The Innovation Fund Investment Team makes a real impact on Penn’s startup ecosystem!
The Investment team includes students from across Penn’s Schools and grade levels. Investment Team members review applications from Penn student founders and select the best funding opportunities to accelerate the growth of Penn’s startup ecosystem.
Fund Your Startup
Please note that the Innovation Fund is open only to currently enrolled students pursuing a degree-granting program (Bachelors, Masters, or Doctorate) at the University of Pennsylvania.
Note: that you can apply for one type of award (Validation or Implementation or Launch, if eligible) per application cycle. You should choose the award level that best suits your venture development stage.
Note: that you can apply for one type of award (Validation or Implementation or Launch, if eligible) per application cycle. You should choose the award level that best suits your venture development stage.
| 2024-2025 | Applications Open | Application Deadline | Applicants Notified |
|---|---|---|---|
| Cycle #1 | Fri., Sept. 20 | Sun., Oct. 6, 11:59 PM Eastern Time | Fri., Nov. 1 |
| Cycle #2 | Fri., Oct 11 | Sun., Nov. 3, 11:59 PM Eastern Time | Fri., Dec. 6 |
| Cycle #3 | Fri., Nov 8 | Sun., Jan. 26, 11:59 PM Eastern Time | Fri., Feb. 28 |
| Cycle #4 | Fri., Jan 31 | Sun., Mar. 16, 11:59 PM Eastern Time | Fri., Apr. 25 |
FAQ
Full eligibility details and application requirements can be found as part of each Innovation Fund Award application.
The Penn Wharton Innovation Fund awards are for early-stage startup ventures founded and led by one or more University of Pennsylvania students. Please see below for full eligibility requirements and rules.
Key requirements for all ventures and venture ideas submitted to the Innovation Fund include but are not limited to -
The Penn Wharton Innovation Fund awards are for early-stage startup ventures founded and led by one or more University of Pennsylvania students. Please see below for full eligibility requirements and rules.
Key requirements for all ventures and venture ideas submitted to the Innovation Fund include but are not limited to -
- - Identifying a problem that either has no current solution, an inadequate solution, or a solution that’s only available to a premium segment of the customer base, and finding new solutions to that problem.
- - Attempting to carve out a brand new market or to disrupt an industry and gain market share.
- - Developing and testing business models focused on growth, scalability, and value creation.
- - Itemized budget detailing exactly how award funds would be used and how that would directly support venture development.
- - Ability to clearly articulate how the venture is providing a meaningfully innovative solution to a key problem faced by potential users/customers.
What is the deadline policy for the Penn Wharton Innovation Fund award?
Applications must be fully completed and submitted before the deadline of 11:59 PM Eastern Time, on the posted deadline date for a particular program and/or award’s application cycle.
If an applicant misses a deadline due to technical or other issues, unforeseen or otherwise, their application will not be considered. Please factor in enough time to ensure there are no obstacles, technical or otherwise, before the deadline. Deadline extensions or opportunities to correct or improve an application will not be permitted.
Applicants are encouraged to submit their application at least one (1) business day before the deadline, during normal University of Pennsylvania business hours (9AM - 5PM Eastern) to account for any troubleshooting that might be needed. There is no one 'on call' to assist with troubleshooting application submission issues, technical or otherwise.
If an applicant misses a deadline due to technical or other issues, unforeseen or otherwise, their application will not be considered. Please factor in enough time to ensure there are no obstacles, technical or otherwise, before the deadline. Deadline extensions or opportunities to correct or improve an application will not be permitted.
Applicants are encouraged to submit their application at least one (1) business day before the deadline, during normal University of Pennsylvania business hours (9AM - 5PM Eastern) to account for any troubleshooting that might be needed. There is no one 'on call' to assist with troubleshooting application submission issues, technical or otherwise.
What are the applicant eligibility requirements for the Penn Wharton Innovation Fund award?
- Each application must have a Lead Applicant who accepts responsibilities including but not limited to -
- Submitting the application via SurveyMonkey Apply (SMA) for the venture and on the behalf of any additional team members
- Acting as the primary contact point for Venture Lab, including individuals or entities designated by Venture Lab (ex. mentors, pro-bono supports, etc.)
- Submitting additional materials or deliverables to Venture Lab as required by Venture Lab staff.
- If the venture is not incorporated, then accepting the role as the Individual Payee for any award funding received, and ensuring their bank and contact details in Penn's Supplier portal are up to date.
- The Lead Applicant must be a currently enrolled degree candidate student (bachelor’s, master’s or doctoral degrees conferred by the University of Pennsylvania) at the University of Pennsylvania. The Lead Applicant must be the person under whose SurveyMonkey Apply (SMA) account the application is submitted.
- Note: If Student A is the Lead Applicant, then the application must be submitted under Student A's SurveyMonkey Apply account.
