The Hatchery

Overview
The Hatchery (download the syllabus) is for early-stage ventures needing a professional-quality plan, either as a tool for raising capital or for developing a strategy for the future. The Hatchery is not an incubator. The Hatchery does provide student and mentor support for new commercial or social ideas or existing ventures seeking to plan for expansion. In the Hatchery, three- to five-member student teams work on new ventures. These ventures may be either student-initiated or submitted by an outside entrepreneur. Students may work on any of the following types of projects:

1. a business plan for a new commercial venture,
2. a sustainability plan for a social venture, or
3. a feasibility study for an early stage scientific discovery.

Students working with outside entrepreneurs will work closely with those clients. Students working on feasibility projects will work closely with Washington University's Office of Technology Management (OTM). The teams are offered several opportunities to recruit and involve additional mentors and advisors.

Entrepreneur's Cost
The fee for an outside entrepreneur in a commercial venture to participate is $3,500. There is no fee for not-for-profit entities. Each student is expected to work a minimum of 150 hours, including classroom instruction. At the end of the course, the entrepreneur has a plan that represents the students' best estimate of what the future can hold for his or her venture. Final deliverables may include any of the following, depending on which type of project the students are working on:

• Executive Summary
• Competitive Analysis
• Financial Projections for 3 - 5 years
• Capital Needs and Uses
• Market Analysis
• Operations Plan
• Management Team
• Social Return Assessment
• Intellectual Property
• Investor Presentation

Applying to the Hatchery
Entrepreneurs may apply for a Hatchery team through the IdeaBounce website. Visitors to the site may post a both a short (600 characters) and long (1000 characters) description, as well as contact information. They may also upload up to three files (Excel, PowerPoint, or PDF), and identify their project needs, such as team members, mentors, research partners, or others. Please note: Our goal is to maintain a collaborative learning environment where ideas may be discussed openly. Once ideas are submitted and then approved by the Skandalaris Center, the idea is publicly viewable on IdeaBounce. Team Founders must decide what information may be included. To apply for a Hatchery team, click the Hatchery checkbox under the "Programs" section of the site. Students registered for the course (and all others) may browse the posted ideas and submit their resume to the entrepreneur for selection to the project. Students from all degree programs and Schools at Washington University are eligible to enroll in the Hatchery, and in fact entrepreneurs find great value in cross-discipline teams. Entrepreneurs make the final choice regarding student selection for their team and may choose not to begin a Hatchery project.

Shaping the Plan
Once the team has been formed, the entrepreneur meets with the students and gives them background on the product, idea, and current status. For the remainder of the semester, the entrepreneur needs to be available to answer the team's questions and requests. The more information provided about the idea, the better the final product will be. The students are a self-directed consulting team. They are not interns and will not report at set times for work. As consultants, their goal is to develop a plan for the venture's success. The team will deliver a written plan for the venture, the assumptions for its future, financial and other details.

Resources and Expertise
Students can access a variety of high-level experts. Each team receives guidance from Washington University faculty and mentors and advisors from the community. Throughout the semester, students may attend a series of workshops and meet with various practitioners and faculty to help them prepare the final plan.

Final Presentations and Next Steps
At both the midterm and the end of the semester, teams present their work to a group of judges including faculty, experienced entrepreneurs, angel investors, venture capitalists, philanthropists, funding agencies, or other experts. Teams are eligible to enter either the Olin Cup Competition or the new Social Entrepreneurship and Innovation Competition (to be launched in Fall, 2005) as a co-curricular activity but are not required to do so as part of this course.