• This document provides light guidance and a curated list of learning resources for your self-directed learning for the Walk stage. This is meant to provide you a solid starting point. For your venture and project to succeed, please explore the tremendous amount of valuable resources beyond what’s included here!
• Please note that the Innovation Pathway (IP) is not meant to be an instructional program. It’s a self-paced, self-directed learning program. It provides resources to help you incubate your venture/large-scale project.
• If you are looking for an instructional program, we recommend that you take an innovation/entrepreneurship course at BU or attend one of BUild Lab’s bootcamps.

Apply to the Fly stage

<aside> 💡 Please see the templates page in the IP resources section for more help on the Run criteria, including the Innovate@BU financial model and the Summer Accelerator P&L template

➡️  Apply to pitch for the Fly Stage here

IMPORTANT:

1. READ the criteria below before applying and make sure you have the information required in your deck
2. WATCH: This pitch before you apply to see a really good example of a 7-10 minute pitch
3. REVIEW these pitch decks from teams that have successfully advanced to Run and Fly

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Criteria for getting into the Fly stage

<aside> 💡 Before applying to the stage… You’re ready to launch, scale, & create sustained impact

Once in the stage, you are… Demonstrating growth potential of business by growing customers, securing funding, and expanding team

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<aside> ➡️ IMPORTANT: If you are considering applying to an investment panel, you should work with your coach to determine if you have all of the following information in your pitch deck, and the extent to which that information sufficiently addresses the criteria below.

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There are three sections to the criteria for getting into the Fly stage — (a) your core idea, (b) your plans and progress, and (c) your presentation. Each section has specific factors that the investment panel will look at to determine if your team has met the criteria for the stage

About your core idea — these are core concepts about your business plan. This is the “thinking” part of the business. The concepts below need to be clear, and to the extent you can, demonstrate that they’re validated.

• Problem, customers and stakeholders: In-depth understanding of a sizable/large-scale, important problem; identified key customer segments and stakeholders, and their needs
• Market size: Demonstrate the problem is sizable/large-scale with market size analysis and estimate
• Differentiation, competition, and macro trends: Describe how you’re different and why that difference matters to your customers; how is your approach unique and novel given alternatives available to customers; In-depth understanding of competition (their products, business models, and customers), as well market and other macro trend that impact your industry. For Nonprofits, who are key partners in the space and how will you work together to create a larger impact. What are the funding trends/ social trends that make this an ideal time to launch this venture?
• Solution and value proposition: Proposal of a solution that addresses the identified problem better than competition and has a compelling customer value proposition. Social Impact teams: How does your approach actually solve the problem, or mitigate the effects of the problem? Can you quantify the benefits or positive outcomes? Business model: A refined business model through additional customer and market research done in Run stage; Identified key aspects of the solution’s business model, including customer value proposition, customer segments, preliminary go-to-market strategy, manufacturing process/capabilities Social Impact Teams should clearly articulate a growth strategy (e.g. raise awareness, start and continue using the product / service, etc). What will the team do to ensure the social impact business stays true to its mission as it grows?
• Revenue model & expenses: Identify who pays, how much / how often, as well as important buckets of expenses that you will incur in order to reach key milestones. For social impact businesses: What is your approach to funding the business (is it Competitions? Grants? Contributions? Earned revenue? Make sure you prioritize and align the revenue model to customer and funder needs.)
• Team building: Have secured or have a solid plan to secure required expertise on the team

About your plans and progress — these factors have to do with the “doing” part of your business. In addition to having a coherent conceptual understanding of your business plan, you need to go out and validate that what you believe is really true (or not, and pivot!).

• First launchable version of your solution and launch plan: Have the first launchable version of your solution ready that has a compelling value proposition, and a feasible launch plan. Sufficient validation and iteration: Show sufficient progress made and sufficient validation and iterations done to support the launch
• Tech and regulatory feasibility: Determined preliminary tech & regulatory feasibility; conducted patent search (if applicable)
• Financial projections: Have 3-years projections for revenue, costs, and profits; have cash needs projections for at least the next 12 months
• Funding plan: Have plan for funding or plan for finding funding for the next 12 months’ cash needs (at the minimum)
• 12-month roadmap: Have a roadmap for the next 12 months
• Risk mitigation plan: Have identified IP, tech, regulatory, market, manufacturing, and other risks, assessed potential impact, and developed action roadmap for mitigation
• Impact (for social impact teams): Describe the impact (outcomes) you think your solution will have and how you plan to measure that

Presentation — these factors have to do with your ability to clearly and succinctly communicate your ideas to the investment panel

• Clearly explain all of the relevant concepts
• Effectively navigates the Q&A by providing well-prepared answers, acknowledging gaps in knowledge respectfully, and demonstrating active listening to panelist inquiries and feedback.

Storytelling in your pitch for Fly

Storytelling is a critical part of communicating your business effectively. A storytelling technique that can make your pitch for the Innovation Pathway more effective is to do the following:

• Introduce the core aspects of the business: what is the problem you’re solving and for whom
• Given your target customer and their unmet needs / problem, what did you go out and do to test what you believe to be true?
• Given your tests, prototypes, experiments or additional customer discovery, what did you learn from that? What surprised you and changed? How did that learning affect the direction of the business?