Imagine having all the money in the world, in your hands, at your disposal. It’s given to you with the trust that you will make wise investments and fund the future of successful startups and entrepreneurs.

This is the challenge IDEA’s Investment Officer Matthew Saitta and his Investment Committee face as they prepare to award the most grant money ever since IDEA’s inception.

This year, IDEA: Northeastern’s Venture Accelerator is embracing one of its greatest goals to date: granting over $200,000 to promising ventures coming out of the Northeastern program. The funding process, facilitated through the Gap Fund, gives ventures the opportunity to apply for up to $10,000 per round and is designed to “close the gap” in business development. Funding is awarded to ventures after a month-long review of their business plan, milestones, and capital needs. Add in thePrototype Fund, a competition that awards $1,000 grants to promising prototype concepts, which brings a total of $245,000 that IDEA will grant to Northeastern students, alumni, and faculty.

Gap Funding is one of IDEA’s signature programs designed to help launch ventures into a successful business and onto the next level. Ventures in the Go stage apply for funding by submitting a financial plan, which is then reviewed by the Investment Committee. The IC then determines which ventures pitch to the Advisory Board for capital. Identifying ventures to receive funding is one of the toughest tasks the IC has to accomplish.

“We aren’t just giving money for the sake of giving it away. We want them to have a sustainable plan because we are funding businesses with alumni-donated funds,” says Saitta. “Our biggest challenge is making sure we are funding the right ventures.”

Saitta and his committee first identify the major needs for capital of each venture applicant. Saitta distinguishes what they’ve accomplished, their outlined goals, and how gap funding fits in their picture. For some, gap funding is the perfect fit, but for others, it’s not. Most importantly, Saitta wants to ensure that gap funding isn’t all about money, but equally a constructive learning experience.

“We are funding ventures that we anticipate are going to be successful. If they succeed, we are successful, but if they fail, we need to make sure that they learn from those failures. Our return is a function of the success of the venture and experiential learning. We want our Gap Funding to be a win-win. This is our goal.”

To date, IDEA has funded $200,000 to ventures through Gap Funding. As IDEA grows, the landscape of funding participants has transformed to include new industries, new groups, and new college representation.

As a startup itself, IDEA’s Gap Funding has evolved dramatically over the past year. For Saitta, he cherishes the future of this program through a personal framework.

“Meeting with the ventures and lending them a hand inspires me to continue helping them progress through the Gap Funding process. The opportunity to invest in our ventures and help them succeed and grow, both as a business and as people, is where our work at IDEA is truly valued.”

Akrivis Technologies, LLC, a launched venture of IDEA: Northeastern’s Venture Accelerator, participated in the 2012 MassChallenge accelerator competition. MassChallenge is the largest startup accelerator supporting early-stage entrepreneurs. This year, MassChallenge granted $1 million in cash prizes and more than $10 million in in-kind benefits.

Akrivis placed in the top 26 out of 1,237 applicants. Throughout the four month long program, Akrivis had access to mentorship and training, media opportunities, and other resources to expand their business.

The entire IDEA team congratulates Akrivis on their achievement and wishes them continued success in the future!

About Akrivis Technologies
Akrivis Technologies, LLC is a privately held life sciences company founded in 2009 and committed to the development and commercialization of products and services for the early detection and treatment of serious human diseases. Akrivis’ main asset is its proprietary Z–TECT™ Technology Platform which provides ultra sensitive detection and accurate quantification of biomolecules present in the zeptomole range (10E–21 moles), therefore allowing the detection of less than a thousand individual molecules. In addition to supporting in vitro and in vivo diagnostics, Z–TECT™ can also serve as a novel platform for the targeted delivery of radio– and chemo–therapeutic drugs for cancer treatments. Potentially providing far safer and more efficacious targeted delivery therapeutics, Z–TECT™ could have a major impact on the emerging field of “Theranostics” which combines cancer therapies with companion in vivo imaging diagnostics. Learn more at www.akrivis.com

