Once the selection process is complete, each of the Semi-Finalists will be assigned a Mentoring Team consisting of a minimum of three individuals, one each from the following groups:
- an individual from an active venture fund or angel group;
- an individual from the broader community of experienced life science/medtech entrepreneurs or technology commercialization specialists; and
- an individual from one of the regional service providers (law firms, accounting firms, consulting firms, etc.) with specifically relevant asset development expertise that will be germane to the particular opportunity.
A team leader will be identified and a period of interaction between the Principals of the selected opportunity and their assigned Mentoring Team will commence immediately. Primary responsibility for initiating and organizing all interactions between the Mentors and the Principal(s) will reside with the Principal(s) who is/are being mentored.
IMPORTANT: If the Principals have not interacted with their Mentoring Team within 4 weeks of receiving their Mentoring Team assignments, the Semi-Finalist will be eliminated from the BIO/Plan Competition. In the case of elimination, the Mentoring Team will be dissolved and the Semi-Finalist will not be allowed to advance in the Competition or compete for the $10,000 cash prize.
The Mentoring Team’s specific role will be to provide guidance on matters such as: proof-of-concept studies, if any, that will establish the commercial relevance and viability of the underlying technology; strategies for commercial exploitation of the technology and associated opportunity; where appropriate, configuration of a viable enterprise; funding strategies and the development of a value proposition that will resonate with the targeted funding sources or corporate partner; analytical mechanisms and presentations that will help differentiate the opportunity; sources of relevant background and competitive information; and the content and structure of the work product for this interaction, a 15 page or less written business proposal or development plan. The actual interaction between the Principal(s) and Mentors will take a form that is most efficient and comfortable for the entire group; that is, conference calls, electronic interaction, face-to-face meetings, etc., will be at the discretion of the Principals and Mentoring Team members.
The mentoring period will last approximately 4 months over which time the interaction should produce the final product — a development strategy and associated proposal or plan that will serve as the basis for the launch of a new enterprise or promotion of a significant licensing agreement. Primary responsibility for actually writing the business proposal or development plan and crafting all other materials (e.g., the PowerPoint presentation for use at the Investor Forum) rests with the Principal(s) of the Semi-Finalist opportunity.