• All applications must be submitted in full by December 7, 2016 at 11:59 p.m. Mountain Standard (MST).
• Please read carefully! Incomplete applications, or ones with missing information, will not be accepted.
• Applicants must agree to the Terms and Conditions before beginning the application.
The Avnet Innovation Lab at Arizona State University’s Fulton Schools of Engineering is designed to spur economic growth in the technology sector and enable aspiring entrepreneurs to advance their innovations. The lab provides critical business consultation and venture support to entrepreneurs developing new technology, especially inventions that make the world a better place.
Through the Avnet Innovation Lab, entrepreneurs can leverage the expertise of one of the largest technology distributors in the world – Avnet, and the university ranked #1 in innovation in the U.S. – Arizona State University. The Avnet Innovation Lab will provide selected participants with monetary awards to help bring their ideas to fruition. Applicants selected for the program, known as “performers,” will also gain one-on-one access to the brightest minds in technology distribution, supply chain management and next-generation technologies during this 12-18 month program.
In addition to providing key business consultation and funding for entrepreneurs developing technology, especially new inventions that advance the internet of things (IoT), Avnet Innovation Lab participants will have access to dedicated lab space in the Ira A. Fulton Schools of Engineering building on the ASU Tempe, Ariz. campus.
Avnet and ASU’s Ira A. Fulton Schools of Engineering are both committed to advancing technologies and supporting the entrepreneurial ecosystem. The Avnet Innovation Lab brings together the resources of both parties to provide entrepreneurs with the vital resources needed to advance their ideas.
Avnet can help with supply chain and design chain services as well as connecting you to leading technology manufacturers to help you hit the ground running.
The Avnet Innovation Lab is led by a highly experienced joint advisory council comprising senior representation from Avnet and ASU who will vote to determine performer selection. The Advisory Council consists of Dave Bent, vice president of IT, Avnet, Inc.; Kris Burgoon, vice president of marketing services, Avnet Electronics Marketing; Julie Jones, vice president of supplier marketing, Avnet Technology Solutions; Wade McDaniel, vice president of supply chain solutions, Avnet Velocity; Dr. Kyle Squires, dean of Ira A. Fulton Schools of Engineering and Dr. Cody Friesen, ASU Associate Professor and CEO of Zero Mass Water. MaryAnn Miller, senior vice president, chief human resources officer and corporate marketing & communications for Avnet, Inc., and Steve Phillips, senior vice president and chief information officer, Avnet, Inc., serve as executive sponsors.
Selected performers will have ideas or products that can be scaled on a global basis. Also, each performer must be at a key milestone in the development cycle where they can benefit from Arizona State University’s research and advanced technology development, as well as Avnet’s unique expertise. For example, this could include assistance from Avnet to set up a global supply chain, source the right hardware to power their designs or select the appropriate amount of cloud storage to fit their unique needs. The ideal performer believes they are on the verge of creating something revolutionary, but lacks the financial boost and industry partners needed to get started and/or scale their inventions.
The application is expected to take between 1-2 hours to complete in full. Once started, applicants are able to save their work and exit the application, then return and login at any time before the due date to pick up where they left off.
Please review and indicate that your company and product meet all of the following requirements before beginning the application:
• Must identify the company’s Position of Technology Readiness Level
1. Ideation - Creative process of generating, developing and communicating new product ideas. Ideation comprises all stages of a thought cycle, from innovation, to development, to actualization. So, possible products, possible solutions, possible addressable markets, etc. As such, it is an essential part of the design process.
2. Research and Strategy – Completing consumer research, market analysis, possibly an early prototype. Identifying gaps and pain points. Looking at the competitive landscape. Establishing a vision/mission statement.
3. Business Model Canvas – Defining the value proposition, establishing customer relationships and identifying cost segments.
4. MVP – Developing the Minimum Viable Product which has enough core features that allow the product to be deployed and no more. Getting product in the market to see if customers like it. Fail fast, and adjust to find market fit. At this stage, looking at social media, team structure, and filing provisional patents are likely.
5. Beta – An iteration on the MVP, based on customer feedback that could be released to a target market. At this point, establishing pricing, looking for market/customer validation are the keys. Crowd funding may occur at this stage.
6. Capital Structure – Filing full patents at this point, and likely establishing other legal documents around founders’ equity and investor notes. Forming an advisory board is done here too. Establishing a valuation for funding is also done. Searching for funding to scale the business.
7. Commercialization – Taking the product fully to market. A marketing plan is being executed. The team is likely in sales mode at this point while managing production issues.
8. Operations (repeatable/scalability) – Establishing a solid supply chain, negotiating for better pricing, forming distribution channels, purchasing assets, likely hiring more people.
9. Scale - Sourcing material and improving pricing. More formal social media advertising. Setting best practices. Hiring a sales team and increasing volume.
10. Exit – Either a sale/acquisition, merger, or IPO of the company. Money is typically reinvested to innovate again.
• Product must be IoT-related
• Meet milestones in 12-18 month performance period
• Budgetary guideline between $50,000-150,000; cost of project is a decision metric
• Articulate a significant benefit from the program time and budgetary scale
• Articulate significant market potential
• Must be based in the United States of America
• Company has 2-25 employees
• Able to travel to Arizona
• Possess an EIN number
• Avnet and ASU can add value
Monday, October 17, 2016 - Thursday, December 8, 2016 6:00 PM - 10:00 PMPacific Time