How Much Money Should You Raise?

Posted on December 22, 2012 by Martin Edic

I’ve been on calls and video shoots with three new projects we’ll be posting in January. One of the questions that comes up is how much money to ask for. We usually recommend a couple of things to think about:

Our sweet spot is a range between $3000 and $15000
Generally we recommend asking for the lesser amount- it is entirely possible to raise more than you ask for
Decide how you are going to use the money and be specific: A prototype, more research, an early production run, a next generation version, etc.
You can explain how you’d spend additional money if you get it: With $3000 we can take our current version and upgrade it to use cheaper parts. If we raise $6000 we’ll do that and build a test production run of twenty gizmos made for testing.
It’s easier to raise money if you show the potential supporter that their contribution is going to result in measurable progress towards a usable product, service or device, etc.

These days the ability to make things at lower cost is a reality. Innovations like rapid prototyping, 3D printers, agile software development, minimal viable product, cloud access to tools and other often free resources mean you can change the world for a few dollars.

To see how far this can go, read about an entrepreneur that is funding six startups with $37.00 dollars each (that is not a typo). The 37 bucks gets you six months of server rental and a hot beverage. He has had hundreds of applications for the program!

How to strengthen the story of your innovation

Posted on December 17, 2012 by Martin Edic

We have a bunch of exciting new Projects coming to Innovocracy after the holidays. And one of the big value-adds we work on with our Innovators is helping them tell their story in a compelling way. Story is the key word- we respond to stories emotionally and if we have an emotional response we are more likely to reach into our pockets and support that innovation.

So let’s look at some factors you can use to strengthen any story:

Humanize it. Who will be directly for affected, for the better, by your invention? Innovocracy is a social innovation platform. Tell us, and the world, who benefits and how.
Get specific. Tell a story about one person who you want to help or have helped. With the autism training device we funded last year we heard about the family of a twelve year old girl who was trained with the device. It changed their lives (think about it).
Be excited. Enthusiasm is contagious. Don’t speak in a monotone or talk about tech specs. Talk about what excites you about the work you’re doing!
Get testimonials. Real people talking about your invention and its potential. Quotes are great but video is better. Powerful.
Update frequently. Keeping people posted on progress is a part of the reward they get for supporting you. Make them feel their donation is still making a difference.
Tell specifically how you will use the funding: Goal, timeline, desired result, testing, availability, website, prototype, product, etc.
Talk about your qualifications as they relate to your project. A long list of achievements is nice to have but only those that make you exceptionally qualified to build your Project and promote it are important.

As you start thinking about funding a Project via Innovocracy start gathering a tickler file of this info. Anecdotes, interesting or unexpected outcomes, people stories and more. Photos and video clips, even drawing or specs. We’ll help you post them here and spread the word on social media. It’s easy with a powerful story.

The Wrap-Up From MonoMano

Posted on December 8, 2012 by Martin Edic

We just received a great summation of how MonoMano benefited from working with Innovocracy. They are a fully operational small business bringing the joys of cycling to those with disabilities. I’m not going to paraphrase, here’s the whole thing- and it was a total pleasure on our end too!

“Dear Mikael,

I am pleased to submit a Final Report on the Innovocracy funding of MonoMano. The team has completed the expenditures of the funds provided through Innovocracy and have been able to make substantial progress, in spite of very busy schedules. David sent me the following note to summarize their activity and report back to you and possibly the donors. Their expenses included two tricycles for testing and marketing, materials and supplies, contract manufacturing, business software, insurance. This funding mechanism was really invaluable for the team and it’s very rewarding for all of us to see the potential for our students to extend their successful projects. We look forward to working with you again!

Funds received: $5931

On behalf of MonoMano, Inc., I would like to thank everyone at Innovocracy, Prof. Amy Lerner, Prof. Laurel Carney, and everyone who donated to our cause. These invaluable mentors coupled with generous financial contributions were paramount to our success thus far, and we are incredibly grateful for all of the support. Thanks to these resources, MonoMano has translated a first generation design in April to an up-and-running small business.

Upon first receiving funding in early July, our team was able to file a provisional patent for the design and establish the MonoMano, Inc. as a Delaware S-corp. Meanwhile, the team was making a few design improvements, and we purchased the materials and tools required to manufacture the first 25 units in August. Between August and now, Dominic, Sara and Martin have been working hard to finalize the devices into customer-ready products. In September, MonoMano acquired a recumbent tricycle in order to properly calibrate and test each handlebar for quality and safety.

