non-dilutive funding for early stage companies · photo credit: graphene frontiers, llc what is the...
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Non-Dilutive Funding For
Early Stage Companies
September 28, 2016
Ruth Shuman, National Science Foundation
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• Use chat to submit
questions
• Yes, you’ll get the
slides
• We’re recorded, so
come back and listen
again
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• Mission: Fuel the success of angel groups and accredited individuals
active in in the early-stage landscape
• World’s largest trade group for angel investors o 220+ angel groups
o 13,000 accredited investors
o Voice of accredited individuals, portals, and family offices
• 50 US states + Canada
• Research/ education partner
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ACA MEMBER GROUPS
New Dominion Angels
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ACA MEMBER PLATFORMS
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ACA PARTNERS
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TODAY’S SPEAKER
• Joined the National Science Foundation in August 2009.
• Program Director for the Biological Technologies (BT)
topic area in the SBIR/STTR Program.
• Founder, president, and CEO of a successful venture-
backed life science company, Gentra Systems, Inc.,
• CEO-In-Residence for Life Science with the University of
Minnesota’s Venture Center.
• Former faculty member at North Carolina State University
• Pioneer in the development of gene transfer and genetic
engineering technology.
• Ph.D. from the University of Minnesota in the area of
Genetics and Cell Biology.
Ruth Shuman, Program Director,
National Science Foundation
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Small Business Innovation
Research & Small Business
Technology Transfer Programs
at the National Science Foundation
Presenter: Ruth Shuman, Ph.D.
SBIR/STTR Program Director
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Photo Credit: Graphene Frontiers, LLC
NSF’s Small
Business
Funding
Programs
Photo Credit: Ginkgo BioWorks
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Small Business Innovation Research (SBIR)
and
Small Business Technology Transfer (STTR)
Pre-seed funding for small businesses to catalyze the commercialization of high-risk technological innovations
Typically, first money into the company to fund proof-of-concept
$190 million annual budget in 2016
Fund about 400 companies each year
Grants, not contracts, not loans – equity-free investment for R&D
Funding for Small Businesses
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NSF Funding: Bridge to Private
Investment
Academia
Industry
“Valley of Death”
---Phase I--
---Supplements---
---Phase II---
Resourc
es A
vaila
ble
($)
Discovery Development Commercialization
Investors
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Aims of the Program
• Provide funding to startups developing high-impact engineering and science-based products and services
• De-risk technology development to encourage private investment
• Strong focus on commercialization
• Provide training in stage-appropriate business areas and mentorship from seasoned Program Directors
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Photo Credit: Graphene Frontiers, LLC
WHAT IS THE
NSF
SBIR/STTR
PROGRAM?
• Who We Are
• Why We Fund
• Other Benefits
Photo Credit: Graphene Frontiers, LLC
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The NSF is:
• A federal agency that supports fundamental research and education across all fields of science and engineering, currently with a $7 billion budget.
NSF SBIR/STTR is:
• An approximately $190 million program that catalyzes the commercialization of high-risk technological innovations via research and development (R&D) grants to startups and other small businesses.
• The NSF SBIR/STTR program funds roughly 400 companies each year.
Who We Are
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• The SBIR program is federally mandated; 11 federal
government agencies participate
• Congress designated 4 major goals for SBIR in the Small
Business Innovation Development Act of 1982:
– Stimulate technological innovation in the
private sector
– Use small business to meet federal R&D needs
– Foster and encourage participation by socially and
economically disadvantaged, and women-owned,
persons in technological innovation
– Increase private-sector commercialization of innovations
derived from federal R&D
Why We Fund
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• Funds small businesses to conduct R&D critical to
commercial success
• Supports transformational, game-changing technology
at an early stage
• Makes investments across a broad range of
technologies and applications areas
NSF’s SBIR/STTR Programs
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• Strongly encourages commercialization
• Recipients receive training in stage-appropriate
business areas and mentorship from seasoned
Program Directors
• Receiving an SBIR/STTR award signals success to
investors, partners and customers
• Connection to other small companies performing
innovative R&D
NSF SBIR Awards Go Beyond Funding
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Photo Credit: National Institute of Allergy and Infectious Diseases, NIH
PROGRAM
STATS
• Grantee Profile
Photo Credit: National Institute of Allergy and Infectious Diseases, NIH
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Company Size: ~ 92% of awardees have 10
or fewer employees
History: ~ 87% of awardees had never had a prior
SBIR/STTR Phase II award from any agency
Company Age: ~ 78% of awardee companies were
incorporated within the past 5 years
Start-up Creation: Many Phase I awardees have just
formed their business based on the availability of
SBIR funding
Program Stats
NSF SBIR/STTR Phase I Grantees
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Phase I: Average of 338 awards from 2,112 proposals received per year (16% funding rate)
Phase II: Average of 118 Phase II awards from 303 proposals received per year (39% funding rate)
