Minnesota I-Corps Site (MIN-Corps): Catalyzing Innovation Through Collaboration

University Of Minnesota-Twin Cities, Minneapolis MN

Investigators

Abstract

This project supports an I-Corps Site at the University of Minnesota (UMN). The Site will provide infrastructure, resources, networking opportunities, training and modest funding to I-Corps entrepreneurial teams. With this grant, UMN leverages and extends its assets in science and engineering, research, entrepreneurship education, and technology commercialization to create the Minnesota Innovation Corps (MIN-Corps). MIN-Corps will: 1. Expand UMN's outreach to its STEM researchers - faculty, postdoctoral, graduate students, and undergraduates - to engage more of them in the process of translating discoveries and technological developments into commercializable products. 2. Train entrepreneurial talent through STARTUP, a course that incorporates the Lean LaunchPad concepts and tools. 3. Provide modest, early-stage funding ($1,000 to $3,000) to approximately 30 entrepreneurial teams per year who are engaged in the course and show potential, bridging the funding gap between early stage development and translation into the market. 4. Support ongoing customer development and commercialization efforts by connecting teams with UMN and community resources. 5. Leverage research expertise to contribute to and support collaborative program evaluation and research across the national I-Corps network. By engaging teams from UMN's STEM research base, MIN-Corps will create new ventures based on sustainable business models and customer-focused product design. MIN-Corps will prepare teams to seek follow-on funding through public grants and private investment. MIN-Corps will engage with stakeholders to make broader impacts in the community including: Talent Development. MIN-Corps will expand awareness of resources supporting innovation and entrepreneurship among students and faculty in STEM fields, particularly among women and under-represented groups. The training experience offered to high-potential entrepreneurial team members through the STARTUP course will increase their readiness for innovation roles in industry and infuse a more entrepreneurial mindset in UMN's culture. Network Development. MIN-Corps will expand UMN's current engagement with seasoned entrepreneurs, angel investors, and venture capitalists from the local innovation ecosystem as mentors throughout the educational and commercialization process. The program will also help harness the energy of individuals and organizations currently supporting entrepreneurship and innovation across Minnesota, including 19 Fortune 500 companies that make their home in the state. Economic Development. MIN-Corps will increase the translation rate of STEM-based innovation to new commercial ventures positioned for subsequent funding from NSF I-Corps, SBIR, NCIIA E-Teams, accelerators, incubators, competitions, angel investors and venture capitalists. The program will spur economic prosperity by expanding access to Lean Launchpad training and increasing the number of start-ups, entrepreneurs, and high-tech jobs in the state.