In honor of Breast Cancer Awareness month, the Avon Foundation, National Institutes of Health National Cancer Institute and the Center for Advancing Innovation partnered to launch a business plan and start-up challenge for breast cancer inventions that have high commercial viability and are important to public health.
This challenge will acclerate the commercialization of federal agency and AF grantee BC inventions, spur economic growth, and provide universities a platform to further develop their entrepreneurship learning portfolio.
A few facts about the challenge:
• Focus: each challenge team can select one of 10 NCI or AF grantee BC inventions
• Phases: there will be three phases: letter of intent, business plan and start-up
• Challenge teams’ opportunity:
– Business plan prize: up to 100 teams will participate, 10 teams per invention; there will be one $5,000 prize per invention
– Start-up phase seed funding: up to 30 successful start-ups will apply and be awarded funding, which could range from $100,000 to over $1 million
– Funding will come from venture capital, economic development corporations, Avon Foundation or other private sources. Funding will not be provided by NIH.
•Team Design: must have three university students; team leads can invite whomever they wish to their team; there is no maximum size. The challenge team must have at least four disciplines: medical/scientific, legal, business and entrepreneurship (students do not need to have these disciplines as long as they are represented). Please note, the team must include a seasoned entrepreneur.
• Scope: global, any university in the world may participate
For more information, please contact Rosemarie Truman at (202) 438-2208.
Source: The Center for Advancing Innovation