Recently, MonoMano purchased liability insurance and transitioned into sales and marketing efforts. Our website is now fully-functional and linked to PayPal for easy sales (www.monomanocycling.com). This month, the team published a Facebook advertisement and began making sales calls. Another tricycle was sent to Dominic in Florida to be used as a local marketing tool. User installation instructions have been created and are included with the purchase of the device. Additionally, we have purchased tax software to help with filing in the coming months. We are excited to have two new customers, and are looking forward to the exciting future of this venture.

I would like to reiterate how valuable Innovocracy and our advisors at the University of Rochester have been to our team. The continual feedback, guidance and support has been integral to our success.

- David Narrow, CEO”

Is that cool or what?

How to write a video script for your Innovocracy Project (and some tips!)

Posted on November 28, 2012 by Martin Edic

The better your video, the more likely you are to get funded- it’s as simple as that. But putting a video together can be intimidating so we’re sharing some tips on how to create a strong message without a budget or crazy skills.

Note: Find out if your university has a video team that can help you- most do. And check with us- we can help connect you with the right people on your campus.

Write A Script

When you write your script, put each sentence on its own line and triple space it.
One page is going to be about a minute.
Keep the video under two minutes if you can.
Use this format:

Start with a quick description of the problem you’re solving, i.e. “Writing is vital but the way we teach it doesn’t always work. We’re developing a new way to teach writing.”
Introduce yourself and include the most compelling professional/educational qualification you have for this project: “I’m Sue Frost and I’ve been teaching writing for twenty years. And I’ve discovered a new way to teach people to write.”
Tell what you’re going to use the Innovocracy funding for: “We’re developing an app that changes the way we teach writing. Your contribution will help us finish the software and get it into the hands of writing teachers and students.”
Describe your project with three details: “The software works on any iPhone, iPad or Android device. It’s simple to use and provides coaching, creativity exercises and more. And it’s fun!”
Make an appeal: “Your support can help us teach a vital skill, in a new way, and change people’s lives. All for just a few dollars!”
Thank them in advance.

That’s enough.

Production (don’t be scared!)

Everyone gets nervous on camera. We actually recommend doing a practice read-through and recording it with a laptop camera, at your desk. Relax and be yourself- people donate to the person as much as the Project. If you have a team, consider taking turns reading lines. If one person stands out, consider using them as your spokesperson.

When you read, stop and pause after every line. Why? Most people talk too fast. But more important, when you edit the video the pause gives you a place to cut. You’ll be glad you did.

Gather photos or data on slides and put them into a file. Resize large images to a reasonable size. When you edit, add these in where they are relevant. We all like pictures! If you don’t have any, take some pictures of your team in your campus or in your lab.

Use a simple video editor like iMovie and stick the video together. Just make it flow, don’t worry about looking homemade- it’s fine like that.

Once your video is together send it to us and we’ll take care of getting it on YouTube and other places. Then take those links and use them to tell the world about your project. And be sure to point them to your Innovocracy Project Page!

MonoMano Progress Update

Posted on November 28, 2012 by Martin Edic

We checked in with the MonoMano team to check on the progress of their one arm control bar for cyclists, one of the first funded Innovocracy Projects. Things are moving along for the business they’ve formed around their invention (with a little help from the Innovocracy team!).

From David Narrow of MonoMano:

“MonoMano has now transitioned from manufacturing to sales and marketing efforts. We have established a $50 installation quote with Park Ave bike shop, have a Facebook ad targeted to stroke survivors, and have begun making sales calls to adaptive sports organizations and physical therapy outpatient centers. I have attached a photo of our most recent handlebar, and should have a photo with the handlebar mounted on the trike coming soon.”

Actually the image above showed up right after Dave sent that message! Fantastic work guys and thanks to everyone whose funding helped make this a reality. More images and info on the MonoMano website.

