Innovation Pathway Details for Applicants

About your core idea

• Problem, customers and stakeholders: Good initial understanding of a sizable/large, important problem, mapping of customers and stakeholders, and their unmet needs
• Competition: Good initial understanding of existing models/competing solutions, why these solutions don’t address the problem well
• Solution idea: Have an initial hypothesis of a solution based on your work done so far

About your plans and progress

• Key assumptions & plan to validate: List the riskiest assumptions for your product and business, and identify how you plan to test those assumptions
• Evidence of customer demand: You have talked to customers, observed customers, or interacted with customers. Overall: tell us the ways you’ve interacted with customers to assess their needs. For example, you could:
  • Conduct customer problem interviews: tell us why you talked to the people you did as well as what insights you gained.
    • Avoid pitching your idea: you should be trying to understand customer problems and needs
    • You will need to talk to potential users and customers of your product / service (people other than just your friends and family) to really understand customer needs

• • • • Observe customers: some teams have shadowed potential customers to assess their needs
      • Other interactions: writing a blog, creating a social media following, making a podcast

• Avoid:

 

• • • Surveys: surveys are unlikely to tell you anything you don’t already know. You’re not looking to learn that 80% of people do X at this point.
    • General market sizing data: while sometimes helpful to include, knowing that X number of people get in car accidents per year does not make an argument around demand for your solution.

*Effective customer discovery is key to developing ideas that people actually want. Please read our guide to learning about customers BEFORE you apply to the Innovation Pathway.

Successful applicants will be invited for an interview where you will give a 10-minute presentation about your idea using your application slides. The presentation will be followed by 10 minutes of Q&A by the Innovate@BU staff.

I am interested in joining the Innovation Pathway (IP), but I don’t have an idea yet. What do you suggest I do?

In order to enter the Pathway, you need to identify a problem and propose a solution. If you do not have a problem you are interested in addressing, we recommend that you join the Idea Incubator and come to some of our events to spark ideas.
I have been working on an idea for a while already. Is the Innovation Pathway right for me?

The Pathway is valuable for both people who have worked on their ideas for a while and people who have just started. The Pathway will help you through the innovation and entrepreneurship process by providing coaching from experienced innovation practitioners, additional funding, curated learning content, expert network, and more. You can join the Pathway at any stage that is most appropriate for the progress you have already made on an idea.

Can I join the Innovation Pathway if I don’t have a team yet and I am the only person working on the idea?

Absolutely! If you need additional help to launch your idea, we recommend attending our Networking & Idea Open-mic Nights and posting on our Innovate@BU Community Slack Channel to find peers to work with.

What if I have an idea but I am not interested in turning it into a startup?

Innovate@BU supports students with any ideas that lead to impact. Besides the Innovation Pathway, we also have a program specific to projects that supports action-oriented ideas aimed at creating a positive impact on campus and beyond (ex: policy, advocacy, event, media campaign, creative content). See the Projects Action program page to learn more.

I have an idea for a nonprofit, can I participate?

Yes. We welcome both nonprofit and for-profit venture ideas.

Can I work with students outside of BU on my project/idea?

Yes, as long as at least one of the founding members is currently enrolled at Boston University as an undergraduate or graduate student or is a BU alumnus who has graduated within the last year.

What are the potential risks of participating in the Pathway?

At Innovate@BU, we provide a collaborative space where you have the freedom to create. We rarely encounter any issues regarding idea theft but if you have concerns about confidentiality, copyright infringements, patents etc., we highly recommend you consult with the BU Law Clinic.

Can I get course credit for working on this?

The Innovation Pathway offers funding, resources, and guidance, but no course credit.

Will I be paired with an Innovation Coach right away after I enter the Pathway?

Yes, teams are paired with Innovation Coaches once they successfully enter the pathway after the application interview.

I am in the Incubator program and do not have an Innovation Coach yet. Who should I go to if I have questions on any resources or about the idea I am working on?

We recommend that you book an office hour with the Program Manager. You can also book office hours with Innovate@BU staff or external experts if you have further questions.

I am a graduate student at BU. Can I participate?

Yes, all of the programming at Innovate@BU is open to graduate and undergraduate students from all of the schools and colleges at BU.

I am an international student and my idea is to launch something outside of the US. Can I participate?

Absolutely! The Pathway welcomes all students at BU and any BU alumni who have graduated within the last year. The Innovation Pathway is location and industry agnostic.

I am working on a project with a professor. Can I participate?

Yes. However, you still need to complete the Innovation Pathway Application Form.

If you are receiving class credit for your idea, refer to the next question (“Am I eligible for Innovation Pathway funding if…”)

Am I eligible for Innovation Pathway funding if I am concurrently in a course and receiving class credit for my project/venture?

Students are not eligible to receive funding from the Pathway while they are concurrently receiving class credit or Hub units for their project/venture. While a team is still receiving class credit or Hub units, they can be on the Pathway, working through deliverables in the Get Inspired and Walk stages, but they cannot pitch to go from Walk to Run, and thus be eligible for funding, until they’ve completed the course.

I started my project at EPIC/Spark!/another BU program, what is the process to participate in the Pathway?

We are a campus-wide initiative and welcome any current student ideas. The process will be the same and starts with the Innovation Pathway Application Form. 

How long will the Pathway take to complete?

The timing depends completely on you and your idea.

If I stop working on the idea, will I be penalized for it?

We support a culture of experimentation and growth and see many startups and projects pivot from their original idea as they progress. For this reason, there is no penalty but we expect students to take their ideas seriously.

Can I start the Pathway in the middle/end of the semester?

Yes, you can start any time. However, you need to complete the Innovation Pathway Application Form in order to start the Pathway.

I was not approved to advance to the next stage in the last pitch forum (Investment Panel, Project Panel, or Feedback Forum), but since then I have incorporated the feedback and made the relevant changes. Can I pitch again?

Yes! We offer regular pitching opportunities and our hope is that you leverage feedback to make improvements and address concerns.

Please consider coming to office hours with staff to practice your pitch and attend a Pitch & Pizza Night to practice your pitch with an audience.

When will I be able to access the funding for my venture/project, and what are the necessary prerequisites before I can use those funds?

Teams are approved for funding through Investment Panels (between the Walk, Run, and Fly transitions) that happen once a month. Teams are awarded up to $1,000 when they successfully advance from Walk to Run, and up to $2,000 when they successfully advance from Run to Fly.

To expedite funding disbursement, make sure the team leader has completed a W9 and submitted it to Lisa Lavina at lrlavina@bu.edu. After paperwork is submitted, it typically takes 3-4 weeks for payment to be processed.

Can I participate in the Incubator program and the Innovation Pathway?

Yes! You can participate in both the Innovation Pathway and the Idea Incubator program. If you are in the Idea Incubator program and you believe that your progress on your venture qualifies you to get into the Walk stage of the Innovation Pathway, you are highly encouraged to apply so that you can begin working with an Innovation Coach and work towards receiving funding.