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Welcome to the 2021 Biomimicry Launchpad! Email us if you have any questions.
You have made it to the end of the Biomimicry Launchpad! The goal of these two weeks is to prepare you for your next steps, which may be incorporating as a company, joining an accelerator program or raising funds, or working directly with your customers. Every startup has their own path - we hope that the content presented here will act as a guide for you along your journey.
We also want to introduce you to sustainable business concepts that you can use now or in the future. Combined with the assessment tools and green materials information presented in Week 5, these concepts will help you make sure your company is not solving one problem while causing another.
Since there is a lot of info this week, use the table of contents to the right to navigate the different sections.
Final Deliverables
Final Deliverables
All teams will be required to complete these deliverables, and upload to your Google Drive by the stated deadlines.
Due December 8th - Executive Summary
An Executive Summary is a document that you would share with a potential investor or media representative, and is a document that we will use to help promote your work. It is a snapshot into your project, and communicates important information such as the problem you are solving, your solution, and biomimicry!
Please use this template. Make a copy by going to "File > Make a Copy". Do not edit the headings or rearrange the content. Just enter in your information.
Due December 8th - Elevator Pitch
1-minute video about your team and innovation. This is not an informational presentation. Instead, a pitch is a persuasive presentation that explains how your solution provides value to the problem you are solving. Watch the videos this week, for tips on what to include in your pitch.
Due December 8th - Pitch Deck
Each team will create a short presentation slide deck that highlights your problem and biomimicry solution, the unique value you offer, your team, and your entrepreneurial or design journey to this point.
Submit your finalized pitch deck (Google Slides, Powerpoint, or PDF format) by December 8th.
Your final deliverables will be presented on a Virtual Showcase page of the Biomimicry Institute website, to be shared with the biomimicry network and the public!
Incorporating your startup
Incorporating your startup
By now you have tested assumptions, started to build your prototype, and aligned as a team around your collective purpose. Now, it is time to start seriously thinking about incorporating your organization. There are a number of opinions about the "right" time to start a company. Some people believe you should incorporate as soon as possible. Other people believe you should wait as long as possible, all the way until you start to make money. We think that the best time to incorporate is when you decide as a team that you are serious about commercializing your project. This way you protect each other, your idea, and get set to take on funding or sign contracts with customers!
Before you incorporate as a company, there are some important things to consider.
1) Starting a company is crazy exciting! It also means that you have some legal obligations to meet, such as paying taxes. Remember that as a founder of an organization you are responsible for the actions of your company.
2) If you have multiple founders, you will need to figure out how to compensate everyone. This will most likely come in the form of assigning salaries and stock (or % ownership) in the company. The video below is a great lesson on how to do this in way that is fair for everyone. When you start a company, the vesting process will be outlined in your operating agreement. There are templates online, or any small business lawyer can help with this.
3) Lastly, you will need to decide the best way for you to incorporate your startup! This means educating yourself about the different types of organizations available in your country, and deciding whether or not you want to set up the startup by yourself or with a lawyer.
We recommend that you work with a lawyer to do this. Many universities or small business development offices offer free legal clinics for first-time entrepreneurs.
If you want to try to set up the company on your own, we recommend that you use Gust Launch (only for US citizens) or Stripe Atlas. Gust has agreed to offer discounts to Biomimicry Institute startups, and is the preferred platform for startups that will be looking to take on investment funding. Stripe Atlas is a fantastic way for non-US citizens to open up a company and business bank account in the United States.
*Note* - Most investors will want you to be set up as a Delaware C-Corporation before they invest in your company.
*2nd Note* - Everything listed above will be different if you elect to start a non-profit organization. If you are doing so, contact a lawyer.
*3rd Note* - Remember the very first week when we talked about Benefit Corporations? Well in some U.S. States you can legally incorporate a a B-Corp. However the government is still figuring out the tax implications, so it is probably better for you to become a Certified B Corporation.
*4th Note* - Watch the video below to learn about the different types of U.S. business entities.
Your work and the Planetary Boundaries
Your work and the Planetary Boundaries
Just because your product or technology is inspired by nature, does not mean that your startup is good for planetary health. The choices that you make now as a company will help you remain true to an ethos we believe every biomimicry entrepreneur comes to represent - a commitment to creating a world that is beneficial for all life on Earth.
Nature has been operating and thriving for most of the past 3.8 billion years. We need to care about climate and sustainability issues to make sure our planet is hospitable for future generations, and to mitigate biodiversity loss directly caused by human influence. Earth is our home, so let's treat it like one! Biomimicry enables us to create products and services that help us better fit into the world around us.
