SD FAST Launch Business Model: CUSTOMER DISCOVERY

South Dakota FAST Launch will conduct a virtual boot camp training program on starting and growing businesses as well as developing and commercializing innovations. A great FAST Launch will assist entrepreneurs and small businesses beginning and expanding their business through the possible funding opportunities with the South Dakota Governor’s Giant Vision Competition and SBIR/STTR funding.

NOTE: Applicants Must Attend Boot Camp (virtually or in person) To Apply And Complete Customer Discovery. Applicant Is Then Eligible To Apply For Implementation Funds.

Applications are limited to first-time participants in the FAST Launch Program.

Applications for funding consideration must meet the following requirements:

• A tech-based, scalable company, or
• A company pursuing additional funding which enables the business to move forward, such as the Giant Vision Competition or capital investments.

Successful applications will indicate how they will use the funding to de-risk the business.

FAST Launch (In-person or On-line)

FAST Launch is a joint program of SD BioTech, EPSCoR, and Dakota State University. The purpose of FAST Launch is to help people develop their business ideas through the lean launch methodology by engaging in customer discovery and business model validation. FAST Launch is also designed to prepare people for the Governor’s Giant Vision Competition which will be held Thursday, April 11, 2024, other business competitions, and SBIR grants.

Bootcamp is the first workshop in the series and is then followed by customer discovery and business planning. Bootcamp is an intensive seven-hour workshop that combines eight weeks of material on lean methodology, business model canvas, and other business processes to introduce the concepts to anyone interested in starting a business, non-profit, or internal organizational project. This is the outline version of Launch Lab. For those interested in more instruction and mentoring in the concepts of Bootcamp, please sign-up for Launch Lab.

Customer Discovery teaches people communication techniques and question development for effective primary research on the business concept’s viability and eventually potential features. Customer discovery focuses on listening to the voice of the customer.

Business Planning teaches people the basics of a summary business plan and financial information. The format for the Governor’s Giant Vision Competition will be used.

Each session of Bootcamp, Customer Discovery, or Business Planning presents the same material, so only one session of each is needed. Please select a preference for in-person, on-line, or recorded instruction. In-person sessions are held at the Entrepreneurial Building at Dakota State University, 1400 N. Washington Avenue, Madison, SD 57042. Online participants will be provided a Zoom (or other) link for the session. We have recorded these workshops (Bootcamp, Customer Discovery, and Business Planning) so an on-demand option is available. Please inquire if you are interested in a recorded workshop. Instructor: Katherine Cota M.A., M.B.A., Director of Economic Development EMAIL: DSU-PaulsonCenter@dsu.edu

South Dakota FAST Launch Track:

1) Bootcamp

South Dakota FAST Launch will conduct a virtual boot camp training program on starting and growing businesses as well as developing and commercializing innovations.

Any entrepreneur or existing company can register for the bootcamp. This is the first step.

Business Bootcamp – A Seven-hour Crash Course in Starting a Business (Select only one session)

• February 3 & 10 (Saturdays) • 8:30 a.m - 12:30 p.m. each day
• March 5, 6, & 7 (Tuesday, Wednesday, and Thursday) • 2:30-5 p.m. each day
• April 6 & April 13 (Saturdays) 8:30 a.m. - 12:30 p.m.
• July 20 & 27 (Saturdays) 8:30 a.m. - 12:30 p.m.

2) Developing a Business Model: Customer Discovery

Participants of the bootcamp are eligible to apply for up to $1,500 to support a customer validation process. During the bootcamp participants will learn about customer discovery and can apply for funding to support their proposed efforts. Only participants in the bootcamp are eligible to apply. The FAST Launch management team will review and approve applications for funding. The awardee will need to submit a report summarizing the results to receive payment from South Dakota Biotech for the approved amount.

Customer Discovery Registration Available After Attending Business Bootcamp (DATES: one session)

• February 6 (Tuesday) 3:30 - 5 p.m.
• February 15 (Thursday) 4 - 5:30 p.m.
• February 27 (Tuesday) 3:30 - 5 p.m.
• March 26 (Tuesday) 4 - 5:30 p.m.
• March 28 (Thursday)11:30 a.m. - 1 p.m.
• April 15 (Monday) 3:30 - 5 p.m.
• April 27 (Saturday) 8:30 - 10 a.m.
• May 22 (Wednesday) 1 - 2:30 p.m.
• July 16 (Tuesday) 3:30 - 5 p.m.
• July 17 (Wednesday) 3:30 - 5 p.m.
  

