Tag Archives: accelerator

$120,000 awarded to student-led startups

JonesPresentation2014_ZGirls2
Z Girls co-presidents Libby Ludlow and Jilyne Higgins present their progress to a panel of judges

The Buerk Center for Entrepreneurship’s Jones + Foster Accelerator is a TechStars-like program that helps student-led startups get off the ground.

This year, five teams completed the six-month accelerator program, identifying and meeting milestones with the guidance of top entrepreneurs, lawyers and investors from Seattle’s entrepreneurial community.  From July 2013 to February 2014 they worked to build their teams, develop their services or technologies, get their products to market, and raise early-stage funding.

On February 4, the five teams made final presentations to a panel of judges and were awarded up to $25,000 in follow-on funding to pursue their next set of milestones.

  • PolyDropPolyDrop manufactures additives that transform regular coatings (think paint) into conductive coatings that dissipate static electricity and prevent interference caused by electric current flow.  PolyDrop has been awarded a Commercialization Gap Fund grant of $50,000 and a National Science Foundation STTR grant of $225,000, providing the funds necessary for 2014 operations and develop a prototype proving the viability of their product.
  • PureBluePure Blue Technologies, a water treatment technology company that provides visible light photo disinfection and desalination technology, is currently finalizing a license with the UW Center for Commercialization. The company has negotiated lab space with Ondine biomedical and has a term sheet for up to $1.5 million in equity funding, which will give them 18 months of runway to cover additional research and development and get them to the pilot stage.
  • ZGirlsZ Girls educates female athletes ages 11-14 on the mental and emotional skills important in sports and life. The company has received a $100,000 convertible note, raised $50,000 to provide scholarships for girls who demonstrate need, and hired 27 program leaders (all college or pro-level female athletes). In the last six months 182 girls have gone through Z Girls’ Seattle-based programs. (Check out Z Girls’ promotional videos on their website!)
  • StudentRNDStudentRND runs programs aimed at educating students (middle-school through college) about programming and engineering.  The nonprofit has created an advisory board, raised over $135,000 in sponsorships, and put together an operations plan that includes hosting 20 Code Days in Spring 2014.
  • LuckyStepsLuckySteps, a wellness program for companies and their employees, has raised $30,000 in the past six months. The company is working with a UW Human Centered Design and Engineering group on a usability study and has run beta tests with four prospective clients in order to prove its business model and pricing structure. Lucky Steps plans to wow the judges in this year’s UW Business Plan Competition.

The Buerk Center for Entrepreneurship awards $170,000 to eight student-led start-ups

Haiti Babi Blanket
Haiti Babi

When Katlin Jackson returned from her second trip to Haiti in January 2012, she was a woman on a mission. After spending time in a Haitian orphanage, she’d discovered that a good number of the children there weren’t orphans at all. Their parents were simply too poor to care for them. Within months, Katlin, along with UW junior Kari Davidson, cofounded Haiti Babi and entered the 2012 Business Plan Competition.

Haiti Babi now employs four Haitian mothers to knit and crochet high-quality, incredibly soft baby blankets and accessories that are sold to moms in the United States. In 12 months, Katlin and Kari have taken an idea, defined a mission (Moms helping Moms), and created a start-up company that is making real headway. They have a well-thought-out brand, fashionable products, and a detailed operations plan. Their Indiegogo campaign brought in double their fund-raising goal, pre-orders for their first blankets surpassed all expectations, and Haiti Babi has been featured in Seattle Magazine, Social Good Moms, and Disney Baby.

Much of Haiti Babi’s success can be attributed to the intelligence, drive, and dedication of its founders, but they’ve also had great help along the way. They were admitted into the Jones Milestones/Foster Accelerator in July 2012.

The JM/FA at the Foster School’s Buerk Center for Entrepreneurship is a TechStars-like program that provides a milestones-based framework, monthly coaching from Seattle entrepreneurs and investors, and connections that help student teams make the transition to start-up companies.  From July 2012 to February 2013, 10 teams worked to recreate their teams, develop their technologies or get product to market, and raise early-stage funding. On February 13, eight teams were awarded between $10,000 and $25,000 for their efforts.

