91��Ƭ��

How the Embark program works

1. Entrepreneurs will to participate in Embark as a new company founder.
2. If applicants are advanced, they will then review our portfolio of available technologies, meet the inventing scientists and engineers and identify the innovation they want to build a company around.
3. They will participate in mandatory sessions designed to help them flesh out their startup idea, including funding sources, developing a value proposition and learning from the prior Embark Entrepreneur in Residence (EIRs).
4. Ultimately, they will then prepare a plan for the new company and pitch it to the Embark judges for a chance at one of the paid Embark Entrepreneur in Residence (EIR) positions.

Select entrepreneurs will be offered:

• a license or option for the innovation;
• up to $50,000 for technology development in the participating inventor’s lab;
• access to a suite of startup resources and programs;
• six-months of part-time salary to launch the company.

Additional Details

Embark is designed to launch new early-stage companies that commercialize innovations created in CU Boulder’s research labs. Participants accepted to the program will spend eight weeks reviewing the Embark technologies, meeting scientists and attending various sessions about spinning out a deep tech company, including sessions on developing a value proposition, how to apply for grants, what investors in university spin-outs look for and tips from the prior cohort CEOs.

Up to 10 winning Embark participants who complete the program and pitch their startup idea on Aug. 15 will be offered a salaried position at the University of Colorado Boulder as an Entrepreneur in Residence (EIR). The EIR role provides salary support for the founding CEO as they launch the company. EIRs must complete standard hiring processes at CU Boulder, including a background check. EIR positions are 33% time for six months and are pro-rated from an annual full-time salary of $148,000. This temporary position is not eligible for benefits.

Select Embark participants will be offered an option or license to their chosen innovation. More details on startup licensing

Technology development funds will be offered to select EIRs in the form of grants to the inventing lab at CU Boulder. Funds are used to further advance the innovation toward commercialization. The grant is not offered or paid to the startup company.

Entrepreneurs completing Embark and executing an intellectual property (IP) option or license agreement will also have access to CU Boulder’s array of startup programs and resources, including the Lab Venture Challenge, Ascent Deep Tech Accelerator, Destination Startup and the Buff Venture Fund.

Embark is a competitive program. Not all applicants will be accepted to participate in Embark. Not all Embark participants will be selected to be offered an option/license, technology development grant and/or EIR position.

No option agreement, license agreement, employment or grant is offered or issued until provided in writing and signed by an authorized individual at CU Boulder. CU Boulder reserves the right to change the details and conditions of Embark.

Need Guidance?

For general questions about Embark:

• Please contact Marta Zgagacz, senior director of Venture Partners.

Frequently Asked Questions

What does the overall process look like?

Applicants  for the Entrepreneur-in-Residence (EIR) position. Only applications submitted on the CU Jobs portal will be considered; applications submitted on third-party sites will not be considered.

Those selected to progress in the program—sometimes called “Embarkers”—will be notified by Friday, June 14, 2024. Embarkers are selected based on their resume and cover letters; there is no interview.

During the first part of the program, Embarkers will review the technologies in the program and, when available, talk to the researchers to learn more about them. During this time, Embarkers select which technology to pursue, determine product-market fit, the value proposition and more. Venture Partners will provide various trainings to help with this process, including a customer discovery workshop and pitch coaching.

Embarkers then can pitch to win an EIR role and exclusive rights to the technology from Venture Partners. The EIR role lasts for 6 months and is a paid position (). Four of the EIRs will also receive $50,000 grants that go to the CU research lab to develop the technology to get it more ready to commercialize.

Do I have to have startup expertise or experience to participate in Embark?

No! We are looking for those with an entrepreneurial mindset who want to start a company. We recognize that everyone who has previously started a startup, raised money or had a successful exit did that for the first time at some point. Experience with startups is a plus, but it is not required. This program is organized so we can help every step of the way, whether this is your first time or not.

What makes a successful Embarker?