3) Write a Business Plan

If customer interest is validated, a participant can apply for up to $10,000 to support further development and implementation of their business plan.

To be eligible to apply the applicant must have participated in the bootcamp and completed customer discovery (this could be done with or without FAST financial support). The application would be a draft business plan that they commit to submit to Giant Vision along with a proposed budget and budget narrative detailing how they plan to spend the funds and how the results will enhance their Giant Vision business plan application and/or SBIR/STTR application. Applicants need to propose steps that can be taken rather quickly such as purchase supplies to make a prototype, contract for a prototype to be built, testing, etc.

Business Plan Registration Available After Attending Business Bootcamp and Completed Customer Discovery (DATES: one session)

• February 8 (Thursday) 4 - 5 p.m.
• February 15 (Thursday) 5:45 - 6:45 p.m.
• February 29 (Thursday) 4 - 5 p.m.
• April 2 (Tuesday) 3 - 4:30 p.m.
• April 3 (Wednesday) 3 - 4:30 p.m.
• April 27 (Saturday) 10:15 a.m. - Noon
• May 22 (Wednesday) 3 - 5 p.m.
  

Launch Lab (In-person and On-line) Launch Lab is a multi-week immersion into lean launch methodology and the business model canvas. Business ideas are developed through a process of hypothesis testing and validating through customer feedback. Assumptions are challenged weekly by evaluators/mentors and the business teams are guided by the course instructor. At the end of the process, the business team has a minimal viable product that has been market validated. Attendees register for the entire series of sessions. Attendees cannot take individual sessions since the material builds on the previous session. Registration is required by the deadline before the first class session to allow the business team to do the required pre-work to be ready for the first class session. Instructor: Katherine Cota M.A., M.B.A., Director of Economic Development

Spring 2024

• Wednesday, February 21 • 4-6 p.m. final presentation and reception
• February 23 & March 1 (Tentative) Governor’s Giant Vision Competition Submission

NSF I-Corps Training

The National Science Foundation’s Innovation Corps (I-Corps™) program uses experiential education to help researchers (faculty, research staff, and graduate students) gain valuable insight into entrepreneurship/business development, and/or industry needs. I-Corps training focuses on listening to what the customer’s problem is and developing a solution for that problem. Instructor: Great Plains Region Hub Instructors. Register Here.

South Dakota Governor’s Giant Vision Competition

South Dakota FAST Launch encourages and supports entrepreneurs to participate in the South Dakota Governor’s Giant Vision Competition, which has a winning business award of $20,000. The South Dakota Governor’s Giant Vision Competition allows participants to compete for cash awards, present to investors and connect with potential customers. The South Dakota Chamber of Commerce and Industry hosts this competition. Learn More about the South Dakota Governor’s Giant Vision Competition.

SBIR/STTR Support

Participants should apply for SBIR/STTR funding to grow and advance their business. The Small Business Innovation Research (SBIR) program and Small Business Technology Transfer (STTR) programs, coordinated by the U.S. Small Business Administration (SBA), are known as America’s Seed Fund. SBIR is the largest source of early-stage funding for American small businesses to advance promising technologies that address national problems in the fields of advanced manufacturing, health care, food production and safety, cybersecurity and more. Learn More about SBIR/STTR support opportunities.

South Dakota FAST Launch Flyer

Regional Meetings

Introductions to the program will be held at a series of regional meetings in Sioux Falls, Rapid City, Aberdeen, Madison, Brookings, Vermillion and Mission. Check back for updates and additions to this list.

Introductions to the program will be held at a series of regional meetings in Sioux Falls, Rapid City, Aberdeen, Madison, Brookings, Vermillion and Mission. Check back for updates and additions to this list.

Seeing Success:

Business Competition Winner, 2015

VRC Metal Systems Box Elder, South Dakota

• $10.7 million SBIR/STTR funding
• 93 Employees

Student Competition Winner, 2017

Provender Technologies, LLC [Henry Wegehaupt, SDSMT]

• $5,000 Giant Vision 2017
• $50,000 GOED Proof of Conception 2019 and 2020
• $100,000 USDA SBIR Phase 1award in 2020

*To be eligible for the SD FAST Launch funds an entrepreneur or business must register and participate in a bootcamp in November. They can participate in the DSU launch program and include funding for the registration cost in their customer discovery application. However, applicants are not required to do the launch program.

South Dakota FAST Launch is funded through a Cooperative Agreement with the U.S. Small Business Administration.

*As part of the grant process, those who submit an application for the FAST Launch Grant will be asked to sign a confidentiality agreement.