About 10-15 Phase II companies are acquired each year
About half of all Phase II grantees raise significant third-party funding during the Phase II award as a direct result of their NSF research (~ $60 million cumulative per year)
Program Stats – Past 3 Years
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Photo Credit: PhylloTech, LLC
FUNDING
• What We Fund
• Phase I Funding
• Phase II Funding
• Technology Topic Areas
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• R&D to overcome significant technical hurdles
– Novel core technology development
– Research to prove feasibility/viability of a new
product, process or service
– High technological risk, early-stage development
– Proprietary technologies
• A significant commercial opportunity
– Game-changing technology in the chosen
market/application space
– Product-market fit validated by customers/partners
What We Fund
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• Basic research (i.e., research with the primary goal of knowledge creation)
• Incremental (evolutionary) optimization of existing products and processes or straightforward modifications to broaden the scope of an existing product or process
• Analytical or “market” studies of existing technologies or products/services
What We Do NOT Fund
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• Award amount has been increased up to $225,000 for Phase I SBIR; STTR remains at $225,000
• Duration of either the SBIR or STTR award is 6-12 months (at the discretion of the applicant and with NSF approval)
• Phase I grantees are no longer required to have completed the entire work plan prior to submitting the Phase II application
• Initial payment has increased to up to $200,000
Recent Changes to Program
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Applications require written proposals responding to
the solicitation (solicitations released 90 days before
the submission deadline)
Submission deadlines typically in June and
December
Next deadline – Mid-December
Submitting a proposal to NSF does not constitute a
public disclosure. All information is treated as
confidential, and proprietary details may be marked.
Proposals are reviewed by technical and commercial
experts; process may last 4-5 months
Awards begin about 6 months from submission
Basic Information
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Proposals in all areas of engineering and science and
related education are welcome
• Smart Health (SH) and Biomedical (BM) Technologies
• Biological Technologies (BT)
• Chemical and Environmental Technologies (CT)
• Educational Technologies and Applications (EA)
• Electronic Hardware, Robotics and Wireless Technologies (EW)
• Internet of Things (I)
• Information Technologies (IT)
• Semiconductors (S) and Photonic (PH) Devices and Materials
• Advanced Materials and Instrumentation (MI)
• Advanced Manufacturing and Nanotechnology (MN)
Technology Topic Areas
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NSF is not a customer, it is more like an investor
NSF places much less importance on “topical fit”
Funding ONLY may be used for R&D, so successful proposals stress the importance of R&D on commercial viability
Long-term success metrics for the program and its grantees are largely economic: Revenues, job growth, etc.
Communication is encouraged throughout the process – start by sending us your executive summary
Key Takeaways
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Merit Review Criteria
• Intellectual Merit - Quality of the research – A sound approach for establishing technical and commercial
feasibility
– Qualified technical team
– Sufficient access to resources
– Significantly advances “state-of-the-art”
• Broader/Commercial Impact – Potential impact in the market and/or on society – Intellectual property/other differentiation
– Commercial and societal benefits
– Marketable product
– Commercialization track record of the team/company
– Business expertise
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What will I describe in my proposal?
• The addressable market opportunity: Value proposition, target market, and a description of the customer/user
• Competitive landscape and your (optimal) position in it
• The innovation and the R&D project proposed
• The company/team’s business and commercialization experience
• Vision of the path from proof-of-concept to commercialization
Industrial Innovation & Partnerships – Small Business Partnerships
www.nsf.gov/eng/iip/sbir/
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Pre-Deadline Guidance
• At your option, you may communicate with the Program Director to get their feedback
• Typically, wait until a solicitation is released
• Preferred method of communication is e-mail
• Send a 1-2 page summary that discusses:
– Core technology and IP position
– Proposed project and anticipated product or service
– Market opportunity, value proposition, customers, competition
– Company/team (including commercial outcomes of previous SBIR awards, if any)
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National Science Foundation’s SBIR and STTR Programs
Industrial Innovation & Partnerships – Small Business Partnerships www.nsf.gov/eng/iip/sbir/
How do they differ?
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What’s the difference? SBIR vs. STTR
Industrial Innovation & Partnerships – Small Business Partnerships www.nsf.gov/eng/iip/sbir/
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SBIR STTR
Phase I project duration 6-12 months 6-12 months
Phase I max award amount $225,000 $225,000
Phase II project duration 24 months 24 months
Phase II max award amount $750,000 $750,000
Subaward to research institution (RI) Allowed Required
Small business minimum budget percentage in Phase I / Phase II
66 / 50 40 / 40
Research institution minimum budget percentage in Phase I / Phase II
N/A 30 / 30
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National Science Foundation’s SBIR/STTR Programs
Industrial Innovation & Partnerships – Small Business Partnerships www.nsf.gov/eng/iip/sbir/
Who is Eligible to Apply?
