CompeteUT
UT Horizon Fund Student Investment Competition (UTHF-SIC)
Office of Technology Commercialization
University of Texas System
January 22, 2014
UT Horizon Fund Team
• Bryan T. Allinson
Managing Director
• Jeet Vijay
Principal, Academic Ventures
• Wei Chen, PhD
Principal, Health Affairs Ventures
• Evan Fitzmaurice
Attorney, General Counsel
• Tiffany Kindred
Marketing Coordinator
• Nick Tulloh
Business Analyst
2
About Us
• Founded in 2011, the UT Horizon Fund is the strategic
fund of the University of Texas System.
• Our vision is to enhance the commercialization of
technology and innovation as a sustainable resource for
UT System and UT Institutions
3
3rd Annual CompeteUT (Formerly UTHF-SIC)
• A venture creation and investment competition to encourage
innovation and entrepreneurship throughout all 15 University
of Texas System Institutions
• Exposure to mentors from a diverse set of backgrounds
including angel investors and venture capitalists
• 16 teams compete for a maximum of $100,000 Investment
Award
4
Eligibility
•
Open to all UT undergraduates, graduates, PhD candidates, postdocs,
medical residents, medical interns, trainees, professional students and
anyone who graduated from said programs in calendar year 2013.
•
Teams must have a minimum of 3 members
– At least 1 UT Student to meet eligibility requirements
•
Teams must have 1 faculty advisor
•
Must reflect a real viable opportunity
5
Application Process
•
•
Business plan application due date extended to February 28, 2014
Some of the elements of an effective business plan are:
–
–
–
–
–
–
–
–
–
–
–
Summary
Technology
Unique benefit
Product or Service
Market Need, Size, Growth and Segmentation
Competitive landscape
Team
Financials
Potential for return
Funding
Exit Strategy
• Applications must be submitted to Tiffany Kindred at
tkindred@utsystem.edu
6
Application Process (con’t)
• Winner of any UT campus investment/business plan
competition automatically qualifies for CompeteUT.
– Only 1 team from each campus can qualify automatically.
• No more than 2 teams from each institution will be selected
• Submitted plans will be reviewed by the UT Horizon Fund
Selection Committee comprised of individuals from
investment, business, and legal professions.
7
Business Plan Competition Automatic
Qualifiers*
•
UTD Business Idea Competition
–
•
UTSA Student Technology Venture Competition
–
•
February 6th, 2014 (Semi-finals) & February 13th, 2014 (Finals)
UTEP Student Investment Competition
–
•
December 7th, 2013
UT Texas Venture Labs Investment Competition
–
•
November 15th, 2013
March 7th-8th, 2014
UTPA Business Plan Contest
–
TBD
*Please advise UT System on any other competitions not listed. Note that the competition must have an award /
investment prize to be considered.
8
Evaluation Criteria
Overall
 Does the summary adequately describe the product or service –does the idea make sense?
 Has the team adequately described the pain/need in the marketplace?
 What is the unique benefit?
Management Team
 Does this management team have the skills required to execute the plan?
 Does this team have the experience to lead a new venture?
 If management team is weak in either necessary skills or experience, do you have the
advisors or mentors who can help you?
Market Opportunity
 What is the market and economic opportunity?
 What is the value proposition? Is it a sustainable model?
9
Evaluation Criteria (con’t)
Competitive Strategy



Has the team completely analyzed its competitive space?
Does the team clearly identify the company’s initial competitive advantage or differentiator?
Does the team have an adequate strategy for defending their market position?
Go To Market Strategy



Is it clear how the company will reach its initial customer?
Does the summary clearly identify a sales strategy?
Is the distribution plan clearly defined and reasonable?
Financials




Are the financials consistent with the overall plan?
Are the assumptions realistic?
Are contingencies and exit strategies addressed?
Does the plan describe the funding/resources required to execute on the plan?
Exit strategy



Does the company have reasonable exit strategy?
Has the company calculated potential exit return multiple?
Has the company identified different potential exit milestones and timelines?
Oral Pitch Presentation


How convincing is the group in selling the plan to the judges?
Does the group exhibit effective presentation skills?
10
Event Logistics
•
Shark Round
– 16 teams, 1 track, 5 minute pitch, 5 minute Q&A, 10-12 judges, 8 teams advance
•
Business Plan Round
– 8 teams, 2 tracks, 10 minute pitch, 10 minute Q&A, 4-6 judges, 4 teams advance
•
Final Round
– 4 teams, 1 track, 15 minute pitch, 15 minute Q&A, 10-12 judges
All students, faculty, and staff from UT Institutions are welcome to
attend CompeteUT
11
Key Dates
•
February 28th, 2014 – Applications due to UT Horizon Fund
•
March 18th, 2014 – Finalists announced
•
March 21st, 2014 – Finalists submit list of attendees (team members,
advisors, supporters, etc.) and press materials (logo, company history,
team member bios, etc.)
•
March 31st, 2014 – Final PowerPoint presentations submitted
•
April 4th, 2014 – 3rd Annual CompeteUT competition in Austin, Texas
12
Grand Prize
• Grand Prize (Best Overall Investment)
– Maximum of $100,000 Award in the form of a Convertible
Promissory Note Investment
13
Conditions for receiving the Grand Prize
Investment Award:
– Investment will only be made in a properly formed corporate legal entity
– Investment will be in the form of a Convertible Promissory Note
• Terms of the Notes (including maturity date, number of tranches, milestones, etc.)
will be negotiated by UT Horizon Fund and the company
• Deadline for the conclusion of the negotiation is three months from the date of the
announcement of the winner
• If the deadline is not met, UT Horizon Fund reserves the rights to extend the
deadline or declare the runner up company the winner
14
Questions?
Contact
Tiffany Kindred
tkindred@utsystem.edu
Jeet Vijay
Jvijay@utsystem.edu
Follow Us
@UTInnovations
Visit Our Website
www.uthorizons.com
This webinar will be available for download on Friday, January 24, 2014
15