  • PatientStream, a cloud-based electronic patient-tracking system for hospitals, licensed its technology from the University of Washington and secured a $500,000 investment from the W Fund.  Ben Anderson (TMMBA 2012) is the founder, and brought in Keith Streckenbach as COO and co-founder to drive sales. Anderson quit his day job at UW Medicine/Harborview in October.
  • Haiti Babi provides mothers in Haiti with employment to keep their children out of orphanages. As part of their “Moms helping Moms” mission, Haiti Babi’s mothers knit and crochet high-quality, incredibly soft baby blankets that are sold in the United States. Co-founders Katlin Jackson and Kari Davidson (BFA 2014) raised funding through an Indiegogo campaign, pre-orders for blankets surpassed all expectations, and Haiti Babi has been featured in Seattle Magazine and Disney Baby.
  • LumiSands was awarded a $150,000 National Science Foundation SBIR Phase-I Grant and a $50,000 gift from the Washington Research Foundation for the development and manufacture of its silicon-based alternative to rare-earth phosphors used in LED lighting. Co-founders Ji-Hao Hoo (PhD 2013) and Chang-Ching Tu have negotiated an agreement with the University of Washington, and are still in the technology development phase.
  • JoeyBra, “the first sexy and comfortable fashion bra with a pocket,” closed a successful angel investment round, produced a new, quality sports bra with a waterproof pocket in a full range of sizes, and has been featured by Forbes, MSNBC, and CNN.  Mariah Gentry (BA 2013) and Kyle Bartlow (BA 2013), the co-founders, have contracted with a former Miss America as a spokesmodel and will launch their product nationwide in April 2013.
  • Microryza, a KickStarter-type site for smaller science and research projects,was admitted into Y-Combinator in October and moved to the Bay Area. Cindy Wu (BS 2011) and Denny Luan (BS 2011) have raised more than $170,000 and their site has funded projects from tracking Magellanic penguins to sustaining native bees and student-designed electric racecars.
    Update: March 28, 2013 – Microryza was named one of the top 5 Y-Combinator start-ups to watch by Inc. Magazine.
  • Strideline sold more than 60,000 pairs of their signature city skyline crew socks in 2012. Co- founders Jake Director (BA 2013) and Riley Goodman (BA 2013) have organized a national sales team, are now selling in Nordstrom and Zumiez, and were the subject of a UW TV short feature
  • SuperCritical Technologies has designed and will build compact modular power plants that provide up to 5MW of clean, reliable electricity for heating and/or cooling. Chal Davidson (MBA 2012) is the CEO, with Max Effgen (MBA 2012) as a co-founder. The company raised $200,000 in angel funding to complete the conceptual design and establish supplier relationships, and is currently fundraising to build the prototype.
  • UrbanHarvest is an urban farming company that grows high-value hydroponic lettuces and herbs within feet of where they’ll be consumed. The brainchild of Chris Bajuk (MBA 2011) and Chris Sheppard (MBA/JD 2012), UrbanHarvest is currently negotiating with a large SoDo corporation to build a rooftop greenhouse.

So what’s next? The work certainly doesn’t stop here. As any entrepreneur knows, it takes more than six months to grow a thriving business. And that’s what the JM/FA ultimately provides at the end:  additional runway.  This follow-on funding is a testament to the companies’ hard work so far, and an investment in what we know they can become.

The Jones Milestones/Foster Accelerator is funded by the Herbert B. Jones Foundation and additional private donors who, like us, believe in the ability of student entrepreneurs.

Accelerating first-time start-ups

The start-up process is messy and unpredictable. And student start-ups are certainly no exception. When teams that wow judges and win competitions move to the real world, the sheer enormity of the transition can be overwhelming. Licensing intellectual property, producing a manufacture-ready prototype, lining up customers, raising money—all critical and all daunting. The Foster Accelerator helps early-stage, student-led companies through those decisive first six months.

