Proof of Concept Investment : Applications

Introduction

Welcome to the Proof of Concept Investment (POCi) Program.  This program provides early stage “seed” investments to enable the further development and validation of promising CU technologies that are, or will become, the platform for a CU start-up company. POCi investments can range from $50,000 to $100,000, and the technologies are selected based on a competitive application process.  Applications for POCi investments are submitted through the TTO and reviewed by an independent panel of venture capital investors, which makes the final selections.  The POCi investments are managed by the nonprofit University License Equity Holdings, Inc. (ULEHI), which manages the private equity received from TTO license deals, and are approved by the ULEHI Board of Directors.

The first step is to complete the Investigator Information form and submit it along with a completed POCi Application Template.  Also, please take a moment to read the Criteria page.  All submissions will be acknowledged with an email response.  Applicants will need to prepare a proposal under the guidelines listed below and in the application template.

Application Deadline

Applications for the Fall 2007 POCi round are due no later than Friday, October 12, 2007.
IMPORTANT NOTE:  Applications received after midnight MST on October 12 will not be considered.

Program Requirements

• The purpose of the POCi program is to enable the further development of the technology and business concept in order to reduce the uncertainty risk of the technology and to help bridge the gap between basic research funding and the next stage of outside investment.
• POCi proposals must be based on intellectual property resulting from research at the University of Colorado.  A completed Invention Submission Form covering the intellectual property that is the subject of the proposal must be on file with CU’s Technology Transfer Office.
• Applicant is a start-up company involving a CU investigator or an entrepreneur working with a CU faculty member to license intellectual property from the University, or will form such a company before the final POCi investment is made.
• Final investments will only be made in companies with an Option or License agreement from CU’s Technology Transfer Office.  This is a condition for investment, not the application.  Applicants are strongly encouraged to submit a POCi proposal whether or not they are currently in licensing discussions with the TTO.
• POCi funds must be used primarily for applied research, prototype development, product testing, and other technology-focused activities consistent with the proof of concept purpose of the investment.  Up to 10% of the investment amount may be used for business activities, such as market studies or intellectual property analyses.
• POCi applicants should not have previously received significant private investment or grant support directed to the commercial development of the technology.
• POCi investments are in the form of an unsecured convertible note, which converts to equity when the company obtains a minimum level of investment.
  
• POCi investment recipients will be announced in the TTO electronic newsletter and described in the TTO Annual Report.

TTO Contact

For questions and assistance concerning the POCi application process and criteria, please contact Tom Smerdon, Director of Licensing, at tom.smerdon@cu.edu or 303-735-0621.

Submission process: In order to successfully submit your application, the following steps are required:

1. Review the Selection Criteria above.
2. Download this POCi Application Template and complete the template as your application(the instructions can be removed).
3. Send an email to TTO Database Administrator Nathan Chen and attach the completed application template to the email. Please also include your contact information in the email.

NOTE:  The POCi proposal will be maintained as confidential information by TTO, except for a nonconfidential executive summary.