Successful Embarkers fully commit to the 8-week program where they evaluate technologies and build a plan to commercialize one of the technologies. They are actively looking for an opportunity to build a startup company, and they put in the work to fully evaluate the commercial opportunity of a technology, do customer discovery, determine product-market fit, define the value proposition, determine the team needed and prepare an excellent pitch. During the process, Embarkers choose their top technologies to do a deep dive. However, they will choose only one technology to pitch for the Entrepreneur-in-Residence (EIR) positions and funding.

What makes a successful Entrepreneur-in-Residence (EIR)?

EIRs are founders (or cofounders) of the company. Successful EIRs jump head-first into the startup work. During the program, an EIR will form a new company and take significant steps to build the foundation for commercializing the technology. Key steps include forming an entity (LLC or corporation) with all founding documents, signing an Option Agreement with CU, performing customer discovery, building a go-to-market plan, and starting to fundraise. At the end of the program, there will be several opportunities to present a pitch to potential investors.

EIRs can continue customer discovery through programs like NSF I-Corps^TM Hub: West Region programs at Venture Partners Starting Blocks Customer Discovery Workshop and Research-to-Market (R2M) Customer Discovery Program in order to further define product-market fit. They can apply for the Ascent Deep Tech Accelerator or apply for other accelerator programs. Additionally, successful EIRs begin to seek additional funding for their project by talking to potential investors and through resources like Lab Venture Challenge (LVC), Colorado Office of Economic Development and International Trade (OEDIT) and , and SBIR or STTR grants.

Can Embarkers form teams?

Yes, in fact, the team will be a factor in determining the strength of a pitch for the Entrepreneur-in-Residence (EIR) positions and funding. Some Embarkers come into the program with team members in mind. We also suggest exploring working with other Embarkers to form a team and will offer opportunities to form partnerships.

What happens if there are multiple Embarkers interested in the same technology?

We will host an event to help those interested in the same technology form teams if that is of interest. We will not force anyone onto a team that does not want to join a team or if there is no personality match.

If multiple Embarkers or multiple teams of Embarkers pitch the same technology, the judges will choose the best pitch that will win the Entrepreneur-in-Residence (EIR) positions and funding.

When will we get to meet the researchers? How much access do we have to the tech team?

Embarkers are first asked to select their top technologies that they want to learn more about. Whenever possible, Venture Partners will facilitate group meetings with the inventors. Some technologies in the program are considered high potential even though the research team is not available, but that information will be provided to the Embarkers before they choose the technologies they are interested in pursuing.

After the introductory meetings, and before preparing their pitches, Embarkers will be asked to narrow their selection to their top technology. Venture Partners may be able to facilitate additional meetings with the researchers if the need arises.

Does being an Embarker or an Entrepreneur-in-Residence (EIR) require being full-time, or is it part-time?

As an Embarker, it is as much of a time commitment as you want it to be. Embarkers are not paid during the 8-week program, however there is going to be a time commitment to go through the process and craft a competitive pitch. Most events will be scheduled close to lunchtime (in the local time zone) and with a virtual option to enable those with other commitments and those who are not local to attend. That said, the pitch for the EIR position will be in person in Boulder on Thursday, Aug. 15, 2024. That will be an all-day event, and Venture Partners cannot guarantee a specific time slot.

As an EIR, creating a startup is a lot of work, but the workload varies from week to week. Startup teams that commit full time tend to move faster, however some EIRs may continue to pursue other projects as their workload permits. We don’t expect the EIRs to leave their current jobs, but progress on the startup is anticipated and required.

What's in it for CU? Why run this program?

Venture Partners aims to take the innovations created at CU and translate them into real-world impact. We have found that, often, the most successful way to commercialize these technologies is through startup companies. For some technologies, there is a team in the lab that is interested in pursuing a startup, but we have a lot of technologies in our portfolio that are high potential but don’t have a startup team. It’s these technologies that form the basis for Embark.

What programs does CU have to support entrepreneurs?

