Issue link: https://tmcpulse.uberflip.com/i/515661
t m c » p u l s e | m a y 2 0 1 5 33 how to get ideas to the market, and conducting primary market research to determine if there even is a market for their proposed product. The goal is to help individuals make decisions to either start a company with their ideas or help them re-work their ideas into something that will be successful in the market. We want to make sure we are helping people move ideas forward— even if that means allowing them to fail quickly so they can regroup before investing too many resources." The outcomes of both classes are the same, with each student leaving the course with an executive summary of a business plan and an idea of what their next steps will be. All of it culminates in one final event known as "pitch day"—a graduation of sorts where the men and women behind the ideas pitch their venture to a room full of Texas-based entrepreneurs and investors. "The pitch includes their product overview, the risks involved, the finan- cial backing needed to achieve defined milestones, and what they expect to accomplish in the first year or two—all delivered within the space of about eight minutes," Watowich said. "It's a chance to get some initial exposure, and more importantly, real-world feedback." The program was recently granted additional funding to add new resources based on recommendations from recent graduates. By Summer 2015, three additional components will be offered, including one-on-one opportunities for new companies to work with McCombs Business School faculty to create a detailed strategic business plan, a course geared specif- ically toward regulatory training and navigating the FDA, and individualized mentorship training to write successful proposals for non-dilutive funding. "We're trying to develop an eco- system to increase the number of companies being formed and also the likelihood that those companies will attract early seed-funding necessary for success," Watowich said. "Then, these startups could be ready to go into accelerators and incubators like TMCx or JLABS with a strong business plan and some outside money. In the biotech industry, only about one in 100 compa- nies ever goes on to make significant profit—we're hoping to give these Texas-based ventures much better odds than that." The program's inaugural courses last year produced four early-stage ven- tures, and as of 2015, UTMB has opened the program to all University of Texas campuses across the system. Watowich says their ultimate goal is to offer the course to anyone in Texas with a viable biotech idea—no matter their organiza- tional affiliation. "Even though this program is funded through the UT System, we are targeting any institution in the Texas Medical Center, and moving forward, any organization across Texas," Watowich said. "We want to elevate as many startups as possible and increase everyone's knowledge so the entire state can benefit." Students of UTMB's Collaborative Innovation & Entrepreneurship Program present their biomedical ventures and business plans to a panel of Texas-based entrepreneurs and investors at TMCx. In the biotech industry, only about one in 100 companies ever goes on to make significant profit— we're hoping to give these Texas-based ventures much better odds than that. — STANLEY J. WATOWICH, PH.D.