Dare to Dream - Description of Grants
Overview | Description of Grants
| Winter 2008 Schedule | History
Opportunity Grant
These grants are designed for students who know they
have a brand new technology or an idea for a product or service
but are not sure if a business can be created around it. The
relatively low-barrier application process encourages students
from all over the University of Michigan to apply and enter
formal business development activities. Students are encouraged
to examine their product or technology to see what potential
business exists. If such a business exists, the next step is
the Assessment Grant, testing the feasability of the business.
Application
This grant is available to all University students regardless
of their degree program. To apply for this grant, students need
to write a two-page business proposal that answers questions
on this application.
Students should complete the application and submit it with
their resume to zlicontact@umich.edu.
Deliverable
Once an application is approved, the student will receive a
$500 grant in exchange for writing a business hypothesis. This
hypothesis challenges students to propose a potential business
that will extract value from the market for an identified product.
Students will attend a training session focused on how to define
the product offering and a proposed business. This business
hypothesis is then used the following semester to apply for
an Assessment grant.
Assessment Grant
These grants are geared toward students with a proposed
business: the business idea sells a unique product or service
and clear markets exist. The purpose of this grant, then, is
to establish the feasibility of the business in order to gauge
whether or not the business is a sustainable venture. Once this
is established, an Integration grant encourages the creation
of a full business plan.
Application
At least one business student must be a member of a student
team to apply for this grant. The business hypothesis written
for the Opportunity grant can be submitted. If a team would
prefer to bypass the Opportunity stage, a two-page business
hypothesis must be written that answers the questions on this
application questions on this
application. Students should complete the application and
submit it with their resume to zlicontact@umich.edu.
Deliverable
Once an application is approved, the student will receive up
to $1500 in exchange for writing a feasibility study. This will
evaluate the market, the financial concerns of the industry,
and specific team issues. Students will attend a training session
on how to complete an effective feasibility study. This deliverable
is then used the following semester to apply for an Integration
grant.
Integration Grant
When a feasibility study concludes that a proposed business
is viable, a team should apply for this grant. The Integration
Grant pushes the team to create a business plan and actually
launch the business.
Application
At least one business student must be a member of a student
team to apply for this grant. Students are strongly encouraged
to apply for the Assessment grant before the Integration grant
in order to write an effective feasibility study to submit.
If a team wishes to bypass the Assessment grant, it must still
write a feasibility study that looks at market to assess the
relationship to other markets, to look at the competitive atmosphere
in the industry, and appreciate the current economic viability.
Students can download the application here
and submit this with their resume and feasibility study to zlicontact@umich.edu.
Deliverable
With appropriate training, the team will write a complete 20-page
business plan that addresses the competitive environment, financial
information, market, customers, and business operations. In
order to receive up to $10,000 in grant money, the team must
intend to launch the company after creating the business plan.