tetf workshop. agenda eligibility applying for the award application process and submission...
TRANSCRIPT
Texas Emerging Technology
FundTETF Workshop
Agenda
• Eligibility• Applying for the Award• Application process and submission guidelines
Commercialization Award
Eligibility Criteria
3
Eligibility Criteria
• Required funding factors – must meet ALL criteria:o Significant Texas Research Institution collaborationo Demonstrable economic impact for Texaso Commercialization of emerging technologyo Reasonable business plan & proposed projecto High likelihood of obtaining additional funding
4
Applying for a TETF Award
5
6
www.texastrianglercic.org
Commercialization Award Application Process
1. Applications submitted to local RCIC for review and selection2. RCIC’s Review Committee and Board review the applications3. Selected applications submitted for State review4. Advisory Committee reviews applications, makes
recommendations5. State Leadership makes funding decision6. Governor’s Office negotiates contracts for awards7. Funded companies are provided post-award assistance by RCIC
7
27
ETF Advisory
Committee
State Leadership
Governor’s Office
3RCIC 4
6 5
Applicant 1
Application Submission Checklist
• Read all material on www.texastrianglercic.org• Check the “Apply” page on website• Execute and submit Pre-Application form• Check email for RCIC instructions• Pay $250 application fee• Submit application and attachment documents via Gust
o Business plan, executive summary, technology validation, …
• Start background/credit checks – that will be needed for State reviewo These checks can take up to 60 days to complete – don’t
wait to start!
8
Applying to the Texas Triangle RCIC
• RCIC website used for application submissiono Open browser to www.texastrianglercic.orgo Click on “Apply” then “Commercialization” (purple button)o Download and review all Commercialization documentso When you’re ready, click “Get Started” to start Pre-Application
9
Application Submission
• Applications must be submitted through Gusto Must have completed all items on checklisto RCIC may request application document revisionso Failure to provide all documents and the fee will
prevent your application from being accepted for this round
• Applicants contacted within 48 hourso Confirm application acceptanceo Start Conflict-of-Interest on Reviewers
10
Application Pre-Screening
• After submission of the application:o A quick review may be performed by a
subcommittee of RCIC Staff and Board members to determine which applications are ready for a full review by the RCIC
o For applications that are accepted:• Application will be submitted to Review Committee for
review
o For applications that are not accepted:• The application fee will be refunded• RCIC Staff will be available to provide feedback on the
application
11
Review Committee Semifinalist Selection
• Review Committees review application documentso Application documents must ‘stand alone’o Quality of answers in Application Form extremely criticalo Applicants should answer posted questions via GUST o Applicants should be available by phone during the meetingo Applicants not meeting all of the criteria will NOT be selected
• Feedback may be provided to applicants not selected• Applicants notified within 48 hours of committee meeting• Semifinalists invited to make presentation at Finalist
Selection meetingo Will be provided ETF presentation template
12
RCIC Board Meeting
• Applicant will have an hour with the Regional Boardo 15 minutes for their presentationo 20 to 25 minutes of Q&A with management teamo The RCIC will assign the date and time of your presentation
• Board will decide applications to submit to Stateo Board members may contact you in advance of meetingo Feedback may be provided to applicantso Applicants selected for State will have an opportunity to
update their documents and incorporate feedback
13
State Application Submission
• State diligence documents will be provided for completion• Complete documentation set to be submitted to the State
o Application form, business plan, collaboration documents, technology validation, …
o Presentation given to the Advisory Committee in Austino State’s diligence documentso Any outstanding tax problems must be resolved before State will
consider application
• Companies must be structured as C-Corp to receive an ETF awardo Companies can defer restructuring until after receiving state approval
14
State Application Process• Advisory Committee appoints a subcommittee which will arrange for a
presentation and site visit• If invited by the subcommittee, applicant will then make a
presentation to the full Advisory Committee (usually the 3rd Thursday of each month)
• After the Advisory Committee approves an application:o The Governor’s office will begin ‘diligence’o This process may take 4 to 8 weeks (longer if problems encountered)
• Once diligence completed, application sent to Leadership for decisiono This may take up to 90 days (applications not approved in 90 days are
denied)o DO NOT LOBBY THE LEADERSHIP – will likely hurt more than help!
• After Leadership approval, Governor’s office will negotiate contracto State uses standard template for all TETF agreements; this may take 4 to 6
weekso Do NOT make any public announcements of a TETF award until AFTER you
have a signed contract AND the Governor’s office has made their announcement – RCIC will coordinate this with you
15
Contact InformationTodd McDaniel, Executive Director
Charles Martinez, Managing [email protected]
James Lancaster, Investor in [email protected]
www.texastrianglercic.org www.researchvalley.orgwww.rvic.orgwww.emergingtechfund.com
16