FCVC Innovation Challenge
Frankel Cardiovascular Center (CVC) Innovation Challenge
Now in its eighth year, the Frankel CVC Innovation Challenge is an annual pitch competition where teams can win funds for ideas impacting cardiovascular care. In addition, Just Do It awards are selected for low-cost, low-complexity ideas. Ideas are welcome from anyone at U-M with a cardiovascular innovation: faculty, staff, trainees, and patients.
Check back soon for information on the 2025 Frankel CVC Innovation Challenge. Submissions will open in January 2025.
Please email FCVCInnovation@umich.edu with any questions.
Enter Your Idea for Up to $100K or a Just Do It Award
Submissions for both the Grand Prize and Just Do It Awards will be in video or text form.
Read through the Pitch Criteria below. If submitting a video, check out the Tips for Creating Your Video.
Overview
Now in its eighth year, the goal of the Frankel Cardiovascular Center Innovation Challenge is to empower our community of trainees, faculty, staff, patients, and families at the CVC to propose, test, and implement innovations. Innovations can be in the form of changes to patient care or potential new products.
The Innovation Challenge has a total budget of $100,000. Funding will be distributed to up to two grand prize winners pending the results of the competition and budget. Winners are also provided education and mentorship to support them in executing their projects.
Proposals submitted must address a problem related to the Frankel Cardiovascular Center or cardiovascular care.
What is the Innovation Challenge process?
Idea Submission: Submit ideas for funding between January 3 and February 16, 2024. Submitted proposals will be publicly viewable after a brief review of proprietary or sensitive information. Innovators are encouraged to recruit team members and other stakeholders, and everyone is invited to provide feedback and/or join the teams with projects of interest to them.
Idea Optimization: A team of reviewers will watch videos and compile questions for project teams. The videos and answers will be used to select finalists. Finalists will be notified in mid to late March. Pitch development consultations will be available to all finalists.
Idea Selection: The top teams will pitch their ideas to expert judges and an audience of staff, faculty, trainees, patients, and families. $100,000 will be distributed to up to two grand prize winners, pending the results of the competition and budget. The event will take place on May 8, 2025, from 3-5 pm.
Pitch Criteria
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?
Tips for Creating Your Video
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.
Frequently Asked Questions
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?
Have an idea?
Reach out to the FCVC Innovation team (FCVCInnovation@umich.edu) for a consult at any time.