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Company Eligibility Information
• For-profit small business
• Fewer than 500 employees, including affiliates
• Located in the United States
• >50% owned and controlled by US individuals (>50% ownership by venture capitalists, private equity firms, or hedge funds is NOT allowed)
• More information and FAQ:
• http://sbir.gov/faq/eligibility
Industrial Innovation & Partnerships – Small Business Partnerships
www.nsf.gov/eng/iip/sbir/
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What we do NOT require
• You do NOT need to have an existing relationship with, or award from, the NSF (or the federal government)
• Your team members do NOT need to have a Ph.D., or be affiliated with a college or university
• You do NOT need to be working on a technology or product that is “of interest” to the government
Industrial Innovation & Partnerships – Small Business Partnerships www.nsf.gov/eng/iip/sbir/
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Principal Investigator (PI) and Company Eligibility Information
• PI must be primary employed by the small business at the time the award is made, and for the duration of the award
– Defined as at least 51% (of a 40-hour work week)
• PI must commit at least – 1 calendar month for 6 months of effort for a Phase I project
– 2 calendar months of effort PER YEAR for a Phase II project
• No more than 1 proposal may be submitted per PI
• No more than 2 proposals per company (per SBIR/STTR cycle)
Industrial Innovation & Partnerships – Small Business Partnerships www.nsf.gov/eng/iip/sbir/
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National Science Foundation’s SBIR/STTR Programs
Industrial Innovation & Partnerships – Small Business Partnerships www.nsf.gov/eng/iip/sbir/
Proposal Submission Nuts and Bolts
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Required Registration Info
• FastLane registration for company and PI required (www.fastlane.nsf.gov)
• Dun and Bradstreet Data Universal Numbering System (DUNS) number required - including subawardees (www.dnb.com)
• System for Award Management (SAM) registration required (www.sam.gov)
• Small Business Administration (SBA) Company Registry registration required (http://sbir.gov/registration)
Industrial Innovation & Partnerships – Small Business Partnerships www.nsf.gov/eng/iip/sbir/
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Guide to Proposal Submission
Industrial Innovation & Partnerships – Small Business Partnerships www.nsf.gov/eng/iip/sbir/
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www.nsf.gov/eng/iip/sbir/documents/Phase_I_Proposal_Preparation_Booklet.pdf
A step-by-step user guide is available for preparing a SBIR or STTR Phase I proposal in
NSF’s FastLane system.
You must register your company and PI in FastLane prior to submitting your proposal. This process can take up to five business days!
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Points of Contact Henry Ahn [email protected] Peter Atherton [email protected] Prakash Balan [email protected] Glenn H. Larsen [email protected] Debasis Majumdar [email protected] Rajesh Mehta [email protected] Muralidharan S. Nair [email protected] Benaiah Schrag [email protected] Rick Schwerdtfeger [email protected] Ruth M. Shuman [email protected] Jesus V. Soriano [email protected]
Amanda Morris [email protected]
FastLane Help Desk 1-800-673-6188 Industrial Innovation & Partnerships – Small Business Partnerships
www.nsf.gov/eng/iip/sbir/
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SBIR/STTR Program Directors
Proposal Compliance Questions
Help with FastLane
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NSF Webinar Presentation
Additional information for Phase I submitters
can be found on our website:
www.nsf.gov/SBIR
We will host a series of Q&A webinars in 2016.
Please watch for the schedule
and register for a webinar.
Industrial Innovation & Partnerships – Small Business Partnerships www.nsf.gov/eng/iip/sbir/
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Connect with NSF SBIR/STTR
Industrial Innovation & Partnerships – Small Business Partnerships 43
Funding and webinar announcements, news, and success stories
Online: nsf.gov/eng/iip/sbir/ and nsf.gov/eng/iip/sttr/ Quarterly Update Listserv: Send a blank email to INNOVATION-SUBSCRIBE- [email protected] Twitter: @NSFSBIR Channel: NSFInnovationIIP
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THANK YOU!
We look forward to receiving
your proposal.
Contact Us: [email protected]
www.nsf.gov/SBIR
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THANK YOU!
UPCOMING
WEBINARS
October 12: After the Check: 7 Tactics to
Improve Returns
October 26: Top Ten Things Early Stage
Companies Need to Know about
Cybersecurity
November 2: Exits for Unexitable
Companies
November 16: Valuation – Does it Matter?
Webinar programs archived
at:www.angelcapitalassociation.org/events
/webinars/
Audience
Questions
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ADDITIONAL RESOURCES
Marianne Hudson Executive Director Angel Capital Association
Christopher Mirabile Managing Director, Launchpad; Board Chair, Angel Capital Association
http://www.angelcapitalassociation.org/news-forbes/
http://www.angelcapitalassociation.org/news-inc/
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UPCOMING ACA EVENTS
• October 4, 2016, New England Regional, Boston, MA
• October 13, 2016, SW Regional Meeting, Phoenix AZ
• November 8 – 9, 2016, Angel Insights Exchange, Nashville TN
• http://www.angelcapitalassociation.org/events/