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.