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Penn Wharton Startup Challenge
April 01, 2024
To find the best entrepreneur who can show that their startups are ready to become the next big thing in any industry
Description
Timeline
FALL SEMESTER
Work on your venture idea and build your team.
Find resources using our Entrepreneurial Ecosystem Map
Take an entrepreneurship class – MGMT 230/801 or Wharton’s Entrepreneurship & Innovation Specialization on Coursera
You can audit an individual class on Coursera without subscribing or starting a free trial. After creating a Coursera account, search for the course you want to audit (ex. “Entrepreneurship 1: Developing the Opportunity”). Select that course, select Enroll, and then select “Audit the course” at the bottom of the enrollment page.
Apply to VIP-C (Venture Initiation Program-Community) to have access to co-working community sessions, group advising, and workshops with practical advice for how to found and build a company
Make an appointment with an Expert in Residence – Subject matter experts in law, tech, design, PR, communications, or research (market size, customer segmentation), and Entrepreneurs in Residence
MONDAY, Monday, December 12th
Application Opens In Survey Monkey Apply
Sunday, January 22nd
Application Deadline via online only before 11:59 pm
Friday, April 7, 2023
Startup Challenge Semifinals virtual via Zoom
Friday, April 21, 2023
Startup Challenge Finals live at Tangen Hall
Prizes
THE PERLMAN GRAND PRIZE
$50,000 cash prize
The Perlman Grand Prize is made possible by a generous endowed donation from Ellen Hanson Perlman and Richard E. Perlman (W’68). The contribution represents the largest endowed gift to the Startup Showcase and will provide funding for this award in perpetuity. The winner is chosen by the Startup Challenge Finals judges, from the pool of 8 Finalists.
THE ASHTON FAMILY AWARD FOR FEMALE FOUNDERS
$15,000 cash prize
This award is given to the top venture in the Startup Challenge Semifinals or Finals comprised of at least 50% female team members. Funding for this award is provided by the generous donation of Anastasia Ashton, WG’03 and Christopher Ashton, WG’03.
RUNNER-UP
$15,000 cash prize
The winner will be chosen by the Startup Challenge Finals judges, from the pool of 8 Finalists.
THE LINN FAMILY INNOVATION PRIZE
$10,000 cash prize
The Linn Family Innovation Prize is awarded to the team that is pursuing a venture that will, when brought to fruition, have true impact, disrupt the usual way of doing business, and accomplish real change in the world. The winner will be chosen by the Startup Challenge Finals judges, from the pool of 8 Finalists. Funding for this award is provided by the generous donation of Missy Bechler Linn, NU’91 and Eric A. Linn, W’92.
LAUNCH AWARD
$10,000 cash prize
The Launch Award is given to the team with the best go-to-market strategy and demonstrated traction. The venture may have already launched in the marketplace or may have a launch date that is imminent. The winner will be chosen by the Startup Challenge Finals judges, from the pool of 8 Finalists.
THE AI FOR BUSINESS AWARD
$10,000 each cash prize for two ventures
These awards are given to the two teams in the Startup Challenge Semifinals or Finals who best exemplify the usage of innovative artificial intelligence in their business model.
THE ROBERT S. BLANK NEW VENTURE COLLABORATION AWARD
$10,000 cash prize
This award is given to the highest-ranking team in the Startup Challenge Semifinals or Finals who best exemplifies the ability to collaborate across multiple disciplines of study at the University of Pennsylvania. Funding for this award is provided by the generous donation of Michael and Christine Angelakis and the Angelakis Family Foundation.
THE FREDERICK H. GLOECKNER AWARD FOR BEST UNDERGRADUATE TEAM
$10,000 cash prize
This award is given to the highest-ranking undergraduate team in the Startup Challenge Semifinals or Finals. At least 50% of the team must be made up of Penn undergraduate students. Funding for this award is provided by the generous donation of the Frederick H. Gloeckner Fund.
THE JACOBSON SOCIAL IMPACT PRIZE
$10,000 cash prize
This award is granted to a social impact venture. Funding for this award is provided by the generous donation of Andrew Jacobson, WG’93 and Marina Kunis Jacobson, G’93.
