This information applies only to the way in which the Center selects entrepreneurs and emerging companies as clients.  Because client selection is a critical component of the educational experience of the students and thus in furthering the Center’s mission, the students play a crucial and intensive role in the process.  The selection process is usually the first point of contact that the students and prospective clients have with each other.  Client relationships with research institutions, including the nature and scope of services and compensation, are specially negotiated in each instance.

Intake Form

All entrepreneurs or emerging companies wishing to be considered for acceptance into the Center’s program must complete and send in the Center’s Intake Form.  This is required regardless of how the prospective client learned about the Center.    Neither the Intake Form nor any if the attachments should contain any information the prospective client considers confidential.

Even though the prospective client should supply only non-confidential information and regardless of the nature of the services the Center may be asked to provide, the Center (including its Board of Directors) and its students will maintain the information on the Intake Form and all other information we receive from a prospective client strictly confidential.  This is in keeping with our professional obligations under the Maryland Lawyers’ Rules of Professional Conduct, which applies to all of our interactions with actual and prospective clients.  BY SUBMITTING THE INTAKE FORM IN ANY MANNER WHATSOEVER, THE PROSPECTIVE CLIENT GIVES ITS CONSENT TO THE CENTER’S FURNISHING THE INFORMATION ON THAT FORM AND ANY ADDITIONAL INFORMATION THE CENTER HAS RECEIVED FROM THE PROSPECTIVE CLIENT – REGARDLESS OF WHETHER THE PROSPECTIVE CLIENT CONSIDERS SUCH INFORMATION TO BE CONDIDENTIAL --  TO PARTICIPATGING LAW FIRMS AND OTHER PARTICIPATING PROVIDERS, UNDER THE SAME OBLIGATIONS OF CONFIDENTIALITY THAT APPLY TO THE CENTER, SO THAT THEY CAN DECIDE WHETHER TO ACCEPT THE PROSPECTIVE CLIENT AS THEIR CLIENT UNDER THE CENTER’S PROGRAM.  THE CENTER WOULD FURNISH SUCH INFORMATION ONLY IF THE CENTER IS PREPARING TO ACCEPT THE PROSPECTIVE CLIENT INTO THE CENTER’S PROGRAM

The Intake Form is modeled on the on-line applications used by the world’s most successful venture and entrepreneurship forums and is designed to elicit information about the quality of the business model and how thoroughly the entrepreneur has considered it.  After the Center receives the completed it will be assigned to a student team.

Intake Interviews

After the students and Center staff have had an opportunity to review the Intake
Form and conduct some preliminary research, the prospective client will be asked to participate in an intake interview.  If there are more than one principal comprising the prospective client, all must participate simultaneously.  This can be accomplished by web-based meetings, videoconferencing or conference call. 

At the intake interview, the students, Center staff and the prospective client group will engage in an in is an extensive and intensive dialogue in which the Center seeks to learn as much as possible about every aspect of the prospective client’s business, the way in which the principals have analyzed their business model and strategy, and how the principals interact with the Center and each other.  The students and Center staff will use the intake interview to ascertain the kinds of assistance the prospective client needs.  They will describe the many types of services the Center provides and will endeavor to establish a list of priorities with the prospective client.  It may be necessary to schedule additional interviews with the entrepreneur or with some or all of the representatives of the prospective client.

During the intake interview process, the prospective client is likely to share confidential information with the students and Center staff, but these disclosures are protected by the strongest obligation of confidentiality possible:  the Center’s professional obligation set forth in the previous section.  Thus it is unnecessary for the Center to execute a Confidentiality Agreement, and the Center will not do so.

Review

The Center believes its educational mission can best be achieved by working only with the highest quality emerging companies and the savviest and most creative and flexible entrepreneurs.  Thus our client acceptance process is very selective and looks for companies that have good chances to succeed regardless of economic conditions.  Among the Center’s criteria in determining the educational value to its students in working with a prospective client are:

• A product or service for which there is a serious need and for which customers are prepared to pay
• Well analyzed and considered business plan with, among other things,  a realistic path to the marketplace, a knowledge of actual and potential competition, the ways in which the business will deal with competition, and  funding, strategic alliance and an exit strategies
• Willingness to consider and accept advice, particularly in considering alternatives and in complying with principles of corporate governance
• If there are multiple principals, whether they have worked out their own arrangements for sharing ownership, income and management or are proceeding to do so
• Personal interactions
• Verbal and written communication skills
• Types of services needed
• Timing and workload considerations

After discussion among the students and staff who participated in the intake interviews, the prospective client is discussed at a meeting of all students and staff.  The participating students present a report to the group, and the group makes a recommendation to the Director.  Although the Director has the discretion to overrule the recommendation, request that the Center’s Board of Directors review the recommendation, or request additional interviews, it would be unusual for the recommendation of the group not to become the decision of the Center Student teams may provide informal guidance under supervision to an entrepreneur or company not accepted as a client if the students and the Center’s staff conclude that the recipient would be receptive and there is a clear educational benefit to the students.

Action

If the decision is not to accept a prospective client into the Center’s program, a letter to that effect is sent by e-mail, with a hard copy sent via the United States Postal Service.  The Center’s professional obligations to prospective clients, as set forth in the Maryland Lawyers’ Rules of Professional Conduct, remain in effect.  Prospective clients that the Center does not accept may reapply but must repeat the entire selection process.

If the decision is to accept the prospective client, the Center will ask Predicating Firms (legal services) and Participating Providers (non-legal services) whether they wish to work with the prospective client under the terms of the Center’s program.  As set forth above, the prospective client has consented by submitting the intake form for the Center to submit information the Center has received from the prospective client, whether the prospective client considers such information to be confidential, to Participating Firms and Providers.  Irrespective of th4e Center’s initial decision, the Center will not accept a client into the program unless a Participating Firm or Participating Provider agrees to work with the prospective client under the terms of the Center’s program.

Once accepted, the prospective client must sign the Center’s legal or non-legal engagement letter, or both, and remit any retainer that the Center requests.  The prospective client must also sign an Engagement Letter with each Participating Firm and Participating Provider that has accepted them as a client under the Center’s program.  Only after all of these steps have been completed can services begin.