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The OTD Business Incubation Program evaluates every opportunity that meets our criteria through the systematic process described below.
Screening
Companies, both internal and external to Boston University, submit an Executive Summary or Business Plan to OTD which is reviewed against specific criteria to meet with the objectives of the program. Those reaching favorable consensus are invited to provide additional detailed information through a phone conversation or in-person meeting. Companies that demonstrate an opportunity are considered for presentation to a panel of staff, selected advisors or faculty with domain expertise, at a review meeting.
Presentation
Prior to the meeting, an OTD staff member will work with a company to describe the incubation program, its objectives and expectations. Typically the company will prepare a presentation of 30-45 minutes which is followed by a 20-30 minute question and answer period where the selection panel members probe more deeply into key issues.
Due Diligence
Opportunities for which the panel members indicate a significant level of interest enter a due diligence process. This process begins when staff members consult with faculty or external advisors with specific domain knowledge. The due diligence process includes consideration of funding sources, allocation of university facilities, office space, laboratories, equipment etc. During this period OTD staff will collaborate with other Boston University faculty, staff, incubator administrators and company founders to best appropriate the university’s resources to the company.
Incubation Agreement
Once an opportunity is approved, an OTD staff member will collaborate with the Office of General Council to draft a term sheet, incubation agreement and premises license for execution with the presenting company.
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