USTAR put in place a competitive funding and training program at UVU. The funding and training program consists of four phases: (1) Is the idea good? (2) Is the business model viable? (3) Can you execute? and (4) can you scale?
“I estimate that the G2M process we’ve gone through has saved us 6 months of development time and $40,000 in coding costs.”–Fame Tag
Phase I is based on the “Nail It Then Scale It” model. Entrepreneurs are trained to refine their idea and their market. They are given homework to test their idea, market, and product hypotheses with their actual customers. Once they have market data they may be allowed to present to their peers -other companies in the program. Their peers rate them on the following criteria: (1) Did the team find a monetizeable pain; (2) Can they execute; and (3) Were they intellectually honest in conducting their research. Companies may receive a Phase I Award, if they are rated well by their peers.
“[W]ere it not for the Nail It then Scale It (NISI) business model training we have received through the GTM program, Continuum iCare would have ambled blindly down the wrong path and created just another “me-too” product for the healthcare industry that ultimately would have been crushed by the big competitors. Fortunately, the NISI process and coaching from Roger Andrus, Steve Roy, et al., helped us pivot precisely at the right time and to the right market problems so that we avoided the oncoming, costly failure and instead “nailed” the right solution. We are now able to focus on executing and scaling the company pursuant to our goal of becoming a premier jobs provider within the state.” Continuum iCare
Phase II is based on the book Business Model Generation. Companies are trained to create a Business Model Canvas, which includes Key Activities, Partners, and Resources, Cost Structure, Customer Relationships, Customer Segments, Value Propositions, Distribution Channels, and Revenue Streams. They are given homework to put together a market and industry assessment, the business model canvas, and financial model. They are also required to do a functional prototype test and salable solution test.
The Phase II companies present their business model and other findings to the BRC Executive Committee. The Executive Committee decides whether the business model is viable, and may give advice and a Phase II Award to the company.
“I believe the training we received along with the funding through USTAR has helped us to know how to focus our efforts on growing sales and targeting the right customers with the right products. The methodologies taught really work.” Quick Request
Phase III is based on the book, The Ultimate Sales Machine. Companies are trained to refine their Sales Roadmap and Business Model, develop Sales Channels, and become Fundable by investors. They are required to make sales and get traction with customers. They also receive business coaching. They present to Angel Investors and the BRC Executive Committee, who may give them advice and a Phase III Award.
The two USTAR awards we have received… helped us develop our functional prototype. The remaining award… will go towards shoring up the infrastructure of our tool to make it scalable for large companies. The training helped us to articulate our business model, understand our buying personas, and close large deals without bartering down the price or losing sight of the benefits our product provides for large organizations.” Tracking First
In Phase IV, companies receive training from experienced sales mentors. They learn cutting-edge tools and methodologies for Sales, Website Optimization, PR, Social Media, Messaging, Customer Life Cycle, Marketing Communications and Collateral, Email and Content Marketing, Cold Calling, Networking and Relationship Development, CRM, Sales Automation Tools, Video, Lists, Scripts, and More.
“Our original TCIP grant …was a HUGE enabler for us, as it allowed us to get off the ground and create a sellable product. That initial sales traction, kickstarted by TCIP, allowed us to raise conventional investment and hit the market running. In addition, the training we’ve received here as part of the program has been extremely valuable in keeping us focused on critical success factors in our market and product development, and helping us to react quickly to what the market tells us.” SpeakWorks
“The two USTAR awards we have received helped us develop our functional prototype. The training helped us to articulate our business model, understand our buying personas, and close large deals without bartering down the price or losing sight of the benefits our product provides for large organizations.” Tracking First
“The processes, strategies and support material we’ve developed and honed through the G2M training have been instrumental in refining our product offering, and have elevated our overall appeal to potential industry partners and manufacturers.” Lash Duet