Client
Creative Destruction Lab (CDL) is a nonprofit organization that delivers an objectives-based program for massively scalable, seed-stage, science- and technology-based companies.
Services
- Strategic Advisory
- Market Research
- Competitive Analysis
- User Interviews
- Program Design
- Process Roadmapping
Outcomes
- Updated program launched in 2022
- Material increase in "graduation" from Nurture to formal CDL program
- Nurture program extended to fellow CDL network sites
Context
Creative Destruction Lab (CDL) is a nonprofit organization that delivers an objectives-based program for massively scalable, seed-stage, science- and technology-based companies. The program enhances the performance of technical founders who learn from the insights of experienced entrepreneurs, increasing their probability of success. Since its inception in 2012, CDL has grown to include 23 streams across 13 global sites, with companies participating in the program generating over CAD $35 billion in equity value. Despite this tremendous success, CDL was struggling to support promising companies that were not yet ready for admission to its competitive program. Providing this group with a clear pathway to becoming “CDL-Ready” was therefore identified as a key priority.
Process
Recognizing press PLAY's expertise in market research, program development, and supporting early-stage startups, CDL-Rockies engaged the firm to reimagine its Nurture Program. The goal of this project was to identify ways to better engage promising deep tech founders by providing them with a clear understanding of CDL admissions requirements and the process of building massively scalable companies. Our project kicked off by reviewing past applicants who failed to advance to the second round of interviews, enabling us to identify our primary audience as well as the skill and knowledge gaps which prevented them from becoming strong candidates for the program. In doing so, we determined that the primary audience for the updated program would be academics and researchers with novel technologies, and that these individuals often lacked a strong awareness of the business skills necessary to successfully commercialize their innovations.
Working closely with CDL-Rockies’ Director of Programming, we brainstormed, tested, and refined strategies to better engage this target audience. Initiatives included increased engagement between CDL-Rockies and academic departments, an educational webinar series, and mentorship from successful academics-turned-founders. By mapping the pathways through which the target audience engaged with CDL-Rockies, we were able to identify relevant touchpoints that could be used to foster deeper relationships between founders and the incubator early on. This enabled ventures to better understand the rigor of the CDL program, gauge their potential fit, ask questions, and receive relevant coaching from CDL-Rockies staff. The outcome was a program framework for the updated Nurture Program which outlined relevant programming and delivery channels to support founders across different stages of the startup journey. Furthermore, a comprehensive rollout plan outlined different engagement options for connecting with founders, enabling the CDL-Rockies team to make adjustments based on feedback from target users.
Outcomes
Based on the framework developed with press PLAY, the updated Nurture Program was launched in Fall 2022 with an emphasis on programming, peer-to-peer learning, and community building, providing participants with both knowledge and resources to become solid candidates for the CDL program. Within one year, CDL witnessed a significant improvement in the “graduation rate” from Nurture into the formal CDL program, with several Nurture participants distinguishing themselves as among the strongest participants in CDL. The Nurture program has since grown beyond its initial single pilot location to encompass the majority of CDL’s 13 global sites, which serves as a testament to the updated program’s effectiveness in serving as a feeder for qualified applicants.