The Thakker Family Startup Challenge Award for Business Analytics: $10,000
Award given to student analytics ventures.
Venture Lab Audience Choice ($10,000)
Awarded based on audience vote to one of the teams participating in the final round. Weiss Tech House focuses on engineering and technology startups and is thrilled to be supporting the Startup Challenge.
Summer Venture Award ($10,000)
up to 9 awards at $10k each.
This year the Summer Venture Awards are being added to the Startup Challenge. The Summer Venture Awards are intended to assist students financially over the summer in lieu of full-time internships so that they can focus on developing their entrepreneurial ventures. University of Pennsylvania undergraduate rising seniors and rising 2nd year Wharton MBAs are eligible to receive these awards. Penn graduate students who will be returning to Penn for at least one more semester are also eligible to apply.
An existing business is only eligible if, before the start of the current academic year, it has received less than $100,000 in institutional funding. Institutional funding includes any funding from angel investors, VCs (any stage, including seed), and/or accelerator/incubator programs. Winners are required to work on their ventures full-time over the summer.
IN-KIND AWARDS
Select winning teams will also receive in-kind awards of $10,000 for legal services and $5,000 for accounting and strategy services from the in-kind sponsors of the Startup Challenge.
ELIGIBILITY REQUIREMENTS
Team Leader
The Team Leader must be a currently enrolled, degree-candidate student of the University of Pennsylvania (graduate or undergraduate) at the time of the first round deadline. The Team Leader must have played a significant role in conceiving the venture, hold a key management role in the venture, be actively involved in the business venture, and may be required to be the primary presenter for the pitch events related to the Startup Challenge and Showcase. Students on a Leave of Absence are not permitted to be a Team Leader, although they are permitted to be a Team Member. The Team Leader must be able to be physically present (if relevant) for all events related to the Startup Challenge and Showcase, including but not limited to the Semifinals and Finals pitch rounds.
Team Members
Teams are permitted to have members who are not students at the University of Pennsylvania, but the Team Leader must lead the team and drive the venture development. Non-members of the University community may not use University of Pennsylvania students primarily as a vehicle to participate in the Startup Challenge and Showcase. Venture Lab may disqualify a team if it determines in its sole judgment, that a Penn student is being used as a front by others.
There is no maximum or minimum number of people on each team. Individual students may enter, and an individual may participate on more than one team.
FALL SEMESTER
Work on your venture idea and build your team.
Find resources using our Entrepreneurial Ecosystem Map
Take an entrepreneurship class – MGMT 230/801 or Wharton’s Entrepreneurship & Innovation Specialization on Coursera
You can audit an individual class on Coursera without subscribing or starting a free trial. After creating a Coursera account, search for the course you want to audit (ex. “Entrepreneurship 1: Developing the Opportunity”). Select that course, select Enroll, and then select “Audit the course” at the bottom of the enrollment page.
Apply to VIP-C (Venture Initiation Program-Community) to have access to co-working community sessions, group advising, and workshops with practical advice for how to found and build a company
Make an appointment with an Expert in Residence – Subject matter experts in law, tech, design, PR, communications, or research (market size, customer segmentation), and Entrepreneurs in Residence
MONDAY, Monday, December 12th
Application Opens In Survey Monkey Apply
Sunday, January 22nd
Application Deadline via online only before 11:59 pm
Friday, April 7, 2023
Startup Challenge Semifinals virtual via Zoom
Friday, April 21, 2023
Startup Challenge Finals live at Tangen Hall
Prizes
THE PERLMAN GRAND PRIZE
$50,000 cash prize
The Perlman Grand Prize is made possible by a generous endowed donation from Ellen Hanson Perlman and Richard E. Perlman (W’68). The contribution represents the largest endowed gift to the Startup Showcase and will provide funding for this award in perpetuity. The winner is chosen by the Startup Challenge Finals judges, from the pool of 8 Finalists.
THE ASHTON FAMILY AWARD FOR FEMALE FOUNDERS
$15,000 cash prize
This award is given to the top venture in the Startup Challenge Semifinals or Finals comprised of at least 50% female team members. Funding for this award is provided by the generous donation of Anastasia Ashton, WG’03 and Christopher Ashton, WG’03.
