The CET grant program provides a small amount of resources (grants from $100-$500) to student led ventures. The purpose is to encourage very early stage nimble, lean, validation exercises and activities.
The grant program helps with targeted, efficient funding of startup teams working on early milestones (pain validation, prototyping, product-market fit testing, market research, etc.)
- Grant money is not seed money.
- Grant money is not used to pay salaries, or buy perks, or pay rent, mortgage, etc.
- Grant money is only to be used to design, develop, and implement relevant business model tests and the interpretation of test data.
- Grants are only available to teams that have at least one full-time BYU student on the team who has key executive or decision making authority for the business. (We won’t provide grants to teams that put token BYU students on the team).
- Grants are given to those who have been through a review process with at least three CET administrators or founders.
To apply compile the information below in a document and produce a pitch video as described below. Send the document and video link to firstname.lastname@example.org
*Note: Applicants must be current BYU students
- First and last name
- Email address
- Anticipated graduation
- Company name or placeholder name (if you don’t have a name yet)
- Very brief idea description
- What stage is your business or idea at?
- Just an idea around a customer pain or opportunity
- Have a general sense of a solution
- Have a well-developed solution/business offering
- Have some validation of product/market fit and customer interest in the business idea
- Have customer interest (beta testing, customer mailing list, contracts, etc.)
- Have revenue
- Has your venture applied for a CET grant in the past?
- If so when?
- What was the outcome of the application?
- Have you had a CET Advisement session with a Student Advisor?
- Who did you meet with?
- What was the outcome of that session?
- Provide the names and information of all other team members (if any)
- Name, net-id, email, phone, major, student status (FT/PT/graduated)
- What are the roles for the team members, and what is their decision-making authority?
- What prior participation have you and/or team members (if any) had with BYU’s entrepreneurship offerings?
- ENT courses at BYU: name the courses
- Rollins Center competitions: name the competitions, dates, and outcomes for your team, including any prizes won
- If you receive a grant:
- Are you willing to provide at least a twice monthly report to the CET on the use of funds? (Once the grant is complete, reports are no longer required.)
- Are you willing to work each week with a CET mentor?
- If already working with mentors, who are you working with?
- How much money are you requesting?
- How do you plan on using the funding?
Quick Pitch Video
This can be a narrated powerpoint presentation (Learn how to narrate a PowerPoint presentation from Microsoft here or we also created our own guide here.) It doesn’t need to be long… from 90 seconds to 5 minutes at the most. Cover the key points in the Lean Canvas or Business Model Canvas listed below. The grants are intended to help you validate the customer pain, solution, or business model. Present your best guesses if you haven’t yet validated any of these items, but where you have already done validation or have evidence, make sure you include that.
- What pain are you are solving? Who is the potential customer experiencing this pain/need? How big an opportunity does this pain present? Persuade us that this is an important pain, an a big enough opportunity to deserve your effort and our financial support. If you have already done validation of the pain, present that.
- What solution do you have in mind? Describe in detail what the solution is, how it will solve the pain, and why it is better than other competitors and substitutes. If you have already validated that customers are interested in this solution, present that.
- What is your business model? How will you market, sell and deliver your solution? How much will it cost you to produce or provide the services? How much will you charge the customers? If you have validated any of these aspects of your business model, provide support for the validation.
- What do you need to validate next (could be the pain, solution, or business model)? What are your assumptions/hypotheses and what experiments will you run to test these?
- How much grant money do you need to run these tests? How exactly will it be used?
- How will you analyze the evidence from the test after you run the experiment?