Have an invention or a great idea for a company? Scroll down for our interactive guide for aspiring graduate student and faculty entrepreneurs at the University of Maryland. Many startup journeys may not be as linear as the steps in this guide. Feel free to use resources from different stages in this guide based on what is useful to your company now.
You have developed a new innovation, such as a new method, process, system, material, device, software, service, curriculum or database, or you have a great idea for a venture. What are your next steps?
Disclose your innovation to the University of Maryland. Please provide information about your innovation, including grant funding, inventors and/or authors..
Disclose your innovation to UM Ventures. Please provide information about your innovation, grant funding, inventors and/or authors.
Work with experienced entrepreneurs who can answer questions, provide guidance, and act as your business advisors. Find current EIRs, with bios.
UM Ventures will evaluate your IP and will develop an appropriate IP management plan to protect it, including patent, copyright, and trademark protection.
Explore CEO candidates through your advisory network.
Contact the UMD I-Corps team and request a meeting. The UMD I-Corps team will enroll you in a two-week workshop that will guide you through the customer discovery process.
Work with your MII Site Miner to apply for $115,000 to validate your technology. These funds go to the faculty member's lab, with NO overhead. Request that a Site Miner be assigned to you.
UMD is offering startup business fundamentals workshops, in areas such as sales, accounting, marketing, HR management, and leadership. Register here.
Watch recorded workshops here.
If you complete the UMD I-Corps customer discovery workshop successfully, we will recommend that you apply for the seven-week NSF I-Corps program that comes with a $50,000 grant.
Disclose your innovation to UM Ventures. Please provide information about your innovation, grant funding, inventors and/or authors.
Work with experienced entrepreneurs who can answer questions, provide guidance, and act as your business advisors. Find current EIRs, with bios.
Work with your MII Site Miner to apply for $115,000 to validate your technology. These funds go to the faculty member's lab, with NO overhead. Request that a Site Miner be assigned to you.
UM Ventures will evaluate your IP and will develop an appropriate IP management plan to protect it, including patent, copyright, and trademark protection.
Contact the UMD I-Corps team and request a meeting. The UMD I-Corps team will enroll you in a two-week workshop that will guide you through the customer discovery process.
Explore CEO candidates through your advisory network.
If you complete the UMD I-Corps customer discovery workshop successfully, we will recommend that you apply for the seven-week NSF I-Corps program that comes with a $50,000 grant.
UMD is offering startup business fundamentals workshops, in areas such as sales, accounting, marketing, HR management, and leadership.
Register here.
Watch recorded workshops here.
Your idea has been validated. What are the next steps you should take in forming a successful venture?
Disclose your innovation to the University of Maryland. Please provide information about your innovation, including grant funding, inventors and/or authors..
A good IP and corporate attorney (often different people) will be an invaluable business advisor for you. Make sure to engage these people early and consult them when making major business decisions.
Discuss with EIRs and your own attorney the different options for registering your company, and file documents to form your startup. Helpful workshop on this subject.
Forming a startup may or may not arise in COI. Simply disclose your startup activity to the University COI Committee, and work with the committee to form a COI management plan, if needed. Guide to COI at UMD.
SBIR is a highly competitive grant program offering over $1 million in non-dilutive financing (combined Phase 1 and 2) to qualified startups. Mtech and the SBDC at College Park provide assistance with SBIR applications.
Network to form a team that includes people with areas of expertise that include operations, finance and business development.
Depending on your business, work with your attorney to investigate freedom to operate, export control, customer privacy, and many other regulatory and legal issues.
Work with your MII Site Miner to apply for $150,000 Company Formation Funding that would go to your company to support commercialization activities . Request MII Site Miner.
Work with UM Ventures to secure the appropriate license to any IP you plan on using for your startup. Express licenses may be available to qualified startups. Request license.
Work with your advisory team to further iterate your business model and develop a funding strategy. Identify and work with your prospective customers to understand their sales cycle, process, and churn.
The Maryland Industrial Partnerships (MIPS) program offers matching funds for technology product development projects that team companies with USM faculty.
Work to develop your Minimum Viable Product or MVP, to position your startup for pilot contracts and early revenue.
Secure an office and/or lab space for your company separate from your university office/lab. If you need to use your university lab initially, you must obtain a Facilities Use License. Inquire about available space through Mtech Ventures at UMD.
A good IP and corporate attorney (often different people) will be an invaluable business advisor for you. Make sure to engage these people early and consult them when making major business decisions.
Discuss with EIRs and your own attorney the different options for registering your company, and file documents to form your startup. Helpful workshop on this subject.
Depending on your business, work with your attorney to investigate freedom to operate, export control, customer privacy, and many other regulatory and legal issues.
Forming a startup may or may not arise in COI. Simply disclose your startup activity to University COI Committee, and work with committee to form a COI management plan, if needed. Guide to COI at UMD.
Network to form a team that includes people with areas of expertise that include operations, finance and business development.