MonoMano Update: See what your funding helped build

Posted on September 14, 2012 by Martin Edic

The assembled MonoMano control arm

25 New Control Arms Ready For Final Assembly by MonoMano

Innovocracy’s second funded project from the University of Rochester has used their funds to build 25 improved models of their handlebar control arm designed to enable those with the use of one arm to ride a recumbent bike. MonoMano is a business now and though its five founders are headed for grad school they are continuing to refine their designs, take them to market and work on new projects. Here’s Amy Lerner’s update:

“The MonoMano team has made excellent progress during the last few months, showing great momentum towards the launch of their product. The team has focused their expenditures on purchasing the materials and components necessary to assemble the first 25 products to be delivered – modified handlebars compatible with the identified models of the tricycle. They have also identified a potential manufacturer for some of the components and investigated appropriate insurance necessary before delivery of the product to customers. A company web page is in place and procedures for marketing are under development. The team has begun establishing a board of directors and advisors and has done a remarkable job proceeding with a team dispersed around the country.

The breakdown for anticipated expenses (including approximately $1750 already spent) is as follows:

Components, bicycle parts, packaging: ~$2000 (most already spent)
Liability Insurance: ~$1000 (in October)
Tricycle (for testing and verification of manufacturing): ~$1000 (in October or November)
Outsourced Manufacturing (vendor identified) ~$2000 (in November)

… We are all very grateful for your support in launching this exciting company whose product will serve the needs of a unique and deserving group!”

VizWiz and The Socially Beneficial App: Support This Innovocracy Project

Posted on August 21, 2012 by Martin Edic

“Another, called VizWiz, allowed them to take a picture of an item and pose questions about it to an online community of sighted people.

At one point, Charlson posted the question, “What does this box say?” Seconds later, a response was read aloud by the device: “Honey Maid graham crackers,” the phone said.

With VizWiz, “I have 10,000 people in my pocket waiting to help me,” Charlson said. “It’s amazing.”

From Boston.com article on the use of apps to aid the visually impaired.

One of our current Innovocracy funding Projects is VizWiz, a iPhone/iPad app that reads print for visually disabled people. The premise is simple but the execution is complex: The user points their iOS device at printed material and takes a photo. The photo is transmitted to a website where a volunteer reads it aloud. That reading is transmitted to the device, in real time, and it is read back to the user.

VizWiz is raising money on Innovocracy to make their app scalable, in other words to go from serving 5000 users with over 50,000 translations to many times that. The funds they raise will help the app reach many more people without compromising quality. This not only means increasing their volunteer base and the ability of their web site to handle volume but it also puts them on a path to automating the translation from print to speech.

“Despite their limitations, the apps are still a means to reducing such dependence on others, according to Charlson. “There’s absolutely a rush,” he said. “There’s a feeling of acceptance and inclusion that only comes as a result of a high level of independence.”

As we’ve written about, Innovocracy is not just about creating profitable products and services. These products need to have a core function that benefits society. VizWiz is a prime example of how this works. The app is free and the volunteers are unpaid. The users’ quality of life is impacted in a meaningful and positive way. And all it takes is a donation of a few dollars from you to take this to the next level. To Donate Visit This Page.

We see that as a total win-win situation.

VizWiz was developed out of research from the University of Rochester, a founding Innovocracy Network Member Institution.

Innovocracy Announces Academic Crowdfunding Project for an App for the Visually Impaired

Posted on August 10, 2012 by Martin Edic

VizWiz App Builds on a University of Rochester Prototype Already Used by 5,000 People to Answer 50,000 Questions

Rochester, NY (PRWEB) August 10, 2012

Contact: Martin Edic, 585-727-3119

Earlier this year, the University of Rochester Human Computer Interaction Group developed an initial iOS application called VizWiz, that blind people can use to answer visual questions in their everyday lives. Users simply take a picture and speak a question they’d like to know about it, and their questions are answered by people out on the web, usually in under a minute and all for free.

Thus far, answers have been provided primarily by workers on Amazon’s Mechanical Turk, a paid microtasking marketplace. In order to broaden the availability of the service to a larger portion of the visually impaired community, the project is now seeking crowdfunding through the Innovocracy platform.

“We would like to create a web site to serve as a hub and answering center for VizWiz volunteers. The site will allow users to sign up to answer questions, track worker quality (and perhaps give rewards to the best ones), and, most importantly, allow VizWiz to remain free to users,” says Jeff Bigham, Assistant Professor, Department of Computer Science at the University of Rochester. He adds, “Building a volunteer workforce may eventually allow for more ambitious VizWiz services, such as a streaming video option”.