At  CIE, we believe it’s possible to create a TechStars-like program within a public university environment. True, we can’t pay a modest living wage to the founders. But we do look at the broad range of start-ups—and we don’t take equity.  In the Foster Accelerator, we provide six months of mentoring, a framework for achieving “reasonable but measureable” milestones, much-needed connections, and an incentive—as much as $25,000 in follow-on funding.  May not sound like much, but $25,000 can represent another three months of runway for a young company.

This year there are 10 start-ups in the Foster Accelerator.  There’s everything from consumer products (JoeyBra, Strideline,  MyPartsYard) to cleantech (SuperCritical Technologies, LumiSands, Green Innovation Safety Technologies) to service companies (PatientStream, Urban Harvest) and socially responsible companies (Haiti Babi and Microryza).

Does this work? It does!  In the last two years, we’ve worked with 10 companies—6 of which are still making progress.  Cadence Biomedical, which makes a medical device that helps people with mobility impairments walk, has raised $1.2M and is now selling a commercial product. Wander, formerly YonogPal , morphed from helping Korean students learn English via the web to a cultural exchange mobile app. And they were one of the top three 2011 “stand-outs” in Dave McClure’s 500 Startups. Stockbox Grocers just opened their first store-front location in the South Park neighborhood of Seattle, selling fresh food in a “food desert.”

The Foster Accelerator started with a three-year grant of $240,000 from the Herbert B. Jones Foundation to create the Jones Milestone Achievement Awards. Since then, other donors have come on board to provide additional financial support. You can follow this year’s Foster Accelerator teams on the Foster Unplugged Blog. They’ll be writing about their experiences over the next six month.

Is it possible? Accelerating student start-ups

In Seattle, where start-ups are part of the local DNA, there are high-profile organizations that take early-stage companies with traction under their wings. The Alliance of Angels is one of the preeminent angel groups in the world, TechStars set up shop on South Lake Union in 2010, and Google, Facebook and Twitter now have Seattle addresses to attract talent.

But is it possible for a public research university like the University of Washington to create a Y-Combinator or TechStars-like environment for early-stage student-led companies? We’re betting on it.

Two years ago the UW Foster School of Business Center for Innovation and Entrepreneurship (CIE) launched the Herbert Jones Milestones Awards with $80,000. This month, CIE announced $185,000 in follow-up funding available to companies coming out of the UW Business Plan Competition, the UW Environmental Innovation Challenge or entrepreneurship courses. The goal is to turn more student teams into start-up teams—and see them through that challenging first six months.

Here’s how it works

Student teams apply to the Jones Milestones/Foster Accelerator by early July 2012. Their job (in a 3- to 5-page executive summary and a 30-second video) is to convince the committee that they’re 100% serious about starting their companies. They also have to give us a list of 7 to 10 “reasonable but measurable” milestones they can achieve in six months—and each milestone needs to have a date associated with it.

CIE provides desk space in Foster School’s new Business Hall for six months for any team that wants it, mentors for each company and connections. Miles and miles of connections to other entrepreneurs, potential investors, start-up professionals, potential customers, etc. And yes, milestones can be modified along the way—as long as there’s good reason to do so. At the end of the six months, we award up to $25,000 to each company that has made significant progress.

Does this seed funding work?  Here are two of our six success stories to date:

  • Cadence Biomedical, which recently raised $1.1 million in Series A2 funding, makes an easy-to- put-on medical device that enables wheelchair-bound people with physical disabilities to walk again.
  • Stockbox Grocers, which just won a 2012 Echoing Green award (ideas so bold and convictions so strong they could shake the world), promotes healthy communities by improving access to fresh produce and grocery staples in urban food deserts. Their newest store opens in August 2012 in Seattle’s South Park neighborhood.

