April 2024 Newsletter

In This Issue

Becoming an Investor-Ready Entrepreneur
The Business of Innovation
Webinar Recording: NIH/NSF Funding Strategies
Business Start-Up Resources
12-Week SBIR/STTR Proposal Prep Guide
Showcase Company: Quadridox
The Foundation of Innovation: Unlocking the Power of Customer Discovery
SBIR/STTR Match and Incentive Program

Becoming an Investor-Ready Entrepreneur: April 9th in Winston-Salem

Learn how to become Investor Ready with help from the SBTDC!

The Investor-Ready Entrepreneur program levels the playing field, educating and preparing growth-oriented entrepreneurs to successfully engage private equity investors.

When: April 9, 2024

Where: Innovation quarter, Winston-Salem, NC

Registration: https://sbtdc.org/events/investor-ready-entrepreneur/

When it comes to working with investors, new entrepreneurs are at a disadvantage: They often have misconceptions about the process, do not understand the concept of stage-appropriate capital, and do not understand investor expectations.

SBTDC has developed a highly valuable educational event called “Becoming an Investor-Ready Entrepreneur,” which levels the playing field by educating and preparing growth-oriented entrepreneurs to successfully engage private equity investors.

The program, developed by experienced entrepreneurs, angel investors, angel network/fund executives, and venture capitalists, provides an “insider’s look” into the world of equity funding. You will hear directly from an investor panel and learn to view investors as “customers of equity.”

Who can benefit from attending IRE?

Entrepreneurs
University spinouts
SBIR recipients
Ecosystem stakeholders
Tech transfer representatives
Potential investors

Attendees Will Learn

The different types of investors
The size and type of deals investors typically fund
The equity investment process and terminology
How investors approach valuation and deal structure
How to become “investor-ready”

Topics Covered

The private equity investment process
The funding landscape
Building for success
Funding needs and financials
Targeting/qualifying funding sources
Presenting to investors
Due diligence
Valuation/structuring the deal
Board and exits

The Business of Innovation:

April 30th in Greensboro

Where: Greensboro, NC

When: April 30, 2024, 9AM-3PM

Registration & Agenda: https://sbtdc.org/the-business-of-innovation/

Topics Covered

SBIR/STTR R&D Funding
NC-Specific Funding Resources
Customer Discovery Process
Equity Capital: Funder Insights
Private & University Collaboration
One NC Small Business Match and Incentive Programs
Legal Considerations of Setting up an Innovation Business
Greensboro and University / Business Partner Resources
Success Stories from Local Innovation Businesses

Agenda and Registration

Event Recording:

NIH/NSF Funding Strategies

On February 21, we hosted a 4-hour session focused on preparing for an NIH and NSF Phase 1 submission.

Presenters included: John Ujvari of the SBTDC, Ashley Mooneyham of Superior Medical Experts, and awardee panelists from Qatch Technologies and Insome Bio.

Watch Recording

Business Start-up Resources

Are you planning to submit a grant application this year? If so, you will need to set up your business entity first with the North Carolina Secretary of State.

If you need help establishing your Limited Liability Company (LLC) or Corporation in North Carolina, the SBTDC is here to guide you through the process. Our Business Launch Specialists in various metro areas across the state are ready to assist.

To begin, reach out to your respective regional center and request to be connected with a Business Launch Specialist or Business Counselor. Don't forget to explore our Business Startup Guide for additional resources. Let the SBTDC support you in getting your business off the ground.

12-Week SBIR/STTR Proposal Prep Guide

If you are part of an innovative technology-based startup in North Carolina seeking funding to support product development and commercialization, the Small Business Innovation Research (SBIR)/Small Business Technology Transfer (STTR) program could be a fit for you. The SBIR/STTR program consists of 11 agencies such as the National Science Foundation (NSF), National Institutes of Health (NIH), and Department of Defense (DoD).

You may not even be sure whether to apply for SBIR or STTR funding, or which agencies may be a good fit for you. You may not understand what each SBIR/STTR agency expects in successful Phase I and Phase II proposals. No matter your starting point with SBIR/STTR, our team of Technology Commercialization Counselors has created a 12-week, agency-agnostic guide to the SBIR/STTR program.

