FCVC Innovation Challenge

• Limit videos to 3 minutes

• Briefly describe:

  • The problem you are trying to solve

  • The idea or solution that you are pitching

  • Who your idea will benefit

  • How you will go about executing your idea

  • Total amount of funds requested

  • How you will utilize the funds if awarded (your budget)

  • The team that will complete the work

• Videos can be filmed on a phone or tablet, on Zoom, or any other method of creating a video file. Videos can feature team members' faces, a presentation, or a tour through a space - feel free to get creative! Videos will be available to the public, so videos must be HIIPA compliant. See below for additional criteria.

• Your EXTERNAL (commercial products and devices) idea will be evaluated on elements of the following criteria:

  • Is your project aligned with FCVC Mission of superior compassionate patient and family-centered care, innovative science and discovery, and excellence in education?

  • Technology/Idea

    • What problem is your idea trying to solve and why your idea would solve this problem?

    • Who is impacted by the problem?

    • What is the severity of the problem?

    • How frequently does the problem occur?

    • Is there established intellectual property or the potential for intellectual property?

    • Have you collected preliminary data (as applicable)? Did your preliminary data demonstrate that your idea is feasible?

  • Team

    • What are the current skills/roles/expertise of team members?

    • Why is your team the right group to bring this product to market?

    • Are there any gaps in skills or expertise that need to be filled to take the product to market?

  • Value Proposition/Market Needs

    • What is your unique value proposition?

    • What is the value your product provides?

    • Is there a market opportunity to be captured or to make the project feasible? Please provide appropriate supportive data.

    • How have you engaged relevant stakeholders?

    • Are there other currently available solutions to the problem? If so, why is your solution more effective than other currently available solutions?

  • Implementation Strategy

    • Can you identify an implementation path? What metrics will measure and define success?

    • What is your budget? If additional funds are required for full implementation, what is your follow-on funding strategy after 1 year?

    • Have you identified key partnerships?

• Your INTERNAL (quality improvement/process improvement/clinical value) idea will be evaluated on elements of the following criteria:

  • Specific

    • What problem is your idea trying to solve and why your idea would solve this problem?

    • Who is impacted by the problem?

    • What is the severity of the problem?

    • How frequently does the problem occur?

  • Measurable

    • What metrics will measure and define success?

    • How will it add value to the CVC? (examples: time saved, costs saved/avoided, increased customer or staff satisfaction, increased customer or staff safety, reduced readmissions or length of stay, organizational design improvement, increased preventative behaviors)

  • Achievable

    • Have you identified appropriate skills/roles needed to execute your project? Which of these need to be filled?

    • Have you collected preliminary data (as applicable)? Did your preliminary data demonstrate that your idea is feasible?

  • Relevant

    • Is your project aligned with FCVC Mission of superior compassionate patient and family-centered care, innovative science and discovery, and excellence in education?

    • How is it innovative at University of Michigan Health?

    • How have you engaged relevant stakeholders?

    • Are there other currently available solutions to the problem? If so, why is your solution more effective than other currently available solutions?

  • Timebound

    • How will your project be implemented?

    • What is your timeline?

    • What are your major milestones?

  • Budget

    • What is your budget? If additional funds are required for full implementation, what is your strategy for sustainability after 1 year?

• Use the video format as an opportunity to show the problem, team, or solution. 

• You can use Zoom to record yourself or a powerpoint presentation. 

What is the purpose of the Innovation Challenge?

The Frankel Cardiovascular Center Innovation Challenge offers an opportunity for faculty, staff, trainees, patients, and families to design and implement novel solutions to improve the quality (safety, efficacy, timeliness, efficiency, patient centeredness, equitability) and cost of patient care in an interdisciplinary fashion.

When does the Challenge start?

The Challenge will open for submissions starting Tuesday January 2, 2024.  All ideas must be submitted by Friday February 9 at 11:59 EST.

Who will see my idea?

Submitted proposals will be publicly viewable after a brief review for proprietary or sensitive information. 

What if I don’t have anyone to collaborate with?

A benefit of this online challenge is that you can find colleagues to collaborate with through the innovation platform. Take a look at the videos, and feel free to reach out to anyone with a project you are interested in. Email FCVCInnovation@umich.edu with questions or to be connected to a team. Our hope is that teams will form around common interests and ideas.

I have a question or comment about a submission. How can I submit it?

Feel free to contact the teams directly, or email FCVCInnovation@umich.edu. Your questions and comments can help strengthen proposals.

If I can’t think of an idea, are there still ways for me to participate in the Innovation Challenge?

Absolutely! You can spread the word about the challenge to your friends and colleagues, you can contact teams to comment on proposals, and you can also attend the contest event on May 9, 2024 from 3-5 pm.

What are the contest rules?

• You must be at least 18 years old to submit an idea or proposal.

• Any suggestions or ideas included in your comment will not be treated as confidential by Michigan.  Do not include any confidential information in your submission.

• Michigan is free to use and commercially exploit in any way, any and all ideas or suggestions you submit.  You will not be compensated for any ideas or suggestions you provide.  

• Projects based upon intellectual property must utilize intellectual property owned by the University of Michigan.

• You agree to release and hereby release Michigan from any claims you may have against Michigan in connection with ideas or suggestions provided in your comment.

What are the stipulations of funding?

• In case of overlap or any conditions that prevent your team from completing this project, unspent (prorated) funds must be returned.

• As a result of this award, we ask that you report regularly on the status of progress.

• In most cases, publication is expected at the end of the one-year projects.

• We ask that you report the occurrence of any of the following:

  • Departmental or other funding as a result of this award

  • Abstracts, posters or publications

  • Patent applications, technology transfer or development of a spin-off company

  • Other relevant accomplishments or honors

• Use of funding for faculty or staff credentialing or training must be clearly linked to the outcomes or deliverables for your project. If credentialing or training is required for your proposal budget, it is recommended that you clarify with the Innovation Core Team while preparing your submission.

I submitted my idea but I want to make a change. How can I do that?

• If the idea submission window is still open, email FCVCInnovation@umich.edu to let us know you would like to make a change.  If the submission window has closed and you have a major update (e.g., data, new team member), feel free to email us and let us know. We will try to incorporate the information into our judging process.

Can funding be used to support employee salaries?

• In certain projects, the best model of execution requires a designated employee, and this may require hiring a specific person/expertise. In some cases, a term-limited position can be supported, with no expectation that support for this position will be provided outside of the funding and term of this grant.

• If your project is likely to require the creation of a term-limited position, consider and plan for:

  • The time to post, interview, and hire the new position.

  • Salary and benefits required for the position.

  • Is the intent to transition this position to an FTE? What is the path to this? How will this be justified within one year?