About MassChallenge
MassChallenge is the largest-ever startup accelerator and competition, and the first to support high-impact, early-stage entrepreneurs with no strings attached. The competition is open to anyone in the world, with any new startup, in any industry. Every entrant receives training, feedback, PR and networking support via expert volunteers from partner organizations. 125 of the highest-potential startups receive 3+ months of intensive mentorship and other free resources, including office space and targeted introductions to customers and funding sources. The very best startups are identified by expert judges to receive cash awards toward launching their businesses along with enhanced PR and privileged access to top investors seeking to place seed capital to work in high-growth firms. Learn more at www.masschallenge.org

We recently sat down with Julian Jung of Layla to learn more about his venture’s signature product- a “smart” cigarette case that helps smokers reduce or quit smoking. Julian co-founded Layla, an IDEA venture, with Daniel Trostli.

Q. First and foremost, for those not familiar with Layla, what exactly do you provide?

A. Layla is a revolutionary system that measures the amount that you smoke to inspire and motivate you to live a healthier lifestyle.  It allows the smokers to better understand their habit, and be guided with more effective methods to reduce or quit.

Q. Where did the idea for this product come from?

A. When I used to smoke, I never realized how much I was actually smoking, how much I was spending on it, and when I was smoking. After nicotine patches and gum didn’t work, I tried a new approach to quitting. I gave my cigarettes to the convenience store lady that sold me my cigarettes. Her name was Layla. I told her to only let me have 5 cigarettes a day, but not to stop me if I wanted more. She made me aware of how much I was smoking, how much I spent on it, and how close I was to reaching my goal. The following week, I reduced to 4…then 3… then 2 and finally I had quit. Gradual reduction was less scary then jumping off a cliff and quitting outright. By understanding my behavior and smoking trends, I was able to combat my smoking habit more effectively.

My good friend Daniel Trostli, is an engineer and thought that everyone should have their own personal Layla. He thought my method of quitting was so amazing that we started to brainstorm ways to make it an option for everyone. That day, Layla was born.

Q. What is the team’s educational background?

A. My major is in Business with a concentration in Entrepreneurship, I focus mainly on business development and customer validation. Daniel graduated as a Mechanical Engineer and he focuses on product design and rapid prototyping.

Q. You recently participated in AngelHack – what’s the background behind that event? Can you tell us about some of the success you had out there?

A. Angelhack is a fantastic hackathon headed up by Greg Goppman. It was started 2011 and has already spread internationally. We were fortunate enough to place in the national finals, for which we were flown out to compete in San Francisco among the likes of the Googleplex and AOL HQ.

Q. How did you become involved with IDEA?

A. We’re constantly tinkering and iterating on our first product. We expect a few more revisions before we launch, and are hoping to have something out the door in early 2013.

Branding is arguably one of the most important aspects of a venture’s success. Without a comprehensive marketing and communications strategy, a brand will not be recognized, and a product or service will exist only on paper. Branding is only one of the many services at which marlo marketing/communications excels. This year, mm/c brought their expertise to IDEA: Northeastern’s Venture Accelerator as they joined the Service Providers program.

A key factor in our ventures’ acceleration and growth are the benefits our Service Providers offer. Once a venture reaches the “Set” stage, they are eligible to consult and work with our Service Providers free of charge; these SPs include legal services, accounting management firms, and marketing agencies like mm/c.

marlo marketing/communications is a full-service integrated marketing and communications agency based in Boston. As an agency located in the hub of technology and healthcare, mm/c stands out providing services to consumer brands, while still representing clients within Boston’s signature industries.

“We’ve developed this really unique niche in the consumer tech space – merging business, tech, and consumer press effectively under one roof,” says Marlo Fogelman, founder of marlo marketing/communications. “Add our full-service creative team to the equation and we really are a one-of-a-kind Boston-based company in the consumer marketing space.”

marlo marketing/communications is well-versed in all areas of public relations and marketing, granting our ventures the opportunity to expand their brand from those who know the industry best. The agency offers logo design, website creation, advertising, search engine optimization, and much more. mm/c provides public relations, media strategies, and other necessary tools to support a company’s reputation. All of our ventures are given access to tap into mm/c’s services.

Fogelman believes that every business has a brand and her company is eager to help our ventures advise their marketing strategy to achieve recognition.

