Dare to Dream - Description of Grants
Overview | Description of Grants
| Fall 2009 Schedule | History
Business Design Grant
These grants are designed for students who have a brand
new technology, an idea for a product or service, or have identified
a market need but are not sure if a business can be created
around it. The relatively low-barrier process encourages students
from all over the University of Michigan to apply and enter
formal business development activities. Students examine their
product, technology, or market need to see what potential business
can be proposed to exploit the opportunity. This stage
of the program is managed by the Center
for Entrepreneurship. The Center receives the applications,
decides who will receive the grant, and approves the final deliverables.
Application
This grant is available to all University students regardless
of their degree program. To apply for this grant, students need
to write a three-page idea proposal that answers questions on the application to be reposted here soon.
Students should convert the application to a .pdf and submit
it with their resume to d2d_design@umich.edu
by 8 a.m. on September 25.
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,
technology, or market need. Students will attend a seminar focused
on how to define the product offering and a proposed business.
This business hypothesis can be used to apply for an Assessment
grant.
The intermediate deliverable for the business hypothesis is due
by 8 a.m. on November 20. The final business hypothesis is due
by 8 a.m. on January 8.
Assessment Grant
These grants are geared toward students with a proposed
business: the proposed business should sell a unique product
or service with a clear market need. 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 Design grant can be submitted as the application but
competition of that phase is not required. If a team bypasses
that phase, a two-page business hypothesis must be written that
answers the questions on the application to be reposted here soon. Students should convert the application to
a .pdf and submit it with their resume to zlicontact@umich.edu
by 8 a.m. on September 25.
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.
The intermediate deliverable for the feasibility study is due
by 8 a.m. on November 20. The final feasibility study is due
by 8 a.m. on January 8.
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 graduating the following semester
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 complete feasibility
study outlined in the application to be reposted here soon.
Students should convert this application to a .pdf and submit
it with their resume to zlicontact@umich.edu
by 8 a.m. on September 25.
Deliverable
With appropriate training, the team will write a complete 20-page
business plan. In order to receive up to $10,000 in grant money,
the team must intend to launch the company after creating the
business plan.
The intermediate deliverable for the business plan is due
by 8 a.m. on January 8. The final business plan is due by 8
a.m. on March 18.
