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Uw Oshkosh Startup Accelerator Program Business Plan

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Uw Oshkosh Startup Accelerator Program Business Plan UW OSHKOSH STARTUP ACCELERATOR PROGRAM BUSINESS PLAN- December 2015 Prepared by: Elizabeth Hartman, Accelerator Planning Director, UW Oshkosh; Audra Hoy, Director of AeroInnovate and Aviation and Aerospace Initiatives, UW Oshkosh; and Shelby Smykal, Program Coordinator, UW Oshkosh This document was prepared under contract with the East Central Wisconsin Regional Planning Commission, with funding support from the Office of Economic Adjustment, Department of Defense. The content reflects the views of the East Central Wisconsin Regional Planning Commission and does not necessarily reflect the views of the Office of Economic Adjustment. UW Oshkosh Business Accelerator Program Strategic and Operational Plan 2015-17 - AeroInnovate I. Executive Summary AeroInnovate was established in 2008 by staff of the University of Wisconsin Oshkosh (UW Oshkosh) with a goal to facilitate the alignment of passionate, successful investors and industry leaders with the best aviation-related opportunities in the world through assisting entrepreneurs in bringing new innovations to the aviation and aerospace marketplace. Entrepreneurs in aerospace have many resources from which to choose when it comes to business development, but are lacking with aviation specific programming to provide entrepreneurial resources, mentors and exposure in the industry. AeroInnovate provides that aviation-specific programming. Other aviation specific programs exist, but are either focused on later stage businesses or specific sectors within aerospace, such as improving the commercial flight experience. AeroInnovate has worked hard to develop relationships with these other programs, to create a larger network for AeroInnovate accelerator participants, as well as in some cases, providing a seamless link to a next step for them following their graduation from the AeroInnovate accelerator program. Through AeroInnovate’s location in Oshkosh, Wisconsin - the home of general aviation and EAA AirVenture - there is a unique platform to build on, providing an opportunity for AeroInnovate to provide an accelerator experience unlike any other. AeroInnovate, as part of UW Oshkosh, a regional comprehensive university, provides program participants with the advantages of easy access to faculty, interns and survey center resources. AeroInnovate seeks to be known as the go-to resource for all aviation and aerospace innovation, to create a community where aeroinnovators can connect and obtain resources to make an impactful change in the aviation/aerospace industry, and be the premier aviation/aerospace accelerator in the United States. The management of AeroInnovate consists of Audra Hoy, Shelby Smykal, Doug Jarmusz, and the AeroInnovate advisory board. The staff and board of AeroInnovate 1 have developed a unique program including a startup accelerator, with planned programming additions to include webinars and regional events. II. Strategic Plan A. Origins, History and Vision AeroInnovate was conceptualized in 2007 by a small group of diverse people working for and with the UW Oshkosh. In the fall of 2012, Chamco and the UW Oshkosh Small Business Development Center completed a nine month feasibility study which began by evaluating the development of a business incubator program and ultimately concluded UW Oshkosh had an opportunity to develop a comprehensive business accelerator program to foster growth in several industries, including aviation, advanced manufacturing, information technology and clean technology/sustainability. Chamco agreed to take on advancement of the project. In December 2013, funding to support accelerator planning efforts is secured from the Department of Defense, Office of Economic Adjustment (DoD-OEA). Chamco and UW Oshkosh staff began working on accelerator program planning efforts, including creating working groups with wide representation and support. A decision was made to split the accelerator initiative into two separate programs - AeroInnovate, an accelerator with an industry (aviation/aerospace), but not geographic, focus, to capitalize on the already-recognized brand and what is now known as InventureXcel, an accelerator with a geographic (northeast Wisconsin), but not industry, focus. In August 2014, UW Oshkosh received supplemental funding from DoD-OEA to support running pilot classes of both the AeroInnovate and InventureXcel programs and to complete business planning efforts. Oshkosh is the home of the Experimental Aircraft Association (EAA) and known around the world as the “mecca” of general aviation. Building on this reputation and its own Oshkosh location, AeroInnovate helps aeroinnovators from across the globe who are starting and growing aviation and