New supporters can make donations through the VizWiz project page on Innovocracy (http://innovocracy.org/vizwiz-support-network) as well as download the current version of the application on the Apple App Store (http://itunes.apple.com/us/app/vizwiz/id439686043).

About the Innovator
In 2009, Jeff appeared on the MIT Technology Review Top 35 Innovators Under 35 for his work on Web-Anywhere, a free screen reader that can be used with practically any web browser on any operating system. He is also the recipient of the NSF CAREER Award which is the National Science Foundation’s most prestigious awards in support of junior faculty who exemplify the role of teacher-scholars. Jeff is an Assistant Professor in the Department of Computer Science at the University of Rochester where he heads the Rochester Human Computer Interaction Group (ROC HCI). His work is at the intersection of human-computer interaction, human computation, and artificial intelligence, with a focus on developing innovative technology that serves people with disabilities in their everyday lives.

About Innovocracy.org
Innovocracy, a benefit corporation based in New York State, is a social funding platform created to rapidly commercialize innovation coming out of academic research. Innovocracy is building a network of leading research universities, as well as of individuals with an interest in sponsoring commercializable research, in order to efficiently identify and fund critical proof-of-concept activities and take the first steps toward building companies around university-based innovations. Most of the products and services supported by Innovocracy create social benefit for society, such as those related to healthcare, sustainability, education and extreme affordability. Innovocracy’s social funding site at http://www.innovocracy.org helps inventors raise money from donors with a personal or professional interest in the social benefits of those inventions. All the funds raised, except third-party credit card fees, go directly to the innovator while conforming to the unique requirements of each member university. In addition, Innovocracy offers to work with select innovators to facilitate the creation of startups to commercialize their research. Learn more at Innovocracy.org.

Link to this on PRWeb: http://www.prweb.com/releases/2012/8/prweb9783501.htm

Mono-Mano Cycling Control System Reaches Funding Goal

Posted on July 9, 2012 by Julian Baldwin

More than 25 contributors helped fund Enabling Stroke Survivors, Amputees and Others with Use of Only One Arm to Cycle by Travis Block, Sara Hutchinson, Dominic Marino, David Narrow, Martin Szeto from the University of Rochester. They very much appreciate your support and team member David Narrow has asked us to share the following words.

“Our team is thankful for all of the support over the last two months as we continue to work to transition a classroom project out into the real world for proper use. We’d like to extend a special thank you to all contributors who pledged $400 or more for one of the devices to be sent directly to a program of their choice that specializes in assisting riders with unilateral weakness. Behind the scenes, we have been working to finalize our manufacturing plans and are excited to produce our first batch of cycling systems over the next couple of months. Now that the MonoMano system has been featured at SportsNet’s Monday night cycling sessions here in Rochester, we are hoping to provide the device to even more riders as we scale up operations!”

The Innovocracy team has been meeting with the MonoMano founders regularly over the last couple of months and has assisted and provided guidance on the filing of a provisional patent, an intellectual property strategy, the creation of a corporate entity, and planning around manufacturing.

We look forward to keeping you posted on the progress of this project and hope to bring you more projects like this one in the future.

First Project Reaches 172% of Funding Goal

Posted on June 26, 2012 by Julian Baldwin

More than 50 contributors helped fund Developing a Toilet-Training Method Using a Moisture Pager for Children with Autism by Dr. McAleavey and Dr. Mruzek from the University of Rochester. They very much appreciate your support and Dr. Mruzek has asked us to share the following words.

“Dr. McAleavey and I are most grateful to the sponsors of our research to develop an efficient and effective toilet training method for children with autism and other developmental disabilities. Their sponsorship reflects their belief in the value of supporting the well-being of families, the dignity of the individual, and the power of good science in developing innovations that improve quality of life. The sponsors have done their part; now, Dr. McAleavey and I will do ours.”

Dr. McAleavey and Dr. Mruzek met with the Innovocracy Team this past Friday to help plan the next steps for the project. Specifically, we discussed the design of the study and the number of units to produce for it. We are also planning to meet with a local manufacturer to see if we might be able to further refine the prototype design and produce a larger number of test units than originally planned.