“We’re in the business of helping companies define and communicate their brand in the most effective and impactful way possible, in order to most quickly and efficiently achieve their business goals.”

Visit marlo marketing/communications to learn more!

On Wednesday, October 17, IDEA: Northeastern’s Venture Accelerator hosted the 5^th NEXPO, a biannual celebration of all things entrepreneurial. Throughout the night, 40 of IDEA’s ventures showcased their products and services to members of the Northeastern and Greater Boston entrepreneur communities.

With over 500 students, industry professionals, and investors and a record number of ventures attending, the event marked a significant milestone for IDEA. In the last year alone, the program has grown from 56 to 107 ventures – NEXPO was a true testament to this growth.

Chris Wolfel, CEO of IDEA, remembers a much different atmosphere three years ago at IDEA’s first NEXPO. “It was small, probably about 12 ventures and 100 attendees,” he describes.

The event was originally held in the Curry Student Center Ballroom, followed by the Curry West End Addition. Having outgrown both venues, Wednesday night’s expo was held in Cabot Athletic Center. But the location and size of the event weren’t the only changes that took place this year.

“Our ventures this year were far more prepared than in the past,” Wolfel explains. “Many companies brought samples of their product, interactive displays, and an eagerness to talk about their work. This energy was a tangible force as ventures spoke with students, alumni, faculty, investors, and other local entrepreneurs.”

“NEXPO was the perfect opportunity for our ventures to gain additional exposure, as well as further experience in pitching their business to potential talent and investors,” explains James Gorman, IDEA’s Head Coach. “The event was a huge success for IDEA, our ventures, and our supporters. We’re confident that our future events and expos will continue to build on this success.”

View the night’s top tweets here.  

For additional NEXPO coverage, visit BostInno and news@Northeastern.

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Exhibitors at NEXPO included: TBubble, KeeWee Listings, IUN, The Handle Bar, SimpleCollegeRecipes.com, If I Were President, Incendiary Industries, Clear Classics, Hoffzaz, influencers@, ChatterMob, SplashScore (Apifia Inc.), Dpicd, College-X, Tuatara Corporation, Kush Groove Clothing Company, StageBandit LLC, PreApps, Brewed Bikes, U-Turn Audio, College Swagga, Prospective Plus, Mini Pops Inc., Cobar Systems, Harper Lei, Upgrade Journey LLC, Candlepin for Kids, Moniker Guitars, Presskit.to (Indie Ambassador), LeanWagon, Collaperty, Typeli, BIOLOM, AndrosRobotics LLC, Njabini Apparel, USpin, Encore Realty, Northeastern University Health Sciences Entrepreneurs, Northeastern University Social Enterprise Institute, NU Entrepreneurs Club, D’Amore-McKim School of Business Graduate Programs, and MassChallenge.

To learn more about these ventures and programs, visit IDEA’s portfolio page here. 

On October 11^th, IDEA: Northeastern’s Venture Accelerator announced the winners of September 2012 Gap Funding. In total, $24,000 was awarded to three of IDEA’s ventures: Narvii Inc., Cobar Systems, and Biolom, LLC.

Narvii Inc.’s signature product is “Amino”, a network of mobile, interest-based societies. Narvii has developed communities for people of similar interests from all over the world to interact with one another. Whether users are interested in video games, anime, or pets, Amino features an app unique to their interests that allows them to learn and to share their passion with people who “just get it.”

Cobar Systems is a software services company that provides web-based solutions for organizations in the field of continuity management and disaster recovery. Cobar develops intuitive and easy to use software that allows their clients to focus on their core business. Their main product is Themis, a management system for business continuity exercises providing tools to prepare, execute, and record exercises. Their program improves and validates recovery strategies in organizations.

Rounding out the recipients of Gap Funding, Biolom, LLC produces revolutionary biosensors for early detection and monitoring of diseases. Through the use of semiconductor fabrication techniques and nanotechnology, Biolom produces these micron-scale biosensors at a low-cost. The high sensitivity and specificity of the sensors would enable detection of deadly diseases at very early stages and could potentially save many lives. Biolom’s prototype has been tested in animal models for monitoring colorectal cancer and early detection of cardiovascular diseases.