aerospace businesses and bringing new technologies to the marketplace. AeroInnovate’s goal is to facilitate the alignment of passionate, successful investors and industry leaders with the best aviation-related opportunities in the world. AeroInnovate advances this goal by bringing innovators together and offering top-notch 2 educational forums, aligning the best companies with investors and industry leaders, exposing technology through technology showcases and connecting aeroinnovators to people and resources. In this way, exciting new aircraft and aviation products and services will be commercialized and new opportunities created in aviation and aerospace. Past programming for AeroInnovate included: the Pitch & Mingle Event where selected companies have had the opportunity to pitch their company to a group of accredited investors, industry advisors and fellow aviation/aerospace entrepreneurs during AirVenture, Investor Roundtable, educational forums, and technology showcases. This year AeroInnovate first offered an 8-week intensive startup accelerator program for entrepreneurs in aerospace and aviation. Participants work with AeroInnovate staff, mentors, and industry leaders to build their business. The AeroInnovate accelerator helps companies develop their product, validate their idea, do necessary research, develop their pitch to potential investors, and create executive summary documents for their business. 3 AeroInnovate’s vision is to be known as the go-to resource for all aviation and aerospace innovation, create a community where aeroinnovators can connect and obtain resources to make an impactful change in the aviation/aerospace industry, and be the premier aviation/aerospace accelerator in the United States. B. Mission To assist entrepreneurs in bringing new innovations to the aviation and aerospace marketplace. C. Core Values • Innovation • Entrepreneurship • Economic Development • Entrepreneurial Community Development & Engagement III. Operations Plan A. Customer Definition and Needs AeroInnovate customers are entrepreneurs who have new innovations and ideas for the aviation/aerospace industry. Entrepreneurs in aerospace have many resources from which to choose when it comes to business development, but are lacking with aviation specific programming to provide entrepreneurial resources, mentors and exposure in the industry. AeroInnovate provides that aviation-specific programming. B. Competitive Landscape AeroInnovate ran the first aviation/aerospace accelerator in the nation in spring 2015. Previously, Starburst, located in Paris, France, was the only existing incubator for aerospace companies. Starburst has recently opened a second location in Los Angeles. Starburst’s focus is on second stage businesses, while AeroInnovate’s is early stage, making these programs complementary, rather than competitive. AeroInnovate has developed a memorandum of understanding with Starburst to work together in the 4 aviation/aerospace accelerator space by joining networks and creating a mutually beneficial partnership with cross-referrals to each other’s programming. Within the past year, Airbus opened BizLab in France and Cockpit Innovation Hub opened in Israel. Both are aviation/aerospace accelerators but focused on commercial air travel. AeroInnovate has developed a relationship with Cockpit Innovation Hub, an airline passenger experience focused accelerator funded by El Al Airlines out of Jerusalem, Israel. AeroInnovate is working to develop a mutually beneficial relationship with BizLab as well. AeroInnovate’s goal for these relationships and future relationships is to create a larger network for accelerator participants to utilize mentors and resources, as well as develop a next step for them following their graduation from the AeroInnovate program. AeroInnovate is what is known as a “vertical” accelerator, meaning its focus is on helping entrepreneurs in one industry – aerospace - while other accelerators are agnostic and accept applicants from any industry. AeroInnovate also offers a hybrid online and in person program. Both of these features - vertical and online, are trends that are picking up momentum in the accelerator industry, a curve AeroInnovate is already ahead of. The Global Accelerator Network, the accelerator industry group, reports that 59% of accelerators are now vertical focused and 20% are considering/are virtual. Articles are attached in Appendix A. C. Market Positioning AeroInnovate has a unique platform that can be utilized, not only for the program participant’s benefit, but also in the marketing of the program. AeroInnovate is unique in its location (Oshkosh - the “mecca” of general aviation) and in its program makeup (virtual so the participant can be located anywhere, yet culminating by providing an audience and platform at the world’s largest aviation event). AeroInnovate
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