Reaching the milestones of start-up success

When it comes to student start-ups, more seed capital is better than less, motivation is an imperative, but a team of trusted and experienced advisors might be the greatest asset of all. So in an effort to provide more attention and resources for the most promising start-up teams after the UW Business Plan Competition, the Center for Innovation and Entrepreneurship worked with the Herbert B. Jones Foundation to launch the Milestone Achievement Awards.  “We wanted to accelerate some of these start-ups,” says Michael Bauer, president of the Jones Foundation, a long-time supporter of the competition. “So we came up with this idea of a real financial incentive for the teams to set and reach key developmental milestones.”

Serious about starting their companies, five of the winning teams from the 2010 competition have spent the last six months participating in the Jones program. The start-ups worked with CIE staff and a special advisory committee made up of CIE board members and past winners of the Business Plan Competition to draw up a short list of “realistic but measureable” milestones they could reach within that timeframe.  “We’re proud to say four of the five start-ups reached their milestones and will receive awards,” said Connie Bourassa-Shaw, director of CIE. “But what’s really stunning about each of these teams is that they all raised angel or grant funding and have made great progress on their prototypes or pilot projects.”

Led by CEO Brian Glaister, EETech is developing a medical device that enables people in wheelchairs to walk again and received a $25,000 award. Another $25,000 went to YongoPal, a service created by Darien Brown, for South Korean university students who want to hone their conversational English with American peers at top US universities. WISErg, with team members Brandon Baker and Jaimee Jewell, developed a solution that uses compostable organic waste to create natural fertilizers and biogas and received $15,000. Emergent Detection, led by Eric Fogel and Keegan Hall, also received $10,000 in additional seed funding for their handheld device that measures and records fat loss.

“The committee helped us identify what the most important milestones would be for our first six months, in order of priority and contingency,” said WISErg’s Jaimee Jewell. “That helped us keep each of our revenue streams fresh in our minds, but also prioritize what needed to happen to bring them all together.”

“For me, the mentorship was the best part of the program,” said Brian Glaister of EETech. “As a first-time entrepreneur and a first-time CEO, it was really helpful to have an outside view of the company, particularly to put the advice of our internal team and directors into the proper perspective. Even though the program is finished, I expect the relationships with our mentors will continue, which I’m very happy about.”

Members of the Jones committee included Marc Barros of Contour, Bill Bromfield of Fenwick & West, Alan Dishlip of Billing Revolution, Geoff Entress of Voyager Capital, Alan Portugal of Ivus Energy Innovations, Adrian Smith of Ignition, and Michael Bauer, of the Jones Foundation. And the committee had their share of accolades for the teams, noting that it was gratifying to help fellow entrepreneurs start off on the right foot and avoid some of the common pitfalls and “newbie” mistakes. “I got a real kick out of seeing the teams make progress on their first set of milestones,” said Geoff Entress. “I’m already looking forward to next year.”

Learn more about Stockbox Grocers, a 2011 Jones Milestone Achievement Awards team

Reaching the milestones of start-up success

When it comes to student start-ups, more seed capital is better than less, motivation is an imperative, but a team of trusted and experienced advisors might be the greatest asset of all. So in an effort to provide more attention and resources for the most promising start-up teams after the UW Business Plan Competition, the Center for Innovation and Entrepreneurship worked with the Herbert B. Jones Foundation to launch the Milestone Achievement Awards.  “We wanted to accelerate some of these start-ups,” says Michael Bauer, president of the Jones Foundation, a long-time supporter of the competition. “So we came up with this idea of a real financial incentive for the teams to set and reach key developmental milestones.”

Serious about starting their companies, five of the winning teams from the 2010 competition have spent the last six months participating in the Jones program. The start-ups worked with CIE staff and a special advisory committee made up of CIE board members and past winners of the Business Plan Competition to draw up a short list of “realistic but measureable” milestones they could reach within that timeframe.  “We’re proud to say four of the five start-ups reached their milestones and will receive awards,” said Connie Bourassa-Shaw, director of CIE. “But what’s really stunning about each of these teams is that they all raised angel or grant funding and have made great progress on their prototypes or pilot projects.”

