Proof of Concept Fund

PROGRAM OVERVIEW

The UC Merced Office of Business Development Proof-of-Concept fund supports technology development that is aimed at creating and commercializing new products and services by making investments that range from $5,000 to $25,000.

 

APPLICATION PROCESS

1. Submit a pre-proposal containing a letter of intent.
2. Pre-proposals will be evaluated based on the project’s ability to create a successful prototype to be tested in a defined market and within the requested budget and time frame. Pre-proposals will also be reviewed to determine whether the project meets the eligibility and review criteria.
3. If invited to proceed, individuals/teams will then submit a full proposal and may be invited to present to an external review committee.
4. Documents can be submitted to busdev@ucmerced.edu

For more information or questions please contact Cara Baird at cbaird2@ucmerced.edu

 

REVIEW PROCESS

External industry reviewers (investors, company professionals and entrepreneurs) select finalists based on the Pre-Proposals. Of the finalists - the top applicants will be chosen through evaluations and ranking based commercial potential and alignment of budget and milestones with translational enablement. Applicants are encouraged to strip proprietary information from their application or file a Patent prior to application submission

 

LETTER OF INTENT

  • 1. PROJECT DESCRIPTION

    Introduce the problem your technology solves, a high- level overview of your technology and how it will address that problem, as well as a brief description of your proposed project.

  • 2. PROJECT IMPACT

    Identify current technical or commercial risks associated with your technology that your proposed project will be able to address, thus significantly impacting the commercial potential of your technology.

  • 3. SPECIFIC AIMS/MILESTONES

    Propose 2-3 distinct milestones that will be used to track the progress of the project over the course of the funding period. Milestones should be logically ordered such that the successful completion of one milestone triggers work to begin on the next milestone. (Please note: The OBD reserves the right to release funds in tranches dependent on successful milestone achievement.)

  • 4. MARKETING ATTRACTIVENESS

    Describe the envisioned end product based on your technology and the market it will compete in. Identify the differentiating factors (e.g. better/faster/cheaper) that will make your technology competitive in the marketplace. Provide any industry-specific feedback you have received on the competitive advantage of your technology and its ability to fulfill an unmet need in the marketplace.

  • 4. APPENDIX

    A maximum of one page of supporting data or references cited in the LOI may be included. The appendix will not count towards the two page LOI limit.

 

PROGRAM ELIGIBILITY

Applicant must be a member in the UC Merced Venture Lab Network. This person must apply for the program with an interest in creating a prototype from their concept or research.

 

REVIEW CRITERIA

  • 1) COMMERCIAL POTENTIAL
    • a) Does the project address an unmet need?
    • b) Is the need clearly defined and is the end user of the technology clearly identified?
    • c) Is there a reasonable likelihood of achieving project objectives, given the available financial and technical resources identified or anticipated?
    • d) Has a market or market niche been defined for a successful product or service resulting from the research? If not, is there another market space for which the research described may be more applicable?
    • e) How well has the competitive landscape been explored or described?
  • 1) BUDGETS AND MILESTONES
    • a) Does the proposal indicate clear recognition of the steps needed to translate the project from concept to product?
    • b) Is the overall strategy well - reasoned and appropriate to accomplish the project?
    • c) Are potential problems, milestones, and deliverables clearly presented?
    • d) Does the approach contain any prior proof - of - concept findings or a target product profile?
    • e) Does the budget align with — and is it sufficient to achieve — the proposal’ s objectives?
    • f) Is the proposed project at a stage where early proof - of - concept experiments funded by the award will result in reducing the technical risk associated with the technology?

 

APPLICATION:

  • SECTION 1: PROJECT OVERVIEW

    Project Title:
    Summary of project(2-3 Pages):

    • 1) Please describe the technology/research that you are applying with for the Proof of Concept Fund
    • 2) Commercial potential/ Market application:
      • a) How does the technology/research address a current need in a market?
      • b) How would a company benefit from the technology/research?
        • i) What industry(ies) do the companies that would benefit from the technology belong to?
      • c) How would the end consumer benefit from the technology/research?
  • SECTION 2: TEAM

    Please list the names, emails and phone numbers of all team members. Please include if any members of your team are faculty or have a UC affiliation.

  • SECTION 3: PROJECT COSTS AND TIME FRAME

    Proposed Project Start Date:
    Proposed Project End Date (cannot be more than 4 months):
    Project funding requested (in $):

  • SECTION 4: RESEARCH AND DEVELOPMENT PLAN

    Proposal narrative may not exceed three (3) pages in length (a fourth page may additionally be utilized solely for supporting figures, images, or charts). The minimum font size is 12 points (Calibri, Arial, or Times New Roman fonts are acceptable fonts) and the minimum margin size is 0 .75 inch on all sides. Include the name of the Business Concept in the upper right-hand corner of each page. The Project Narrative should adequately cover all areas identified in the Review Criteria.

  • SECTION 5: BUDGET, TIMELINE & PROGRAM MILESTONES

    Please provide a clearly articulated budget / justification, how the funds will be used, project timeline and regular milestones expected to be achieved with respect to demonstrating commercial feasibility, proof of concept or other program objectives.

 

AWARD PROCESS AND POST AWARD ADMINISTRATION

The amount of requested funding support cannot exceed a total of $25,000. The Office of Business Development reserves the right to reduce the final amount of funding approved, when making a final determination of grant award. The Review Committee will conduct a final review of 1) proposed milestones, and 2) fit with the requested budget, prior to a final funding decision.

Funds awarded are to be expended within 4 months of receiving the award. Awardees are expected to submit regular reports indicating the progress towards or achievement of milestones. Progress report content and timelines will be discussed and agreed upon prior to the release of funds and at a minimum will include a mid term accounting and progress reoprt, and final reports

As a condition of the award, awardees will be expected to:

  • Provide mid term accounting to indicate use of funds on the project in the achievement of project milestones
  • Submit a final progress report that includes milestone tracking and a clear accounting of the use of granted funds in the furtherance of the project and achievement of proposed project milestones
  • Participate in the UC Merced Venture Lab program.

 

CONTACT INFORMATION

For any questions related to the UC Merced Proof of Concept Fund process, please email busdev@ucmerced.edu.

Potential applicants should indicate their interest in the program by emailing busdev@ucmerced.edu so that they can be notified of upcoming opportunities and announcements.