The Fischell Fellowship in Biomedical Engineering Business Plan Competition
- How do I apply for the Fischell Fellowship?
- Timeline
- Guidelines
- Eligibility
- Criteria
- FIRST ROUND: Instructions for Entering
- FIRST ROUND: Submitting Your Entry (including deadlines)
- FINAL ROUND: Business Plan (including deadlines)
- Selection of the Winning Plan
- For More Information and Help
Introduction and How To Enter
The Fischell Fellowship in Biomedical Engineering is a unique graduate fellowship opportunity for talented and innovative graduate students interested in applied research and product design in the biomedical industry.
The A. James Clark School of Engineering at the University of Maryland seeks applicants with innovative ideas and the desire to pursue product development in the biomedical device industry. Students who are thinking about creating a medical device or system that will improve human health in any engineering discipline are eligible.
The Fischell Fellowship is a competitive doctoral fellowship featuring:
- $35,000 (12-month Stipend)
- Full Tuition Waiver
- Full Health Benefits
The Fischell fellowship is renewable for up to 5 years as long as the recipient remains in good academic standing and continues his/her course of study.
How do I apply for the Fischell Fellowship?
The Fischell Fellowship is awarded through winning a competition comprised of the technical idea and a business plan. External judges who understand medical technology and the industry, including venture capitalists, who are in the business of funding promising technologies, act as reviewers and judges for the competition.
The Fischell Fellowship Biomedical Engineering Competition awards one fellowship each year valued at $35,000 plus full tuition and medical benefits. Interested applicants should apply for graduate study at the University of Maryland by the application deadlines. The program is administered by the Fischell Department of Bioengineering, so please inform the Bioengineering Graduate Program Director of your interest in the Fischell Fellowship (see bioe.umd.edu).
All prospective students, nationally, who have been accepted into or are currently applying for a graduate program at the University of Maryland, as well as current University of Maryland students enrolled full-time in a Ph.D. Program are welcome to compete for this fellowship.
Top- Research Plans are due electronically: Thursday, February 21, 2008
- Announcement of Finalists to write full Business Plans: Thursday, February 28, 2008
- Business Plans are due: Friday, March 28, 2008
- Notification of the winner: On or about Thursday, April 3, 2008
- Public announcement of winner at the 2nd Annual Fischell Festival on Friday, April 11, 2008
Guidelines
The University of Maryland seeks submissions by researchers with ideas for bio-medical devices that will have impact on the field. Generally, ideas with pervasive concepts and strong potential for improving human health have the greatest chance of winning. Technology solutions with high potential and impact are preferred by the judges.
Eligibility
Eligibility for the Fischell Fellowship in Biomedical Engineering is reserved for current engineering graduate students at the University of Maryland, College Park; prospective students who have been accepted into a graduate program in an engineering discipline at UMCP; and those currently applying to an engineering graduate program at UMCP. Competitors may apply simultaneously to the university and the fellowship if they are incoming graduate students, but they must be accepted as a student before they can be awarded the Fischell Fellowship. Applicants must be a U.S. citizen or permanent resident of the United States.
Criteria
For the Fischell Competition, any idea for a medical device or system that will improve human health in any engineering discipline is eligible.
The judges will use a variety of criteria to evaluate the entries to include:
- Is the concept realizable within a reasonable window of time?
- Are there original and innovative ideas in the technical plan?
- Does the project develop or employ novel technologies, approaches, tools or methodologies for clinical practice?
- Does the project address a large unmet medical need?
- Is the value proposition realistic? Can the research lead to commercialization in a reasonable timeframe and is the opportunity large and compelling?
- Are the competitive advantages believable?
- Is the target market prediction sensible?
- Considering the value proposition, competitive advantage and target market prediction, are there a sufficient number of reachable future customers for the product to be profitable and the market sustainable?
- Who are the first customers and how important is the venture to these customers? Is it expensive for these customers to switch?
- Does it appear that the researcher has the ability to succeed with the invention? What are the opportunities for the researcher to join a research group at the University of Maryland where the technology can be pursued?
- Is there potential for intellectual property?
- Is this a Venture Capital fundable idea or are there opportunities for future funding through government grants and other funding opportunities?
- What is the expected timeframe and pay-off for the inventor and any investors?
- Are there regulatory hurdles to consider?
- What is the probability for success?
- Is the research proposal clear and well-written?
FIRST ROUND: Instructions for Entering
Prepare a Research Plan that indicates the business opportunity
Research proposals should be executive summaries of the research idea including the business opportunity. These should contain sufficient detail of the research and the business opportunity for judges to assess both the research and the business opportunity.
How to Write a Research Plan/Executive Summary »
Format
The research plan for this competition should be 3-5 pages in length, including all graphs, spreadsheets and research plan details. One additional page may be added at the end of the research plan for references—but this additional page can only be used for references, not for additional graphs, spreadsheets or other details. No attachments beyond this number of pages (plus contact sheet) are allowed. Longer proposals submitted for the first round will be disqualified. Proposals should be single-spaced with not less than 1" margins on all sides. Use a font not smaller than 11 points in size for text, and not smaller than 8 point font for spreadsheets. Entries will only be accepted in electronic format. You may use Microsoft Word for Windows or PDF for your file format. The header should include the Research Proposal Title in the right corner and the footer should state: "Fischell Fellowship Competition."
Prepare a contact sheet
A contact information sheet must precede the research proposal executive summary. The applicant must meet the eligibility requirements of the competition. Please provide the following information on the contact sheet:
- Research Idea
- Name and affiliation of competitor and any collaborators in the research
- Abstract: Please provide a brief abstract of your idea that will be used to describe your technology in press releases and other documents.
