How to Apply
Projects supported by the i3 Asset Accelerator will be nominated from technologies that have been disclosed to MSIP and identified as those with significant commercial potential. If you would like to be considered for i3 funding and have not yet disclosed your technology to MSIP, you may submit a disclosure here. Criteria used by MSIP and the Investment Advisory Committee (IAC) to identify and fund projects are described below.
Funding and Budget
- Funding is available for projects up to 24 months depending on the needs outlined in the proposal and timeline for achieving key milestones.
- Funding is contingent on the commercial potential and market size of the opportunity.
- Funding will be divided into discrete milestone-based objectives. Continued funding will be contingent on achieving the milestones.
- Previously funded projects are eligible to apply for additional funds to reach further inflection points as long as matching funds from industry or investors are obtained at a 2:1 ratio.
Proposal Submission and Review Process
Pre-proposals will be submitted to MSIP on a rolling basis. Timing for proposal submission will be determined in conjunction with the MSIP Business Development team.
Full proposals will be invited based on the pre-proposal application and support from MSIP. Full proposals will be reviewed by an Investment Advisory Committee (IAC) consisting of professionals with applicable experience in venture capital, entrepreneurship, pharma, biotech, hi-tech, and medical device.
Project funding will begin immediately following approval of a milestone-based budget and any required contracts with outside collaborators or service providers.
Application Process Overview
|Step 1||Submit a technology disclosure to MSIP (if not already submitted)|
|Step 2||Complete the pre-proposal form provided by MSIP.
The application needs to be nominated by a member of MSIP or the Mount Sinai faculty.
|Step 3||The pre-proposal will be reviewed by IAC members with expertise in the subject area of the pre-proposal. Additional information may be requested.|
|Step 4||If the pre-proposal is approved, the PI will be invited to submit a full proposal. A small project team will be created to help the PI develop the full proposal.The full proposal will be a PowerPoint presentation that consists of a development plan with a budget, timeline, clearly defined milestones, and value inflection point. The use of contract research organization to achieve the tasks is encouraged.|
|Step 5||Submit full proposal|
|Step 6||Presentation by PI. The Investment Advisory Committee (IAC) will review the full proposal.|
|Step 7||Decision of award.
The decision is made by the IAC whose members have applicable experience in venture capital, entrepreneurship, pharma, biotech, hi-tech, and medical device.
|Step 8||Execution of the development plan.
A program manager will work with the PI to make sure the project moves forward. Funding is contingent on meeting the milestones of the development plan.
Project Assessment Criteria
All proposals will be evaluated by the IAC based on the following criteria:
- Commercial development plan with clear inflection points and Go/No-Go decision points
- Novel approach with significant competitive advantage over existing technologies
- Substantial addressable market and potential impact on patient care
- Utilization of contract research organizations (CROs).
- Likelihood of generating new IP and/or enhancing the value of existing IP
- Third party validation of the proposed research/development from industry or venture groups
- Commitment from the PI to move the project forward and work with the project team
- Support from clinician champion, if applicable
Applications must be submitted to William Chiang, PhD, Business Development Consultant, at William.firstname.lastname@example.org. Proposals should be typed in font no smaller than Arial 10 and submitted as Microsoft Word or Adobe PDF documents.
Pre-proposals are a maximum of 3 pages in addition to the cover page and appendix, and must include:
- Background and Significance
- Description of the problem and technology being developed to address it. How will this work be an improvement over current state of the art?
- Product and Market
- Description of the product you envision resulting from this work and the market that could be addressed by the product. List specific companies that would be ideal partners or explain why a startup should be considered.
- Description of your competition (if any) and how your approach compares
- Value Inflection Point
- Brief (1-2 sentence) description of the results when achieved will attract a commercial partner
- Research Plan
- Description of the experiments and the milestones that will be used to gauge success. What are the potential challenges that could prevent carrying out the research plan?
- Budget Summary and Personnel
- High-level description of how funds will be allocated and who will be involved in guiding the work
- Intellectual Property (IP)
- Description of any existing IP related to this project and any IP that you anticipate developing using these funds
- Relevant patents and publications, copy of PI Biosketch. Describe any commercial interactions that have already taken place around this technology.
Full proposals are Powerpoint presentations that are compiled in partnership with MSIP and will be presented by the PI to select members of the Investment Advisory Committee. The will include:
- Description of the unmet need and technical approach to solving the problem
- Novelty of the approach and comparison to competition
- Value Inflection Point
- Description of the results from the experiments that will attract a commercial partner
- Description of individual milestones and definition of clearly defined Go/No-Go decision points
- Development Plan
- Specify tasks and timeline that lead to achieving each milestone
- Specify which tasks are accomplished by CROs (includes identity of CRO)
- Costs for CROs and internal activities
- Intellectual property (IP)
- Status of current IP position
- Comparison to the IP landscape
- Description of marketing efforts and feedback received
- Supporting Information
- Bio of the relevant personnel and description of function
- Relevant references