Page 18 - Technology and Innovation Journal - 19-1

356 BYRD ET AL.

The above list enumerates the common elements learning. Teams should be required to speak with
that most if not all accelerators and proof-of-concept potential customers in order to assess the market
centers should consider. However, the Columbia pro- problem and determine how effective their tech-
grams have built upon the common core elements to nology is as a solution, which allows teams to
suit the needs of each specific program. For example, pivot their solutions in response to market feed-
the processes for the energy and medical technology back. Presenting live each session forces teams
accelerators are largely similar based on both indus- to dedicate the time required to complete assign-
tries being capital intensive with long development ments and learn the methodology. In-person
timelines, while the media program was adapted sessions also allow teams to meet each other, fos-
to fit the faster-moving media industry in particu- tering a sense of community among participants.
lar. For example, start-ups in the media space often Even for teams whose proposals do not move
go through faster development cycles, require less forward, this kind of educational experience can
money to launch, and, with typically software-based be leveraged for future entrepreneurial pursuits.
products, depend more upon speed-to-market than • Mentors: Assigning business mentors to work
bulletproof patents. Accordingly, the Combine pro- closely with teams for an extended period of time
gram adopted a single-step application process and can fill basic business knowledge gaps, inject
solicited brief IP reviews from technology transfer domain expertise, provide an impartial observer,
offices rather than full IP reviews from outside counsel. and potentially open doors to target industries.
A “dating period” during the pairing process
Educational Elements allows teams and mentors to gain familiarity with
While many teams initially apply for the promise each other before committing to work together
of funding, they often acknowledge that the edu- throughout the program. Program administra-
cational experiences were actually equally or more tors ensure there is an onboarding and check-in
valuable. Educational elements, which are extremely process for the mentors. Mentors are given an
customizable in timing and execution, could include overview of the methodology and tasks teams are
any combination of the following: working on and are invited to educational events.
• Methodology: The existing Columbia accele- Administrators periodically meet with both
rators offer educational “boot camps” grounded teams and mentors to ensure the relationship is
in characterizing an unmet need and assess- working and that they are collaborating on a
ing how well a proposed solution fits that regular basis. Feedback can be formally or infor-
need. While one uses a variation on the Bio- mally collected from the teams to ensure that the
Design program and the other two utilize the Lean best mentors are invited back for future rounds.
LaunchPad approach, the most critical aspect • Pitch Prep Event: Presenting a business pitch
is to select a methodology (ideally an existing (vs. giving a scientific presentation) will most
approach with a successful track record), get likely be new for most teams, so an event to accli-
trained in how to teach it, customize a curric- mate them to the format and to prepare them for
ulum for one’s specific needs, and then modify it potential questions can dramatically improve
for future cohorts as needed. Assigning readings their final products. Some programs choose to
and videos (e.g., customer discovery interview assemble a volunteer panel of mock judges
examples) can reinforce teachings. Both Bio- consisting of mentors, investors, and other local
Design and Lean LaunchPad have extensive and experts in the field. Other programs hire pro-
modular resources available online for teachers fessional pitch and presentation coaches for a
and students, the use of which can avoid huge few days to work with the teams on content as
amounts of work and expense when launching well as presentation style. The Columbia pro-
an accelerator. grams generally allocate a significant amount
• Group Learning and Feedback: As much as of time to teams for practicing pitches, includ-
possible, there is an emphasis on and effort ing receiving iterative feedback from instructors,
towards in-person sessions for peer-to-peer mentors, and judges.