I-Corps Sites: New Mexico State University

New Mexico State University, Las Cruces NM

Investigators

Abstract

This project, from New Mexico State University's (NMSU) Arrowhead Center, establishes an NSF I-Corps Site for the purpose of supporting university student and faculty research projects as they transition to the marketplace. NSF Innovation Corps (I-Corps) Sites are NSF-funded entities established at universities whose purpose is to nurture and support multiple, local teams to transition their technology concepts into the marketplace. Sites provide infrastructure, advice, resources, networking opportunities, training and modest funding to enable groups to transition their work into the marketplace or into becoming I-Corps Team applicants. I-Corps Sites also strengthen innovation locally and regionally and contribute to the National Innovation Network of mentors, researchers, entrepreneurs and investors. The NMSU I-Corps Site is housed at NMSU's economic development arm Arrowhead Center (Arrowhead). Through the I-Corps Site, Arrowhead created Aggie I-Corps, a five-week training program teaching Value Proposition Design and the Customer Discovery process. Aggie I-Corps provides teams with training, resources, networking opportunities, and seed funding to move their ventures towards the market, along with a range of follow-on funding through local competitions, NSF I-Corps, SBIR/STTR, and private investors. Aggie I-Corps is offered three times annually and serves a total of 30 teams per year. Teams are identified through a competitive application process intended to identify innovations across campus in areas typically funded by the NSF. A novel aspect of the Aggie I-Corps program is the focus on Value Proposition Design as opposed to Business Model Design, which is the subject of most I-Corps and Lean LaunchPad programs. The purpose for the shift to Value Proposition Design is to focus on the two most challenging segments of Business Model Canvas: Customer Segments and Value Propositions. The core hypothesis is that dedicated training using Value Proposition Canvas will serve as a better introduction to entrepreneurship and the Lean LaunchPad methodology than starting with the full Business Model Canvas. If successful, the Aggie I-Corps could serve as a model for introductory entrepreneurship programs and future I-Corps Sites preparing teams for the National I-Corps program. NMSU and Arrowhead have been growing a culture of innovation and entrepreneurship on campus, particularly through their Studio G, NMSU/Arrowhead's student business accelerator. In the past two years, 80 new member startups were added, involving over 150 student entrepreneurs. This rapid growth signifies a large demand for entrepreneurship training at NMSU. Aggie I-Corps is an opportunity to build on this current momentum and offer student entrepreneurs dedicated training and support to pursue their own startups. Aggie I-Corps offers the initial capital for participants to pursue their projects to the point of raising additional funding by leveraging the training and market research gained through the program. Aggie I-Corps positions STEM-based entrepreneurs to win follow-on funding through local competitions, federal funding applications and private investment solicitations. Aggie I-Corps is having a significant impact on the improvement of the culture of entrepreneurship and innovation at NMSU, which yields dividends beyond the training and funding of Aggie I-Corps participants. The impact goes beyond the university and contributes to the regional ecosystem of entrepreneurship.