Igor Stamenkovic, PhD candidate at IIT’s Grainger Foundation Labs, bested 90 applicants from as far away as Sweden and Hong Kong to lead Chicago based start up company, MagDrive LLC, into a second-place overall finish at the University of San Francisco International Business Plan Competition on March 6, 2009. In addition to their second-place finish, MagDrive won first place in the CleanTech track. They were awarded a $2,000 prize, and MagDrive is now in several follow-up conversations with Bay Area venture capitalists. Read more…
Click here to download a larger .pdf of the above Client Process
Initial Meeting – The prospective client and the Knapp Center staff hold an initial, one-hour meeting.Â During this meeting, the prospective client will provide an overview of his/her current or planned business and discuss the types of assistance being sought from the Knapp Center.Â The Knapp Center staff will explain the services and service structure.Â Following the initial meeting, if the prospective client and the Knapp Center staff wish to continue working together, the entrepreneur enters Phase I and becomes a Provisional Client.
Phase I – Provisional Client – First 30 Days.
After signing a consulting services agreement (See Appendix B) with the Knapp Center, the provisional client is provided with the following services, free of charge during an initial 30-day period:Â
- Two 1 hour meetings with Knapp Center staff to discuss your business strategy and your current needs
- One 1 hour meeting with Knapp Center business advisor, John Stoner (this does not include legal services)
- Invitation to Knapp-sponsored events
This initial period is intended to bring the Knapp Center up to speed on the client’s product/service and the market that they intend to enter.Â Basic assessment will be conducted as it pertains to environmental scan, industry overviews, review of case studies, competitive analysis, and a review of assumptions.Â During this period, the Knapp Center determines whether they can help the company applying for assistance. Within 30 calendar days of the effective date, either party may without cause terminate the agreement by giving 5 days written notice.
Phase II – Member Client – After 30 Days.
-Knapp Center Staff and Board Advisory Services
-Access to University Resources
Following 30 calendar days from the date the agreement was signed (or once the client has exhausted the services offered free of charge listed above) if the client and the Knapp Center wish to continue their relationship, the client must pay the Knapp Center a monthly fee ofÂ $200 for a minimum period of six months.Â The client will be entitled to the services listed below:
- Advisory Services, Business Plan Review, and Presentation Practice and critique - To be provided by the Knapp Center staff and or Board (limited to 2 one-hour meetings per month)
- Invitation to Knapp-sponsored events (discounts where applicable)
- Student Workers – The Knapp Center can recruit student workers on behalf of the client or the client can work with the Career Management Center – http://www.cdc.iit.edu.Â The client manages the student’s work and is responsible for the hourly wage of the student and managing the paperwork associated with student employment.
- Financial Modeling & Review – To be conducted by student employees under the guidance of the Knapp Center staff. The client manages their work and is responsible for the hourly wage of the student and managing the paperwork associated with student employment.
- University Mailbox – Provided through the University Technology Park for a monthly fee.
- Conference Room Access – Pre-scheduled
- Chicago-Kent College of Law – The Knapp Center has a relationship with the Chicago-Kent College of Law.Â We can recommend business and intellectual property related projects to Chicago-Kent on behalf of client companies.
- Access to IIT Services and Equipment at an additional cost.Â Examples of IIT resources are:
oÂ Â Prototyping
oÂ Â CAD creation
oÂ Â Digital Media CenterÂ – http://dmc.iit.edu/
oÂ Â IIT’s various research centers listed on the Research@IIT website -Â http://www.iit.edu/research/
- Library Access – See Appendix A
- Website Creation – Either by a student worker at an hourly rate or by a contractor according to their fee structure.
- Access to IIT Programs (IPRO, EnPRO) – Subject to approval by The IPRO Department. http://ipro.iit.edu/home/index.php?id=154
Phase III – Leadership Client
-Knapp Center Staff Advisory Services
-Access to University Resources
-Introduction to the Knapp Center Board of Overseers
-Introduction to our Investor Network
Following seven months from the date the initial agreements were signed, the Knapp Center will make a determination regarding the client’s readiness to move to Phase III and become a Leadership Client.Â If, in the opinion of the Knapp Center, the client is deemed ready, the client will have the option of becoming a Leadership Client.Â If the client and the Knapp Center wish to continue their relationship, the client must sign a new consulting services agreement and pay the Knapp Center a monthly fee ofÂ $1,000 for a minimum period of six months.Â The client will be entitled to the additional services listed below.Â If the client is unable to pay the fee, alternative methods of compensation may be considered.Â
- Access to Members of Our Board of Overseers – The Knapp Center will match individual companies with the Board members best suited to assist in their business.
- Fund seeking – Introductions to our network of investors.
- Executive Reviews – The Knapp Center can put together a review board at the request of the client.
- Extensive Research (Market Analysis, Industry Overview, etc.) – At an additional cost, usually the discounted hourly rate of a Knapp Center employee
- Strategy Development - At an additional cost, usually the discounted hourly rate of a Knapp Center employee
- Financial and Capital Planning – Consulting fee may apply
- Communications and Marketing – Consult with IIT’s Communications & Marketing department about your marketing needs. May incur additional costs.
In addition, at this time, the Knapp Center will sign a non-disclosure agreement if requested by the client.
However, if in the opinion of the Knapp Center, the client is not yet ready to progress to Phase III, the client will have the option of signing a new consulting services agreement and continuing as a Member Client for an additional six months.Â At the end of the second six- month period, the client will be reevaluated.Â Â Â
by Victor Parachin, B.A., M. Div.
During his lifetime, Karl Wallenda became the world’s best known aerialist. His daring stunts on the high wire thrilled crowds everywhere until that fateful day in 1978 when his show ended. Wallenda plunged 75 feet to his death before an audience of thousands in San Juan, Puerto Rico. Read more…
by Lenny T. Mendonca and Matt Miller
The ability to craft and deliver messages that influence employees, markets, and other stakeholders may seem like a mysterious talent that some people have and some donâ€™t. Jack Welch, for example, created ideas that inspired hundreds of thousands of GE employees. But many other leaders are frustrated to find that key messages sent one day are forgotten the nextâ€”or that stakeholders donâ€™t know how to interpret them.
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ByÂ Vivek Wadhwa
My advice for tech entrepreneurs thinking of launching right now? Don’t wait. A recession can be your ally in building a lean, thriving company. Read more…
By:Â Dan Heath & Chip Heath
How to prevent bad PowerPoint from happening to good people.
If constructing a presentation can be pure anxiety, then listening to one can be sheer agony. Both sides dread the experience. It’s like a breakup talk with fewer tears and more clip art. Poor presentations cost companies sales, damage their reputations, and waste executives’ time. Learn how to avoid making a bad presentation by reading the original articleÂ here.
This online webinar course from the National Council of Entrepreneurial Tech Transfer is recommended for researchers in research institutions (e.g., grad students, post-docs, professional staff and faculty) and researchers in commercial companies (e.g., startups, SBIRs, research-based small businesses and Global 1000). It allows attendees to make an informed decision as to how to better plan their commercialization efforts, be it through employment, licensing, consulting, joint venturing or startup creation. Read more…
fromÂ The McKinsey Quarterly
Many people and organizations find it difficult to be as innovative as they would like. Yet there are concrete steps organizations can take that can make it easier to stimulate innovation and change. Read more…