Led by CEO Brian Glaister, EETech is developing a medical device that enables people in wheelchairs to walk again and received a $25,000 award. Another $25,000 went to YongoPal, a service created by Darien Brown, for South Korean university students who want to hone their conversational English with American peers at top US universities. WISErg, with team members Brandon Baker and Jaimee Jewell, developed a solution that uses compostable organic waste to create natural fertilizers and biogas, and received $15,000. Emergent Detection, led by Eric Fogel and Keegan Hall, also received $10,000 in additional seed funding for their handheld device that measures and records fat loss.

“The committee helped us identify what the most important milestones would be for our first six months, in order of priority and contingency,” said WISErg’s Jaimee Jewell. “That helped us keep each of our revenue streams fresh in our minds, but also prioritize what needed to happen to bring them all together.”

“For me, the mentorship was the best part of the program,” said Brian Glaister of EETech. “As a first-time entrepreneur and a first-time CEO, it was really helpful to have an outside view of the company, particularly to put the advice of our internal team and directors into the proper perspective. Even though the program is finished, I expect the relationships with our mentors will continue, which I’m very happy about.”

Members of the Jones committee included Marc Barros of Contour, Bill Bromfield of Fenwick & West, Alan Dishlip of Billing Revolution, Geoff Entress of Voyager Capital, Alan Portugal of Ivus Energy Innovations, Adrian Smith of Ignition, and Michael Bauer, of the Jones Foundation. And the committee had their share of accolades for the teams, noting that it was gratifying to help fellow entrepreneurs start off on the right foot and avoid some of the common pitfalls and “newbie” mistakes. “I got a real kick out of seeing the teams make progress on their first set of milestones,” said Geoff Entress. “I’m already looking forward to next year.”

Photo left to right: Brandon Baker and Jaimee Jewell of WISErg.

“Milestone Awards” accelerate student start-ups

YongoPal, Business Plan Competition teamEach year, CIE’s marquee Business Plan Competition—and its $65,000 in prize money—sparks the creation of 90+ student business plans. Now a new gift will encourage more of those student teams to transform into start-up teams.

The Herbert B. Jones Foundation’s Milestone Achievement Awards offer additional seed funding totaling $80,000 a year to the most promising of the competition’s Sweet 16 semi-finalists. “We wanted to accelerate some of these start-ups,” says Michael Bauer, president of the Jones Foundation, a long-time supporter of the competition. “So we came up with this idea of a real financial incentive for the teams to set and reach key milestones in the company’s development.”

It’s a simple proposition. The teams that are determined to move forward with their businesses identify five to seven “realistic but measurable” milestones. These might include negotiating a license, attaining additional financing, prototype development, proof-of-concept data, letters of intent from potential customers, launching a beta model, etc. Reach the milestones within six months of the competition and win an additional pot of seed money—with the expectation that successful new ventures will eventually pay the gift forward to fund future CIE start-ups.

In this first year of a three-year pilot program, the competition’s grand-prize winner and second place team are both working toward $25,000 Milestone Achievement Awards: YongoPal, a service enabling South Korean university students to hone their conversational English with American peers via webcam, and EETech, developing a medical device that enables people in wheelchairs to walk again. Working toward $10,000 awards are Assay Dynamics, developer of a simple, noninvasive diagnostic tool for physicians, Emergent Detection, developer of a handheld measure of fat loss, and WISErg, a converter of food waste to fuel or fertilizer.

The start-up teams also benefit from the expert counsel of the Milestone Achievement Awards program committee, comprised of Geoff Entress of Voyager Capital and Founder’s Co-op, Bill Bromfield of Fenwick and West, Marc Barros of Countour, Alan Portugal of Ivus Energy Innovations, Alan Dishlip of Billing Revolution, Adrian Smith of Ignition Partners, and Emer Dooley of the Alliance of Angels.

“This is a huge deal,” says Brian Glaister, a UW mechanical engineering student and co-founder of EETech, which recently closed its Series A financing to develop its ExoWalk technology. “Access to the committee is invaluable. And financially, the award means another month of runway for us. Any time you get capital without having to sell stock, it’s a good thing.”