The Startup Internship Awards are awarded to select students who will spend the summer interning at a startup and who demonstrate both a commitment to entrepreneurship at Penn and to pursuing an entrepreneurial career. The objective of this award is to provide financial support for students who would be making a financial sacrifice by taking unpaid or underpaid summer internships at startup companies.
DEADLINE: Thursday, June 1, 2017, 11:59 pm (Eastern) – all applications are reviewed after the deadline.
Penn Wharton Entrepreneurship is grateful to the donors who support the Startup Internship Award. This award would not be possible without their generous support.
- The Rosalind (WG’76) and Roy (WG’76) Neff Entrepreneurial Internship Fund
- The Jeff Sutton (W’81) Entrepreneurship Internship Fund
- Anonymous, in honor of Dr. William Zucker, Meshulam Riklis Professor Emeritus of Creative Management, The Wharton School
Student Eligibility Requirements
- University of Pennsylvania undergraduates (rising sophomores, juniors and seniors) and rising 2nd year Wharton MBAs are eligible to apply. Penn graduate students who will be returning to Penn for at least one more year are also eligible to apply.
- Student’s compensation from the startup must be below $4500 per month ($1040 per week). This amount is based on median salary information for students working at startups from MBA Career Management and Penn Career Services.
- MBA students who are sponsored by their previous employer are not eligible to apply.
- Previous Entrepreneurial Intern Fellows are not eligible to receive an additional award.
- Students applying for an award may not be on the founding team of the startup. Student founders can apply for a Wharton Venture Award (deadline is in January of each year).
Company Eligibility Requirements
- Companies should be in the early market penetration stage (i.e. it is unlikely that a student interning at a 10 year old company will receive an award, even if it meets the revenue and employee criteria).
- Companies must have less than $25 million in revenues (as of company’s last full fiscal year) and fewer than 200 employees. Companies are not required to disclose exact details, but should confirm that they meet the stated revenue and employee count requirements in the company letter.
- The following are not eligible: consulting firms, financial services firms, VC/PE firms, accelerators, incubators, or internships secured through third-parties or programs that require a student to pay to intern/secure an internship/participate in an internship program.
- The startup may be bootstrapped, have VC/angel funding, be acquired through a search fund, etc.
- No more than 2 interns at a particular company will receive a Startup Internship Award.
Internship Eligibility Requirements
- Internships should engage students in the day-to-day work of a founder during the instability/development phase of a startup that is working to scale.
- The award is designed to support students who will be actively contributing to the growth of a start-up over their summer by gaining functional skills such as sales, marketing, operations, business development, finance, product management, or product development.
- Students must be interning full time (35+ hours/week) for at least 10 weeks during the summer.
- Students must be working directly with the founding team in the company office.
- Students may not work remotely/virtually.
- Students are required to accept an internship offer at a startup before applying for an award.
Wharton Entrepreneurship will strive to award students whose applications meet the following criteria –
- Student has a strong entrepreneurial background and/or entrepreneurial career ambitions
- The summer internship experience is clearly entrepreneurial and the student intern will develop/hone entrepreneurial skills
- Student has a demonstrated history of contribution to entrepreneurship at Penn/Wharton, and to a lesser extent, the Philadelphia entrepreneurial community
- Student, internship and company meet all of the eligibility requirements
How to Apply and Timeline
- Eligible students can apply online – Coming Soon!
- Applicants must upload a resume and the internship offer letter from the startup, and complete the application form.
- Deadline to apply: Monday, June 1, 11:59 pm (Eastern)
- Review process: Applications are not reviewed on a rolling basis. The selection committee will review all applications after the deadline. Students will be notified if they will or will not receive an award. The date of notification will depend on the number of applications the committee needs to review. Students can generally expect to receive an email notification sometime in the two to three weeks following the application deadline.
- Receiving award checks: Students receiving an award will need to submit financial paperwork to the Wharton Entrepreneurship office. It will then be reviewed and submitted to the Finance Office. Due to the University’s Fiscal Year deadlines, students can expect to start receiving award checks in August.
What is the average amount an awardee can expect to receive?
- Award amounts can range from $500 to $3000 and the compensation an intern will receive from the startup is taken into account. The Startup Internship Award is competitive and not all students who apply will receive an award, even if the eligibility requirements are met.
Does Wharton Entrepreneurship provide matching awards and/or school credit?
- Wharton Entrepreneurship does not offer compensation matching awards.
- Wharton Entrepreneurship does not provide school credit. For questions regarding receiving school credit for an internship, students should talk to an academic advisor.
Do I have to accept an internship offer before applying?
- Yes. Students are required to accept an internship offer at a startup before applying for an award. The signed offer letter/contract must be included with the application.
How do I find an internship at a startup?
- There are many ways that students secure internships at startups. We suggest that students visit advisors at MBA Career Management or Penn Career Services. Both offices have staff members who work to identify opportunities for students interested in an entrepreneurial career path. Additionally, students are encouraged to utilize the Penn/Wharton alumni network to find out about any startup internship opportunities. A thorough (although not exhaustive) list of resources can be found on our website. Students can sign up for our listserv by emailing firstname.lastname@example.org; we will occasionally send out internship opportunities with alumni start-up companies.
Does having a paid or unpaid internship increase my chances of receiving an award or the amount I could receive?
- Students are encouraged to negotiate the highest level of compensation (including in-kind compensation) possible from the company, while keeping in mind that startup internships may not offer as much compensation as those at more established companies. Students should not consider this award a substitute for negotiating a salary. However, to be eligible to apply for an award, the applicant’s compensation from the startup (including salary and other compensation) must be below the previous summer’s median compensation for students interning at startups for applicant’s class year.