- The Lead Applicant will be responsible for making all decisions regarding any award funds and will be the only point of contact for the Venture Lab staff/team.
- Award funds will be paid directly to the Lead Applicant or to the corporate entity, if the venture is incorporated. Note that select awards cannot be paid to an individual and must be paid to the venture’s corporate entity. Please see the individual program or award rules and requirements for details.
- The Lead Applicant will be the point of contact for any pro-bono support/awards, mentors, or any other offering provided by the award or program.
- Note that some programs and awards have additional eligibility requirements. For example, some programs and awards may have grade level or School requirements or have prerequisites. Please see the individual program or award rules and requirements for details.
- The Lead Applicant must have played a significant role in conceiving the venture, hold a key management role in the venture, be actively involved in the venture, and participate in any interviews and/or pitches, meetings, advising/coaching sessions, etc. as applicable.
- Students on a leave of absence from Penn are not permitted to be a Lead Applicant, although they are permitted to be a Team Member.
- International students currently enrolled in a Penn degree granting program (bachelor’s, master’s or doctoral degrees conferred by the University of Pennsylvania) are eligible to be a Lead Applicant or a Team Member.
- International students are encouraged to meet with their advisor at Penn’s ISSS office, to ensure they are following all applicable student visa requirements. The Venture Lab staff cannot advise students on how their application, venture, or award could impact their student visa status.
- Individuals who are not currently enrolled degree candidate students (bachelor’s, master’s or doctoral degrees conferred by the University of Pennsylvania) at the University of Pennsylvania are eligible to be on a team, but cannot be the Lead Applicant.
- This includes but is not limited to Penn alumni, faculty, or staff, individuals taking Executive Education, certificate, or not-for-credit courses, exchange students, visiting students/scholars, and individuals with no Penn affiliation.
- The Lead Applicant, all other applicants/team members, the venture, and the application must not violate the University’sCode of Student Conduct,Code of Academic Integrity, or any other Venture Lab, The Wharton School, or University of Pennsylvania policy. The Lead Applicant, all other applicants/team members, the venture, and the application must not violate any local, state, and/or federal law.
What are the venture eligibility requirements for the Penn Wharton Innovation Fund award?
- Ventures that have received more than $1.5M in equity investment at the time the application is submitted are not eligible.
- Both for-profit and nonprofit ventures are eligible.
- To be eligible for an Implementation or Launch Innovation Fund Award, a venture must have a revenue model, regardless of entity type or planned entity type. This includes ventures that are incorporated or will be incorporated as nonprofit entities or B-corps.
- The venture and application must meet all requirements of the specific Innovation Fund Award (Validation, Implementation, or Launch). Please see the individual program or award rules and requirements for details.
- The venture must not violate the University’sCode of Student Conduct,Code of Academic Integrity, or other Venture Lab, The Wharton School, or University of Pennsylvania policy.
- The venture must not violate any local, state, and/or federal law.
Are there other eligibility requirements for the Penn Wharton Innovation Fund award?
- All submitted materials must be the original work of the participating applicant(s). By submitting an application, all applicants warrant that the application and any submitted materials do not infringe on any proprietary or other right of others.
- The venture and application must meet all requirements of the specific Innovation Fund Award (Validation, Implementation, or Launch). Please see the individual program or award rules and requirements for details.
- The applicant, venture, and/or application must not violate the University’sCode of Student Conduct,Code of Academic Integrity, or other Venture Lab, The Wharton School, or University of Pennsylvania policy.
- The applicant, venture, and/or application must not violate any local, state, and/or federal law.
Do any of the awards have prerequisites or have to be received in a certain order?
- The Validation Award and Implementation Award do not have prerequisites. A venture can receive an Implementation Award without previously receiving a Validation Award.
- If a venture receives an Implementation Award without previously receiving a Validation Award, the venture is no longer eligible for a Validation Award.
- To be eligible for the Launch Award, a venture must have previously received an Implementation Award.
- If the venture has significantly changed after receiving the Implementation Award, the venture may not be eligible to apply for the Launch Award.
- The Launch Award application must be submitted by the same Lead Applicant who submitted the winning Implementation Award application.
- If the Lead Applicant has left the venture and another team member would like to apply for the Launch Award for the venture, both the previous Lead Applicant and the team member must submit a request to the Innovation Fund staff at least one (1) week prior to the application due date. The proposed new Lead Applicant must meet all eligibility requirements.
Can a venture be submitted for more than one award in an application cycle?
- One application per venture can be submitted for one type of award (Validation, Implementation or Launch, if eligible) per application cycle. Applicants should choose the award level that best suits the venture’s development stage.
- If applications are submitted for multiple Innovation Fund awards for the same venture in the same application cycle, even if by different Lead Applicants, the Investment Team will review the application for the smallest award amount.
