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358 BYRD ET AL.

marketing materials. While technical mile- metrics such as number of jobs created and reve-
stones and deliverables may change as the proj- nue earned can be tracked as well, but, depending
ect progresses, we recommend that the customer on the industry vertical, these metrics are likely
discovery and business milestones be firmly to take quite a few years to become significant.
maintained. • Subsidized Resources: If a program has
• Check-Ins: Having teams report back regularly sufficient funding, there are supplementary
on progress allows program managers to inter- resources that teams have found particularly
vene early if there are problems. During these useful. For instance, we have found that external
in-person meetings, which can happen weekly, SBIR/STTR consultants have been very helpful
monthly, or quarterly, teams are asked to get to teams, as SBIR grants are often the next funding
out of their comfort zone and discuss their sources for the emerging start-ups. Teams might
business progress in addition to technical also need specialized consultants with experience
progress. The administrators reserve time at the in clinical trials or insurance reimbursement. The
end of the meeting for a quick overview accelerator may determine that a few thousand
of the technical progress or to schedule a separate dollars spent on early intervention can mean the
meeting to do a lab tour. Administrators send difference between success and failure. For other
out a written summary of what was discussed as resources that are not team-specific, consider
well as the clearly articulated agreed-upon busi- hosting group workshops to lower per-team
ness and technical next steps to be completed costs. For instance, we provide joint group ses-
prior to the next meeting. These check-ins are sions on pitch training for all of our accelera-
meant to be an opportunity for two-way com- tors. It may be possible to secure free lectures or
munication, so inquiring about what teams are sponsorship funding from local law firms or
struggling with and how the program could other service providers to subsidize expenses.
be helpful can lead to unexpected requests and Furthermore, there may be other organizations
the opportunity for the program to be even in the entrepreneurship ecosystem that offer
more impactful. Always schedule the next meet- valuable training classes.
ing before adjourning, and always begin each
meeting with a review of the action items from The question of project funding is an important
the prior ones. one. How much validation funding is required, and
• Reports: As a precondition to receiving fur- is it really necessary? While funding attracts teams,
ther tranches, awardees are required to submit we have found that awards do not need to be huge
quarterly reports based on a provided template to nor do full awards have to be given to every team.
collect important metrics both during the For example, Combine found that a single lump-sum
awardee process and up to two years after $25,000 award to be spent primarily on customer
graduation (if feasible). Having metrics reported discovery and “minimum viable product” develop-
regularly and in a common format allows ment is enough to attract quality applicants in the
program administrators to easily aggregate the media space given that the majority of the envisioned
numbers and update marketing materials and/or products are software-based. On the other hand,
reports to funders as appropriate. The chosen given Columbia-Coulter’s focus on medical devices,
metrics may change depending on the program, funding is tranched, with amounts ranging from
but some key metrics include additional grant $5,000 to $180,000 per team based on need. In some
funding received, number of faculty and students cases, teams are awarded less than their initial ask if
involved in the project, number of commercial it is determined that they can progress with less than
prototypes developed, number of in-field tests their full proposed budget.
completed, number of start-ups incorporated,
number of FTEs, number of license agreements CURRENT CHALLENGES
signed, and total number of awardees and grad- While the Columbia programs have done well thus
uates. Traditional economic development far, we face challenges that others are likely facing.