- Primary team contact name
- Proof of eligibility: state current academic status, degree(s) earned or in progress, application status if currently applying to the Universtiy of Maryland
- Mailing address:
- Primary contact phone number
- Primary contact E-mail address
- Include the following statement on the contact page:
By submitting this research proposal/executive summary, I agree that the ideas, concepts and the entry itself are my original work. I also agree that I am not under any agreement or restrictions which prohibit or restrict my ability to disclose or submit the ideas or concepts to the competition. Further, I agree that I will comply with the rules and guidelines for the competition and I certify that I am eligible to compete according to the stated guidelines and that I am interested in accepting the award if offered.
Research Plan
The research plan focuses on the technology but addresses the market opportunity. Judges prefer research plans that are clear, concise, and complete.
First, provide a brief statement about the medical need. What problem does your research solve? Provide some basic data indicating the size of this problem. How big is the market, i.e., how many potential customers are there? What is the impact to human health from your research and the ultimate product? Why does your research make a difference? (See "How to Write a Research Plan/Executive Summary" for more detail regarding the business opportunity.)
Next, provide an executable plan that will lead to an innovative, relevant, product. Does the proposed project address a critical barrier to progress in a medical field? Does the project develop or employ novel technologies, approaches, tools or methodologies for clinical practice? Do the proposed experiments represent a logical flow? Will the research plan develop data that can be interpreted and will this lead to successful completion of the specific aims proposed?
The finalists that will be selected for the business plan phase will be notified on or about Thursday, February 28, 2008. Announcement of the finalists will be on the web and individual calls will be made to those selected as finalists in the competition.
FIRST ROUND: Submitting Your Entry
Entries are due by Thursday, February 21, 2008.
E-mail the completed entry to: fischell_fellowship@umd.edu.
In the subject line of the message write "Fischell Fellowship:" followed by your idea or the name of the project.
Upon receipt of your e-mail message you will receive a confirmation e-mail. If you do not receive a confirmation e-mail within one day of your submission please contact:
Karen Thornton
Maryland Technology Enterprise Institute
2120 Potomac Building
University of Maryland
College Park, MD 20742-3415
Phone: (301) 405-3677
E-mail: karent@umd.edu
For the final round of the competition, selected entrants will prepare a more detailed plan that includes additional detail regarding the research and information on the business opportunity. The contact sheet should have the same information and format required for submission of the full research proposal/ business plan is as follows:
- Up to ten pages of text plus up to 5 additional pages of tables, exhibits, figures and appendices. Nothing beyond these page limitations are allowed. The contact sheet is required and is NOT counted in the ten-page limitation.
- Plans should be SINGLE-SPACED with not less than 1" margins on all sides.
- Use a font not smaller than 12 points in size for text, and not smaller than 8 point font for spreadsheets and other appendices text. Font should be either Times New Roman or Arial.
- The header should include the abstract title in the right corner and the footer should state: "Fischell Fellowship Competition— Spring 2008"
- Entries must be submitted ELECTRONICALLY no later than the end of the business day, Friday, March 28, 2006.
How To Write a Business Plan »
Electronic copies of the full business plan should be sent in either MS Word or PDF format to fischell_fellowship@umd.edu. In the subject line of the message, include the abstract title or the name of the project. Upon receipt of your e-mail message you will receive a confirmation e-mail. If you do not receive a confirmation e-mail within one day of your submission please contact karent@umd.eduvia e-mail, or call (301) 405-3677.
Business plans that do not conform to these rules will be disqualified.
Business Plan
Judges prefer business plans that are clear, concise, and complete. Contestants must "sell" the judges on the high "expected value" of their technology. "Expected value" is a combination of "potential valuation" and the likelihood that the technologist can develop the technology and that there is a market. The full business plan concentrates on the business opportunity that surrounds the research. In addition to a thorough description of the research—the technology—in a way that is understood and believable to an investor, the business opportunity is given more detail than appeared in the research plan. (Please refer to "How To Write a Business Plan" for detail regarding the business plan submittal.)
The winner will be selected and announced at the 2nd Annual Fischell Festival on Friday, April 11, 2008. Announcement of the winner will be on the web and individual calls will be made to those selected as finalists in the competition.
SELECTION OF THE WINNING PLAN
The announcement of the Fischell Fellowship recipient will be made after deliberation by external judges and may include an in-person presentation or phone interview. The announcement of the award will be at the Fischell Festival and the winner will be notified prior to the day of the event so that travel needs of any out-of-town winner can be accommodated. If interviews are requested by phone or in person, they will be held between March 28 and April 3, 2008.
Confidentiality
The University of Maryland organizers of the competition are committed to maintaining confidentiality. The judges for the competition may come from the VC community, and the standard practice in the VC community is not to sign a confidentiality agreement when reading executive summaries or preliminary business plans. Their practice is to maintain high ethical standards when reviewing plans. In keeping with standard practice, the judges will not sign any non disclosure agreement or otherwise make any confidentiality commitments for this competition.
For More Information and Help
If you need help writing your executive summary or business plan, please contact:
Karen Thornton
Maryland Technology Enterprise Institute
E-mail: karent@umd.edu
You may request a a 30 minute, 1-on-1 appointment (on the phone or in person) with Ms. Thornton to ask specific questions regarding how to write the market and business aspects of your plan (no technical research questions, please).
If you have questions about the Graduate Program in Bioengineering, or its research, faculty, or facilities, please contact:
Professor Peter Kofinas
Director, Graduate Program in Bioengineering
E-mail: kofinas@umd.edu
DO NOT SUBMIT APPLICATIONS to Professor Kofinas.