SBIR is a highly competitive grant program offering over $1 million in non-dilutive financing (combined Phase 1 and 2) to qualified startups. Mtech and the SBDC at College Park provide assistance with SBIR applications.
Work with UM Ventures to secure the appropriate license to any IP you plan on using for your startup. Express licenses may be available to qualified startups. Request license.
Work with your MII Site Miner to apply for $150,000 Company Formation Funding that would go to your company to support commercialization activities . Request MII Site Miner.
Work with your advisory team to further iterate your business model and develop a funding strategy. Identify and work with your prospective customers to understand their sales cycle, process, and churn.
Secure an office and/or lab space for your company separate from your university office/lab. If you need to use your university lab initially, you must obtain a Facilities Use License. Inquire about available space through Mtech Ventures at UMD.
The Maryland Industrial Partnerships (MIPS) program offers matching funds for technology product development projects that team companies with USM faculty.
Work to develop your Minimum Viable Product or MVP, to position your startup for pilot contracts and early revenue.
Your early stage venture is formed. What steps should you take to accelerate it towards a sustainable company?
Disclose your innovation to the University of Maryland. Please provide information about your innovation, including grant funding, inventors and/or authors..
Work with your advisory team to create the appropriate management team structure for your startup. We can connect you with CEO, CFO, CMO and other candidates that you could consider.
Work with legal counsel and accountants to obtain necessary business licenses, permits and insurance, and inquire about personal property and other tax obligations. Talk to your attorneys and advisors.
Work with your management team and your advisors to identify talent needs and how to attract and hire the right people. Line up a payroll/HR company to serve as your virtual HR department.
Launch your beta product for customer use and/or sales.
Engage your sales team to developing your customer pipeline and close deals.
Identify how much money will you need to grow. Work with your management and advisory teams to identify funding sources, such as grants, angels, VCs. Sources include: MIPS, Maryland Momentum Fund, Dingman Angels, and Chesapeake Bay Seed Capital Fund.
Continue using your potential customers as a sounding board. Does your product address their greatest challenges? How can you make sure that you continue to have product-market fit?
Incubator or co-working spaces are ideal for startups striving to save money before moving to a bigger space and collaborating with other startups. Visit Mtech Ventures.
Work with your advisory team to create the appropriate management team structure for your startup. We can connect you with CEO, CFO, CMO and other candidates that you could consider.
Work with legal counsel and accountants to obtain necessary business licenses, permits and insurance, and inquire about personal property and other tax obligations. Talk to your attorneys and advisors.
Identify how much money will you need to grow. Work with your management and advisory teams to identify funding sources, such as grants, angels, VCs. Sources include: MIPS, Maryland Momentum Fund, Dingman Angels, and Chesapeake Bay Seed Capital Fund.
Work with your management team and your advisors to identify talent needs and how to attract and hire the right people. Line up a payroll/HR company to serve as your virtual HR department.
Engage your sales team to developing your customer pipeline and close deals.
Launch your beta product for customer use and/or sales.
Incubator or co-working spaces are ideal for startups striving to save money before moving to a bigger space and collaborating with other startups. Visit Mtech Ventures.
Continue using your potential customers as a sounding board. Does your product address their greatest challenges? How can you make sure that you continue to have product-market fit?
Disclose your innovation to the University of Maryland. Please provide information about your innovation, including grant funding, inventors and/or authors..
Your venture is successful. What steps should you take to sustain it?
At this stage you will need a dedicated office and/or manufacturing facility, which may be scaled up from your incubator space. Work with your advisory team to identify options in College Park or beyond.
Marketing and sales are your startup's main activity. Customer acquisition and customer satisfaction are two primary goals.
Grow within your current markets, and start entering new markets, possibly with new or additional products or services.
Work with your advisory team to acquire a bank line of credit to finance your manufacturing costs, if needed.
You may find that you need to raise additional funding to grow your funding. Consider institutional venture capital at this stage.
Design an HR policy that reflects your company culture, expected employee behavior, general work expectations, employee benefits, procedures and dress code, etc.
If you have taken outside investment, your investors will be looking for an exit. Identify partners who may be interested in acquiring your technology, team and customer base or if the company is mature enough, consider an IPO.
At this stage you will need a dedicated office and/or manufacturing facility, which may be scaled up from your incubator space. Work with your advisory team to identify options in College Park or beyond.
Marketing and sales are your startup's main activity. Customer acquisition and customer satisfaction are two primary goals.
Work with your advisory team to acquire a bank line of credit to finance your manufacturing costs, if needed.
Design an HR policy that reflects your company culture, expected employee behavior, general work expectations, employee benefits, procedures and dress code, etc.
You may find that you need to raise additional funding to grow your funding. Consider institutional venture capital at this stage.
Grow within your current markets, and start entering new markets, possibly with new or additional products or services.
If you have taken outside investment, your investors will be looking for an exit. Identify partners who may be interested in acquiring your technology, team and customer base or if the company is mature enough, consider an IPO.