To illustrate this, we can refer to the nine planetary boundaries, brought forward by the Stockholm Resilience Center. Watch the video to the right - how is your company contributing to or mitigating these boundaries?
Nature's Principles for Business
Nature's Principles for Business
Throughout this program, we've encouraged you to revisit the biomimicry design process periodically, and to continually evaluate both your product and your business against your design brief, lessons learned, and Life's Principles. As you contemplate next steps for your startup, we encourage you to adopt these 6 principles for building a strong, sustainable business that's inspired by nature.
Build resilience
Use change and disturbance as opportunities.
Decentralize and diversify knowledge, resources, decision-making, and actions.
Foster diversity in people, relationships, ideas and approaches.
Optimize (rather than maximize or minimize)
Create forms that fit functions, not the other way around.
Create complexity and diversity using simple components and patterns.
Adapt
Create feedback loops to sense and respond at all levels of the system.
Integrate circular economy principles.
Be resourceful and opportunistic when resource availability changes.
Integrate Systems
Foster relationships within communities and networks.
Navigate by Values
Understand what’s important to the communities in which your business operates.
Use your values as the core driver of business decisions.
Support Life
Make products water-based, renewable, bio-based, and biodegradable.
The Circular Economy
The Circular Economy
Over the past few hundred years or so, human society has seen a shift from a circular economy to a linear economy. This means that, today, a resource is extracted to make a product, it is used, and then it goes to a landfill. Little to no effort or systems are in place to recapture the basic building blocks of those products. Groups like the Ellen MacArthur foundation have re-popularized the Circular Economy, and have proof that adopting this process is not only good for the planet, but also good for profits.
In the video to the right they explain how companies are finding novel uses for waste streams, lowering or even eliminating input costs. For example, there is a concerted effort to utilize agricultural waste as a feedstock for biotech companies. At the same time, the Circular Economy opens up new business models that can be better for consumers, producers, and the environment such as renting products. What would it look like if you charged a monthly or annual fee for a company to use your product? You would be responsible for replacing or recapturing worn out or old equipment, and you would be able to generate more revenue from your customer all while keeping them happy and easing the burden of their financial commitment. Check out some of the case studies from the Ellen MacArthur Foundation to see the Circular Economy in action.
Biomimicry in Practice
Biomimicry in Practice
Imagine a tropical rainforest. Warm and wet, with little variation in day length all year long, these forests contain lush vegetation coupled with high biodiversity and biomass. Characterized by an overarching canopy of tall trees that can reach up to 75m/250 ft, and an understory that receives very little sunlight, these forests represent one of the most complex ecosystems on the planet. Since the mature trees of the canopy block virtually all of the sunlight from reaching the forest floor, many plants have developed strategies to quickly take advantage of sunlight when it does arrive, in the form of a tree falling and creating a "gap" in the canopy. These "gaps" are essential to the regeneration of the forest, and provide a metaphor for how you might think of business and your startup.
In the forest, young plants exist as slow-growing seedlings, or as dormant seeds in the soil. When a big, mature tree topples over and creates a gap, these plants accelerate their growth to fill that gap. The fastest-growing shrubs and trees requiring the most sunlight quickly block the sun from the forest floor. At this point, the slower-growing more shade-tolerant trees eventually emerge and restore the full forest canopy.
In business, you can easily imagine the upper canopy as big businesses or corporations. Well-established and successful, they may seem impervious to disruption. But using the canopy gap metaphor, even these big, established businesses can fall, creating a "gap". Savvy startups and entrepreneurs, armed with a clear understanding of their customers and value proposition, and a diverse, communicative team, are well poised to accelerate their growth and potentially fill that gap.
Accelerators and Fundraising
Accelerators and Fundraising
Many of you may need some additional startup support and equity-free funding as you continue to refine your product and business model. We suggest that you first start by connecting with your local startup hub (oftentimes based at a university). By finding key allies in your location you can ensure that you are connecting with the right people and receiving the in-person support that you need. There are also numerous startup incubators, accelerators, and competitions out there for you to join. These are competitive, and typically focus on helping you prepare for funding.
Listed below are some different groups that are friends with the Biomimicry Institute, and that we can offer an introduction to. We have many other connections as well, so if you are applying to an accelerator or competition let us know and we can try to put you in touch!
Early-Stage Startup Support
Degree-bearing incubator program for social entrepreneurs.
