The Ratcliffe Environmental Entrepreneurs Fellowship (REEF) program was established in Fall of 2014 and is supported by the Philip E. and Carole R. Ratcliffe Foundation. REEF is offered to graduate students, post-docs and FRAs across University of Maryland Center for Environmental Science (UMCES) and Institute of Marine and Environmental Technology (IMET). Participants are accepted into the program based on an application process. The program helps build skills that are often overlooked in the science field. The course introduces the basics of intellectual property, budgeting, market research, strategic communication, and presenting ideas to potential funders. REEF is an introduction and application of business and innovation concepts that are needed to advance science, function as a leader, and hone integrated decision-making skills.

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Ratcliffe Environmental Entrepreneurs Fellowship (REEF)

The Ratcliffe Environmental Entrepreneurship Fellows (REEF) program is a non-credit course that covers topics that put science into action. These include business concepts related to invention, technology transfer, and reaching a target audience. REEF is a significant investment of time for a student, as they attend classes that are held at the Institute of Marine and Environmental Technology (IMET) in Baltimore multiple days a month throughout a schoolyear and work on their own 0 - 50 hours during the course of the program to create a product concept. Topics include intellectual property, identifying your market, engaging with others, negotiations, agreements and teams, funding and budgeting, and pitching. The program culminates in a short pitch of the business/product to a panel of entrepreneurs, and investors. By the end of the program, students have developed leadership skills, an understanding of developing and scaling innovation, confidence and adaptability in presenting to a range of audiences, and a deeper understanding of strategic communications in the sciences.

Topics and related competencies include:

Intellectual Property

Students will be able to:

• Identify and differentiate between various types of intellectual property, including patents, trademarks, copyrights, and trade secrets.
• Explain the basic processes for obtaining legal protection for intellectual property and the rights and responsibilities associated with these protections.

Budgeting

Students will be able to:

• Develop a budget, including the principles of cost estimation, resource allocation, and financial planning.
• Define the process in creating budgets for research projects, with a basic knowledge of securing grants and ensuring compliance with funding requirements.
• Create a multi-year financial pro forma for a product line or company.

Marketing

Students will be able to:

• Identify and use business databases to evaluate and assess market segments and sectors.
• Understand the qualities and importance of customer discovery and the needs
  that create business opportunities.
• Identify and analyze target audiences for their products and tailor products and messaging to engage these audiences effectively.

Communication Skills

Students will be able to:

• Develop basic communication plans for their proposed business.
• Identify and/or create clear, concise, and visually compelling messages tailored to different stakeholders, including the general public, policymakers, and the scientific community.

Pitching Ideas to Funders

Students will be able to:

• Develop a compelling pitch that clearly articulates the value and impact of their proposed business to potential funders.
• Develop or enhance their presentation skills, including the use of visual aids, storytelling techniques, and effective delivery to engage and persuade funders.
• Anticipate and address potential questions and concerns from funders, demonstrating preparedness, confidence, and the potential for successful project outcomes.

Mastery level
To demonstrate mastery, students are required to plan a business and ‘pitch’ their concept to a panel of potential funders. The pitch includes typical elements such as business opportunity, problem-solution fit, competitive landscape, product development, funding estimates, and team. They will utilize the newly acquired communication techniques, anticipating questions, and concisely explaining their concept, budget needs, target audience, marketing strategy, and timeline.