invested in internal office resources to enhance and accelerate the formation of new business start-ups as potential licensees of appropriate UM technology. In-house New Business Development (NBD) Specialists act as business formation consultants, providing hands-on assistance and access to University and outside resources. Although the first contact for an inventor is usually the assigned Licensing Specialist from the UM Tech Transfer staff, a NBD Specialist joins the team when the opportunity appears appropriate for a potential start-up.

Types of Assistance Offered

NBD specialists provide hands-on business formation assistance. This may include:

• Providing project planning and management
• Acting as communication “hub” (especially early in the project)
• Serving as coaches or mentors
• Providing planning assistance
• Identifying, locating and linking to needed resources
• Helping to create and execute a funding strategy (including introductions)
• Facilitating engagement in community start-up assistance programs

New Business Development Process

UM Tech Transfer follows a staged business development process to evaluate and guide the progress of forming a potential new start-up. NBD Specialists, augmented by volunteer entrepreneurs and consultants, work with the inventor(s) through the following stages:

• Evaluation - Examine the feasibility of a start-up and discuss inventor considerations.
  • Feasibility Evaluation - Examine industry dynamics, market trends and competitive advantages. Evaluate whether there is the potential for a sustainable business that can attract funding and resources.
  • Inventor Considerations - Starting a company requires a considerable amount of time and effort. Until the start-up team is identified and engaged, the faculty member will need to champion the formation effort. UM faculty typically serve as a technology consultant, advisor or another technical development role in the start-up.
• Emerging - Select and define the product or service that satisfies an unmet need with a significant competitive advantage. Verify sufficient IP availability and demonstrated technology feasibility.
  • Demonstrate Solution to Customer Problem - Define the customer need and how the product or service will competitively address it. Strategically select the lead product and pipeline from available alternatives.
  • Frame Product Development Plan - Verify technical feasibility, create detailed product specs, and generate the critical path development milestones. Approximate needed resources.
  • Approximate Financial Potential - For a company to (at minimum) generate sustaining revenue. Examine start-up resource needs relative to the requirements of potential funding sources.
  • Assess IP Position - Relative to the defined product/service, protection and access for UM and other IP.
• Business Formation - Putting the plan, talent and funding together to initiate business operations. It is generally agreed upon that these are the “three legs” supporting a viable business activity.
  • Business Concept/Plan - define the business model, operational structure, competitive positioning, product development plan, strategy, resource needs and financials.
  • Team - an experienced team to manage the business and begin execution of the plan (usually combining business and technical talent)
  • Financing - access funding for company to reach meaningful milestones or revenues