- Example: In Cycle #2, applications are submitted for both the Validation Award and the Implementation Award for Venture X. The Implementation Award application will be rejected and the Investment Team will review the application for the Validation Award, pending it meeting all requirements.
What is the selection process for the Innovation Fund awards?
- All funding decisions are made by the Innovation Fund Investment Team, which is composed of current students from across the University of Pennsylvania.
- Applications are evaluated on criteria relevant to the specific Innovation Fund award type, aligned with the submitted venture’s development stage. See each Innovation Fund award type for further details regarding criteria.
If I don’t win an award, can I reapply?
- If an application doesn’t receive an Innovation Fund award, the applicant can apply again for the award in a later application cycle, as long as the applicant, venture, and application all continue to meet the eligibility requirements and criteria.
- If an applicant receives an Innovation Fund award, they are eligible to apply again for that same award type with a different venture.
Does the Innovation Fund, Venture Lab, or the University of Pennsylvania take equity in a venture that receives an Innovation Fund award?
- The Innovation Fund and Venture Lab do not take equity or claim ownership of any student ventures, regardless of award status.
- Receiving an Innovation Fund award does not grant the University of Pennsylvania any equity in your venture.
- To determine if the University of Pennsylvania is eligible to claim equity or ownership in your venture, contact the Penn Center for Innovation.
How are the funds received as part of an Innovation Fund award paid?
- Award funds can be paid to either the Lead Applicant or to the venture’s corporate entity, if the venture is incorporated. Award funds can only be paid out to the Lead Applicant or corporate entity - another Payee will not be accepted.
- The Lead Applicant is responsible for making all decisions regarding how the award funds are paid, for submitting all paperwork, and completing all tasks as part of the award process, as well as communicating all decisions to their team.
- Venture Lab is not responsible for how the Lead Applicant decides to distribute or use the funds and will not become involved in any disputes between team members or company representatives.
- The Lead Applicant is responsible for submitting a thank you note for the donor, project reports to Venture Lab staff that outline the use of the funds as well as the venture’s status and progress, and any other deliverables required by Venture Lab. Applicants agree to participate in any engagement opportunities (ex. Meetings with the donor) as required by Venture Lab. Applicants agree to inform the Venture Lab staff if they should proceed with a venture capital round in the future. Applicants agree to respond to inquiries from Venture Lab and the donor regarding the company's progress and to make themselves available to meet with a Venture Lab representative and/or the donor as requested.
Is an Innovation Fund award taxed?
- Yes, the IRS considers all funds received from the Innovation Fund award as taxable income for the Payee.
- Note that individual Payees who are international students will have 30% tax withheld by the University of Pennsylvania.
- The Payee is required to report the award amount received to the IRS on their personal or business income tax returns.
- Venture Lab staff and the Innovation Fund team cannot provide tax advice or recommendations regarding payment. Students are encouraged to speak with a tax advisor, accountant, or attorney if they need advice.
- The University of Pennsylvania will mail tax forms directly to the Payee early in the calendar year following the year the Payee receives the award.
- All questions regarding taxes can be directed to https://benhelps.upenn.edu.
What are appropriate uses for an Innovation Fund award?
- Funds should be used in a way that makes a direct impact on venture development.
- Applicants are required to provide an itemized budget, and, if applying for the next level award, are required to explain how they used the funds from the previous award.
- Examples of appropriate uses of funding include but are not limited to: building and testing prototypes, purchasing technical and legal resources, hiring employees or interns, conducting surveys or focus groups, running a pilot or beta test, website development.
- Note that these are stage dependent and might not be appropriate for all stages of venture development.
- Examples of inappropriate uses of funding include but are not limited to: reimbursing team members’ personal expenses, paying for a resource students could access free of charge, travel expenses, paying for an expense unrelated to venture development or that won’t make a meaningful impact on venture development.
Can an application or applicant be disqualified?
Venture Lab reserves the right to disqualify any applicant, participant, team, venture, and/or application for good cause, including but not limited to the following reasons:
- Violation of the University’sCode of Student Conduct,Code of Academic Integrity or other Venture Lab, The Wharton School, or University of Pennsylvania policy
- Violation of any local, state or federal law
- In Venture Lab’s estimation, the application is incomplete and/or does not present sufficient content or material appropriate to merit sending to the Investment Team for evaluation and feedback.
- The applicant(s), venture, or application does not comply with applicable rules and requirements.
- The applicant(s), venture, or application does not meet the eligibility requirements of the Innovation Fund.
What resources are available to support my venture development?
- Applicants to the Innovation Fund are encouraged to join Venture Lab’s Venture Initiation Program. The Venture Initiation Program (VIP) offers a suite of programs for founders, joiners, and navigators alike that are designed to engage and empower entrepreneurial teams at every stage of their journey.
