13D Office

Need funds to launch or grow your business?

Launching a business or have a business that needs financial support?  Apply to pitch your idea!

The 13D Milestone Funding Initiative represents a groundbreaking shift towards nurturing innovation and entrepreneurship at UVI and across the US Virgin Islands.  

Program Overview

Our initiative aims to directly empower student entrepreneurs and selectively support local entrepreneurs by providing crucial financial backing. This support is designed to help you achieve specific milestones, thereby accelerating your entrepreneurial endeavors and contributing to your success in the dynamic business landscape. Funds may be awarded up to $40K for UVI students and $10K for VI entrepreneurs. 

Who: Open to UVI students and members of the VI community 

What: Pitch your idea to a panelist of judges who will decide if your request has what it takes to achieve the milestone you are proposing. The 13D Milestone Funding Initiative is not a competition – judges can refuse your request for funding. 

When: Informational Virtual Workshop - October 23, 2024 at 6 pm: Workshop 2 

Presentations - November 22, 2024 at 2 pm at the 13D Innovation Center, Orville E. Kean Campus 

For more information, contact nelson.pizarro@uvi.edu  

 

Application Requirements and Process

To be considered for a presentation spot at the 13D Milestone Funding Initiative, the following documents and activities are required to complete your application. Please note that meeting all requirements does not guarantee a presentation spot, as this is only the first step in the selection process. If the provided information suggests you are not fully prepared, you may not be selected to present. Additionally, you may be asked to submit further documents. Presenting at the event does not guarantee funding; it is up to the panel of judges to determine if your request merits support. You are welcome to apply as many times as you wish.

  • Letter of Intent: A brief letter indicating why you want to present at the event.
  • Sponsorship Letter: UVI students must obtain a letter from Dr. Pizarro. VI entrepreneurs must secure a sponsorship letter from partner organizations (RTPark, SBDC, EDA).
  • PowerPoint Presentation: Your pitch deck, which should include all required elements. For guidance, here is a link to a sample presentation and the presentation requirements.
  • Workshop Attendance Requirement: All participants, including students and entrepreneurs, are required to attend at least one workshop to be eligible for the 13D Research Milestone Funding Presentation. Workshops are typically held in October. Please click on Workshop 1 or Workshop 2 for the specific dates and times.

 

13D Milestone Categories

Creating categories for startup funding that align with different stages of a startup's lifecycle is a strategic approach to support university students in their entrepreneurial journey. The categories listed cover critical milestones in the development of a startup. Here are those categories with explanations and criteria for each.

  1. From Idea to Prototype: “Innovation Launchpad”
    1. Criteria: Clear articulation of the idea, market need, and potential impact. A roadmap from idea to prototype, including design and development plans.
    2. Purpose: To support the initial phase of turning an innovative idea into a tangible prototype, encouraging creativity and practical problem-solving.
  2. Problem Validation: “Market Fit Quest”
    1. Criteria: Evidence of market research, including customer interviews and data analysis, demonstrating a genuine market need and potential customer base.
    2. Purpose: To ensure that the entrepreneurial effort is addressing a real problem, validating the idea's market fit before further development.
  3. Prototype Development: "Prototype Forge”
    1. Criteria: A working prototype that demonstrates the core functionality of the product or service. Feedback from potential users and plans for iteration.
    2. Purpose: To move beyond the conceptual stage, creating a functional prototype that can be demonstrated and tested with potential users.
  4. Acquiring First 100 Customers: “Customer Growth Spirit”
    1. Criteria: Strategies for market entry, initial customer acquisition, and scaling. Metrics for tracking customer engagement and feedback.
    2. Purpose: To support the critical early stage of market entry and customer acquisition, fostering early growth and validation of the business model.
  5. Equipment Acquisition: “Tech and Tools Boost”
    1. Criteria: Justification for the equipment needed, impact on the startup's operational capacity, and a plan for utilization and maintenance.
    2. Purpose: To provide startups with the necessary tools or equipment to develop their product or service, enhancing their production capabilities.
  6. Marketing and Customer Acquisition: “Brand Amplifier”
    1. Criteria: A detailed marketing strategy, including target market analysis, marketing channels, and expected outcomes. Metrics for measuring marketing effectiveness.
    2. Purpose: To support the development and execution of marketing strategies that will increase brand awareness and customer base.
  7. Business Model and Strategy Development: “Strategy Architect"
    1. Criteria: A clearly defined business model, revenue streams, and a scalable business strategy. Analysis of competitive advantages and market positioning.
    2. Purpose: To refine the startup's business model and strategy, ensuring it is viable, sustainable, and scalable.

Community Catalyst Program Criteria

This category aims to create a symbiotic relationship between the community and the university, where community-driven projects serve as practical learning platforms for students, contributing to their entrepreneurial education while making a positive impact on the local environment.

  1. Community Engagement: Proposals must originate from community members outside the university, presenting projects or startups that offer tangible benefits to the local community and opportunities for student involvement.
  2. Milestone Integration: Projects should define clear, achievable milestones that students can contribute to, aligning with their academic and entrepreneurial learning objectives. These milestones should be structured to provide real-world experience and measurable outcomes.
  3. Collaborative Development: The initiative should encourage collaboration between community members and students, fostering mentorship, skill development, and practical entrepreneurial experience.
  4. Impact Measurement: Proposals need to include methods for assessing the project's impact on both the community and the participating students, emphasizing sustainable and replicable models of success.