World's largest accelerator program, located in Chile. Offers equity-free funding.
Fellowship supporting up-and-coming social entrepreneurs. Offers equity-free funding.
US only. Supports university students and faculty to launch startups. Offers equity-free funding.
Early-Stage Startup Funding Opportunities
Competition searching for the top global problem Solvers.
Competition looking for the top deep-tech startups.
Competition for the best, young inventors.
US only. Grant funding available to develop technology based startups.
Startup Accelerators
Later-stage accelerator for energy, water, food & ag, mobility, and circular startups.
Premier accelerator located in San Francisco, supporting life-science startups.
Top accelerator located in Denver, supporting technology that enables sustainability.
Competition and accelerator that awards €500,000 to the top sustainability entrepreneurs.
BONUS CONTENT - Funding 101
BONUS CONTENT - Funding 101
8 Startup Funding Statistics to Know (from Fundera)
77% of small businesses rely on personal savings for their initial funds.
A third of small businesses start with less than $5,000.
The average small business requires about $10,000 of startup capital.
Only 0.05% of startups raise venture capital.
The average seed round is $2.2 million.
The median company running a seed funding round is 3 years old.
Of startups that raised seed rounds, 1% reached unicorn status of $1B+ valuation.
Startups with two co-founders rather than one raise 30% more capital.
Short video about impact investing, from the University of Virginia.
Video about how to secure funds for hard-tech startups, from Y-Combinator's Startup School.
Introduction video to different types of startup funding.
Bringing Your Startup to Life
Bringing Your Startup to Life
The goal in creating a startup is to provide value to your customers in exchange for money. We have spent the last 10 weeks understanding your customer's problems and needs, figuring out how to test assumptions, and building out a prototype. By applying what you have learned, you now have to test the ultimate assumption - will people pay for your solution? The only way to test this is to ask! This can be uncomfortable, especially if you have never asked anyone for money. Remember that you are providing them something of value, and that you are doing them (and the environment!) a disservice if you do not offer it to your customers!
Below are some helpful tools that you can use when you are ready to launch your startup. Some tools may not be relevant to you, depending on your customer segment. For example, if you are selling your product to government officials, you may not need to do any sort of social media advertising on Facebook or Instagram. Instead, you may use LinkedIn to search for and contact potential leads.
ORGANIZATION
Email & Cloud Storage - We recommend and use G Suite (Google Gmail, Docs, Drive, Meet, and more).
Financial Management - Quickbooks is the leader in accounting software, but can get pricey. Wave is a good, free alternative.
WEBSITE
Website Builder - At this stage, we do not recommend that you spend a lot of money or time building a website. Use a drag and drop system such as Squarespace, Weebly, or Wix for now. You can always upgrade in the future!
Analytics - The sites listed above have internal analytic capabilities, but we think it is worthwhile for you to use Google Analytics to understand how people are finding and interacting with your website.
MARKETING
Social Media - If you need to focus on building your social media presence, check out Sprout Social, Hootsuite, or Buffer.
Content Marketing - The best form of marketing is content marketing, which means you are providing free, valuable content for people to consume. This may include white pages, long-form blogs on Medium, or even podcasts!
Email Campaigns - We recommend and use Mailchimp.
Customer Relationship Management (CRM) - Keeping track of the people you have contacted is perhaps the most important thing you can do as a young startup. You can do this in a simple spreadsheet, or use a tool such as HubSpot's Free CRM.
STARTUP SUPPORT
Startup Aggregators - There are a number of websites that aggregate startup and founder info. F6S, Gust, and YouNoodle are platforms that host startup accelerator and competition applications. AngelList and Crunchbase host information about startups and investors.
Startup Guides - Remember to check out the Resources page!
Reconnect
Reconnect
As we wrap up the Launchpad, now is a good time to reflect on your reconnect experience. What did you learn about your habitat or nature spot? What did you learn about yourself? Perhaps you are ready to commit to a reconnect habit (if you didn’t already have one). Many biomimics rely on their reconnect practice for their physical and mental health as well as for inspiration as they continue learning from nature’s genius.
One question you may enjoy reflecting on is borrowed from an interview with Robin Wall Kimmerer, the State University of New York Distinguished Teaching Professor at the SUNY College of Environmental Science and Forestry: “How does the earth love you back?” We all benefit from nature’s numerous gifts (also referred to as ecosystem services), and framing this question in terms of “love” is one of Professor Kimmerer’s techniques to help humans reconnect with nature.
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