As part of the NSF I-Corps^TM Hub: West Region, Venture Partners offers several programs to help with customer discovery, a process that aids in determining product-market fit, mapping ecosystems, and defining value proposition. Starting Blocks Customer Discovery Workshop is a three-week program that requires 10 customer discovery interviews. Research-to-Market (R2M) Customer Discovery Program is a four-week program that requires 30 customer discovery interviews. Venture Partners can also refer teams that complete both of these programs into the , which includes funding.

Venture Partners runs the Ascent Deep Tech Accelerator, an accelerator program specifically for deep tech companies spun out of the CU ecosystem.

Lab Venture Challenge provides $125,000 grants to help prepare technologies for commercialization. These grants go to the lab, not to a company, but the aim is to help translate the technology out of the lab. The grants require that $100,000 be used for technical proof of concept and $25,000 be used for business development-related expenses.

The Center for Translational Research aims to help startup companies that work with Venture Partners successfully apply for SBIR and STTR grants or other non-dilutive funding. The center works with companies directly and also hosts workshops.

For startup companies built around CU technologies, Venture Partners offers a free, one-year Option Agreement. The Option gives the startup company the exclusive right to negotiate a License Agreement, meaning that CU cannot offer an Option or License to another entity during the Option term. (Option and License Agreements can be limited to a specific Field of Use or Territory.)

Venture Partners also offers the Licensing with EASE program, which has startup-friendly licensing terms that have been deemed investor-friendly by both venture capitalists and top-tier international law firms. Startup teams can review the various models and self-select into whichever financial model works best for their company and business model. (Note that software startups do not have the ability to opt into different models in the Licensing with EASE program, and terms for software startups depend on whether the University has copyright-only or patent protection.)

Companies looking to raise capital can apply to participate in Destination Startup, and top teams affiliated with universities and national labs across the inter-mountain west region are invited to present to investors and community members.

The Buff Venture Fund is a venture capital fund that invests in companies that either license technology from CU or have at least one founder who is a CU Boulder faculty member, student, staff, or alum.

What are the results from the prior cohort?

Read more about the first Embark Entrepreneur-in-Residence (EIR) Cohort. All of these companies are growing, and the former EIRs continue to work diligently on their startups. These are deep tech companies that have earlier-stage technologies and require investment of time, money and resources to get to market. That said, the first cohort is off to the races, as three or four of the companies have raised venture capital or grant funding, one has signed on their first customer and others are close to doing the same and one is already considering an exit. Some of these entrepreneurs chose technologies with a longer path to market, and they are continuing to work and make progress on their business. Embarkers will have a chance to meet members of the first cohort and ask questions.

I don't want to start a company, but I want to join a startup team. Is this program for me, or how do I do that?

We have quite a few startup teams that are looking for a professional CEO. For example, some of our companies are started by researchers who form a great technical team for the startup, but they look to join forces with someone with relevant business expertise. Venture Partners does not hire for these roles; however, in some circumstances, we can help facilitate connections with relevant teams. Interested parties should contact Amy Dodenhoff and subscribe to our email list to keep up on new opportunities.

I already have a startup, but I'm looking for a technology to add. Is this program for me?

Embark aims to form new startup companies. If you are looking for technologies to add to your company, you can explore select available technologies and learn more about our researchers. You can also contact Nicole Forsberg and Justin Stitzlein to indicate your areas of interest, and they will aggregate technologies for you to review and facilitate connections appropriately.

I am interested in joining, but only as a mentor. Is this the right program for me?

If you are interested in becoming a mentor, please apply to become a mentor and subscribe to our email list to keep up on new opportunities. Our mentorship opportunities range in time commitment from an hour here and there to helping with our programs for a few weeks to matching potential CEOs and board members with existing startups.

I am an entrepreneur interested in starting a new company; is Embark the only way to get involved?

If you want to start a company, we want to connect, even if the Embark program is not right for you. Please reach out to Amy Dodenhoff, who can help coordinate.