The IDEA Gap Fund is a process that awards funding to ventures seven times throughout the year. The Fund commits up to $10,000 in capital to qualified ventures, according to their identified capital requirements. Ventures that apply for Gap Funding are reviewed through a joint effort by theIDEA Investment Committee and the Advisory Board based on five criteria: quality of market, quality of solution, quality of business model, quality of milestones, and quality of team.

To learn more about the GapFunding process, click here.

At the heart of every startup, an entrepreneur has a developed business plan, designed product or prototype, and a thought out marketing strategy. But in order to be successful in any economy, there’s one major barrier blocking the way: money, and lots of it. Networking with industry professionals is a key tactic to getting one foot in the door. And in the world of business, there’s one piece of advice that’s crucial and cannot be overlooked.

If there’s one thing every businessperson needs, it’s a pitch. A clear, concise explanation of what you do, how you do it, and what you can provide for clients. The perfect pitch is essential to getting your product or service recognized, networking with potential clients or investors, and pushing your company one step further towards success.

Picture this: you walk into a corporate office building and step into the elevator. You’re alone, except for one person standing next to you, who happens to be a well-known investor looking for the next big thing. This is the once-in-a-lifetime opportunity you have been waiting for to make your company thrive.

The idea of an elevator speech is simple: for you to tell someone the components of your business in the time it takes to ride up in an elevator. You only have 30 seconds or less to tell the story and get them excited about your business.

Crafting the perfect elevator pitch doesn’t happen overnight. It can takes weeks of trial and error, rewrite after rewrite. But once it’s solid and grasps attention, the future of your company can flourish.

Where do you start?

The first step is discovering what exactly it is that you want to promote. As an entrepreneur thinking about creating a venture, you need to have clarity of your idea – a clear-cut direction of your product or service. Creating the elevator pitch will then help you synthesize many of your concepts and thoughts in a summarized, clear statement of what the business is. Many would argue you should do this first before you even start working on a business plan.

The pitch should be very clear – including what problem are you solving, why it is a big opportunity, and what your unique solution is. Again, stated in less than 30 seconds! Most investors won’t even allow you to submit a business plan without hearing or reading the elevator pitch. And many (maybe most) make the decision to go further strictly by the elevator pitch!

With a flawless and practiced pitch, you are guaranteed to stand out amongst competitors in a shinning light.

Bob Lentz, Entrepreneur in Residence, contributed to this article.

On September 24^th, IDEA venture Annie Mulz celebrated the first full month in their Gloucester Street store space.  Founder Matt Osofisan describes Annie Mulz as “a metropolitan casual wear brand based on the concept of the ‘animal in man.’” Located just between Newbury and Boylston, the space was previously used as the Fenway Arts Center, a Back Bay landmark since the mid 1900’s.

Prior to moving to Back Bay, Annie Mulz sold their pieces through a variety of channels- including Bodega in Boston and a third-party online vendor.

Annie Mulz shares the space, dubbed “The Kyoto Jungle”, with Green Street Vault, another Boston-based creative apparel company. The store is a combination of the two brands, which Osofisan explains “share a very similar mindset in terms of the future of the city we are living in.”

Osofisan describes The Kyoto Jungle as a “concept store…started from the ground up and built out with multiple creative concepts in mind.” The end result of this creative development is a “fluid physical and visual layout” that juxtaposes their bright, bold clothing against abstract wall installations, creating an entirely unique shopping experience for their customers. Construction of the store was extremely labor intensive, as Annie Mulz and Green Street Vault built, painted, and designed every aspect themselves.

On August 24^th, Annie Mulz and Green Street Vault held an event for friends, press, and those that had helped to build the shop. The Kyoto Jungle officially opened for business on August 25^th with an opening party, which brought out more than 300 customers who enjoyed exploring the store while listening to some of Boston’s best DJ’s. Since their opening, Osofisan and his team have found this new location to be “the perfect marriage of commerce and creativity…the best we have ever had.”

Be sure to stop by the store, located at 50 Gloucester St., and keep an eye out for the brand’s highly anticipated “Cut and Sewn” tailored garments line to debut this fall!