- Applicants are also encouraged to meet with an expert through Venture Lab’s Visiting Experts program. The program provides opportunities for students to meet with alumni founders, entrepreneurs, operators, subject matter experts, and other technical and industry experts in one-on-one or in small group AMA session formats. Visiting Experts are available to provide students with insights and guidance into the practical, conceptual, and personal challenges of launching, acquiring, or growing a venture.
- For more information about Venture Lab’s programs and resources, please visit the Venture Lab website. To speak with a Venture Lab staff member about Venture Lab’s programs and resources, please sign up for an office hours appointment.
Is my application kept confidential?
- Applications to Venture Lab programs and/or awards will be shared with Venture Lab staff and with the selection committee assigned to review the submissions. For the Penn Wharton Innovation Fund, the selection committee is the student Investment Team. Applications and other data collected as part of Venture Lab programs and/or awards also may be shared with faculty and researchers for the purpose of academic research and/or improvement of the award and Venture Lab’s programming. Results from research of this type may be published in the aggregate, and without disclosing personally identifiable information about applicants.
- Confidentiality agreements/NDAs are not signed as part of Venture Lab programs and/or awards. The final decision about applying to Venture Lab programs and/or awards and about what information will be shared is the responsibility of the Lead Applicant. It is the responsibility of all applicants to keep confidential information confidential and to maintain the confidentiality of their own intellectual property and trade secrets.
Can I publicly post that I won an Innovation Fund award? Will I be featured on the Venture Lab website?
- If selected for a Venture Lab programs and/or to receive a Venture Lab award, applicants authorize The Wharton School and the University of Pennsylvania to use their names, interviews, and likenesses in all media, including but not limited to video, print and electronic media, in such manner as Penn may deem advisable for the purpose of publicizing the work of Penn and in materials controlled by Penn. Participants acknowledge that they are not entitled to reimbursement for the use of their name, photograph or participation in any and all media developed about and by Penn. (Please note that MBA students have already agreed to this as a condition of their enrollment at Wharton.)
- You may factually state that you or your entity received a specific award or program acceptance from Venture Lab, and note the relevant donor, unless the donor wishes to remain anonymous, in your press releases, marketing material, and other public statements. However, except as stated in the previous sentence, you and your entity will not use any name, trademark, or logo of Venture Lab, Penn, Wharton or any Penn or Wharton program, without the prior written consent of an authorized representative of Penn, Wharton or the applicable Penn or Wharton program. You may not use any Venture Lab, Penn, Wharton, or Penn or Wharton program name, trademark or logo in a way that states or implies endorsement of your venture or product or project. You also may not use any logos or likenesses of the donor or the donor's company/employer without prior written consent of the donor's authorized representative.
- Please note that some Venture Lab competition stages, (ex. the Startup Challenge Finals) are open to the public, including members of the media/press.
Is Venture Lab responsible for relationships I may develop with mentors, judges, etc.?
- The organizers of any Venture Lab programs and/or awards, Venture Lab, The Wharton School, and the University of Pennsylvania take no responsibility for agreements made or relationships that develop between any of the applicants, reviewers, funders, mentors, advisors, or sponsors, or any other individuals or entities the applicants may encounter as part of a Venture Lab program or award. This includes the decision regarding how to distribute any cash awards among team members. The award funds will be paid to the Payee and via the payment method identified by the Lead Applicant.
How do I apply for an Innovation Fund award?
- Log in to SurveyMonkey Apply with your PennKey login credentials
- If this is your first time using Venture Lab’s SurveyMonkey Apply platform, complete the Eligibility form.
- Select ‘Programs’ in the top right corner
- Navigate to the specific Innovation Fund award type that you wish to apply for (Validation, Implementation, or Launch, if eligible).
- Note that you must have received an Implementation Award before you will be granted access to the Launch Award application (see above for more details).
- Applications must be fully completed and submitted before the deadline of 11:59 PM Eastern Time, on the posted deadline date for a particular application cycle.
- If an applicant misses a deadline due to unforeseen technical issues, their application will not be considered. Please factor in enough time to ensure there are no obstacles, technical or otherwise, before the deadline. Deadline extensions or opportunities to correct or improve an application will not be permitted.
- Applicants are encouraged to submit their application at least one (1) business day before the deadline, during normal business hours (9AM - 5PM Eastern) to account for any troubleshooting that might be needed. There is no one 'on call' to assist with troubleshooting application submission issues, technical or otherwise.
Wharton Entrepreneurship played a huge role in Avisi's early days. As student entrepreneurs, we hardly knew where to start; but the community gave us the resources, support, and confidence to overcome countless challenges and create a medtech venture. If you're a student, I highly encourage you to explore Venture Lab and think about pursuing entrepreneurship to solve issues you're passionate about - if not now, when, and if not you, who?
Rui Jing Jiang, CEO & Co-Founder, Avisi Technologies Inc
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