Since current SBIR/STTR resources are specific to agencies like the NSF and NIH, this is an agency-agnostic resource to help clients organize their time in identifying SBIR/STTR opportunities, connecting with program managers or “pre-applying,” preparing a Phase I or Phase II proposal, and utilizing sbir.gov and other online sources.

Future Technology Commercialization team publications will include an agency-agnostic SBIR/STTR eligibility checklist, a set of SBIR/STTR proposal submission planning worksheets, and other resources specific to SBIR/STTR agencies. We strongly encourage our clients to apply for as many SBIR/STTR opportunities as possible. These opportunities are not only non-dilutive, but they can also keep significant innovation and impact going for years to come.

View the SBIR/STTR Proposal Prep Guide

Showcase Company: Quadridox

Pioneering a New Way to X-ray

Company Overview: Quadridox, Inc. was founded in 2018 with the goal of developing computational X-ray imaging products to create a safer, healthier world.

As a spinout from Duke University, Quadridox initially started as a software-centric company in RTP’s First Flight Venture Center before settling in Hillsborough to develop complete X-ray systems. Through non-dilutive funding and commercial contracts over the last 5 years, Quadridox has bootstrapped itself to become an internationally-recognized leader in X-ray imaging technology, grown to include 13 employees, developed several products, and provided internship and mentoring opportunities to over a dozen young scientists. In addition, we have established key partnerships and collaborations with numerous companies, universities, and research labs across the world.

Innovation: Quadridox is focused on the development of a new type of X-ray imaging system that can quickly and accurately identify what an item of interest is made of, even when that item is concealed by other objects. Our key innovation is our method for imaging using scattered X-rays, which reveal the molecular composition of the item of interest.

This technology has a wide array of applications, including improved explosives detection for baggage scanning at the airport, better cancer diagnostics, and new methods for evaluating materials. This platform technology can be optimized for applications of materials science and non-destructive testing, biospecimen research and cancer detection, and explosives detection in aviation security. Together, these products offer revolutionary, new capabilities across the multi-billion-dollar global X-ray market.

Quadridox team members installing our prototype BioSpecx scanner in the Duke University hospital.

The Foundation of Innovation: Unlocking the Power of Customer Discovery

Welcome to the first installment of our series on the bedrock of startup success: Customer Discovery!

As you embark on the entrepreneurial journey, understanding your customer's needs and problems becomes your compass, guiding every decision you make. Let's dive into why customer discovery isn't just a step but the foundation of innovation.

Why Customer Discovery Matters

Imagine building a product you believe in, only to find that no one needs it. Engaging in customer discovery protects you from this scenario, ensuring your solution solves real problems for real people. It's about asking, listening, and learning before you build. This process saves time, resources, and, most importantly, guides you to create products that people genuinely want.

The Right Questions to Ask

Your quest begins with curiosity and the right questions:

What challenges do my potential customers face?
How are they addressing these issues currently?
What is missing from existing solutions?

Avoid leading questions that confirm your assumptions. Instead, open the door to discovering what your customers truly need.

Actionable Steps to Take Now

List Your Hypotheses: Write down assumptions about your customers' problems, needs, and behaviors.
Plan Your Customer Interactions: Decide how you will engage with potential customers—through interviews, surveys, or observations.
Remember, customer discovery is a cycle, not a one-off task. It's about developing a deep understanding of your customers and continually refining your approach based on what you learn.

Stay tuned for our June newsletter, where we'll cover how to conduct effective customer interviews and analyze feedback. Your journey to innovation starts with a single question. What will it be?

SBIR/STTR Match and Incentive Program

A reminder that the One NC Small Business program offers an incentive to Phase 1 applicants and a match for Phase 1 awardees.

Watch the Information Session

* 75% reimbursement rate for applicants from tier 1 & 2 counties; 50% for applicants from tier 3 counties

**Restrictions apply only to applicants from tier 3 counties

Solicitations:

Incentive

Match

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Current and Future Solicitations

Stay updated on current and future solicitation openings.

View links to each of the SBIR/STTR participating agencies.

About Us

The Technology Commercialization Services team provides one-on-one business counseling and advice to small business owners, university researchers, and entrepreneurs looking to advance their innovations to the marketplace.