RUNNER-UP
$15,000 cash prize
The winner will be chosen by the Startup Challenge Finals judges, from the pool of 8 Finalists.
THE LINN FAMILY INNOVATION PRIZE
$10,000 cash prize
The Linn Family Innovation Prize is awarded to the team that is pursuing a venture that will, when brought to fruition, have true impact, disrupt the usual way of doing business, and accomplish real change in the world. The winner will be chosen by the Startup Challenge Finals judges, from the pool of 8 Finalists. Funding for this award is provided by the generous donation of Missy Bechler Linn, NU’91 and Eric A. Linn, W’92.
LAUNCH AWARD
$10,000 cash prize
The Launch Award is given to the team with the best go-to-market strategy and demonstrated traction. The venture may have already launched in the marketplace or may have a launch date that is imminent. The winner will be chosen by the Startup Challenge Finals judges, from the pool of 8 Finalists.
THE AI FOR BUSINESS AWARD
$10,000 each cash prize for two ventures
These awards are given to the two teams in the Startup Challenge Semifinals or Finals who best exemplify the usage of innovative artificial intelligence in their business model.
THE ROBERT S. BLANK NEW VENTURE COLLABORATION AWARD
$10,000 cash prize
This award is given to the highest-ranking team in the Startup Challenge Semifinals or Finals who best exemplifies the ability to collaborate across multiple disciplines of study at the University of Pennsylvania. Funding for this award is provided by the generous donation of Michael and Christine Angelakis and the Angelakis Family Foundation.
THE FREDERICK H. GLOECKNER AWARD FOR BEST UNDERGRADUATE TEAM
$10,000 cash prize
This award is given to the highest-ranking undergraduate team in the Startup Challenge Semifinals or Finals. At least 50% of the team must be made up of Penn undergraduate students. Funding for this award is provided by the generous donation of the Frederick H. Gloeckner Fund.
THE JACOBSON SOCIAL IMPACT PRIZE
$10,000 cash prize
This award is granted to a social impact venture. Funding for this award is provided by the generous donation of Andrew Jacobson, WG’93 and Marina Kunis Jacobson, G’93.
The Thakker Family Startup Challenge Award for Business Analytics: $10,000
Award given to student analytics ventures.
Venture Lab Audience Choice ($10,000)
Awarded based on audience vote to one of the teams participating in the final round. Weiss Tech House focuses on engineering and technology startups and is thrilled to be supporting the Startup Challenge.
Summer Venture Award ($10,000)
up to 9 awards at $10k each.
This year the Summer Venture Awards are being added to the Startup Challenge. The Summer Venture Awards are intended to assist students financially over the summer in lieu of full-time internships so that they can focus on developing their entrepreneurial ventures. University of Pennsylvania undergraduate rising seniors and rising 2nd year Wharton MBAs are eligible to receive these awards. Penn graduate students who will be returning to Penn for at least one more semester are also eligible to apply.
An existing business is only eligible if, before the start of the current academic year, it has received less than $100,000 in institutional funding. Institutional funding includes any funding from angel investors, VCs (any stage, including seed), and/or accelerator/incubator programs. Winners are required to work on their ventures full-time over the summer.
IN-KIND AWARDS
Select winning teams will also receive in-kind awards of $10,000 for legal services and $5,000 for accounting and strategy services from the in-kind sponsors of the Startup Challenge.
ELIGIBILITY REQUIREMENTS
Team Leader
The Team Leader must be a currently enrolled, degree-candidate student of the University of Pennsylvania (graduate or undergraduate) at the time of the first round deadline. The Team Leader must have played a significant role in conceiving the venture, hold a key management role in the venture, be actively involved in the business venture, and may be required to be the primary presenter for the pitch events related to the Startup Challenge and Showcase. Students on a Leave of Absence are not permitted to be a Team Leader, although they are permitted to be a Team Member. The Team Leader must be able to be physically present (if relevant) for all events related to the Startup Challenge and Showcase, including but not limited to the Semifinals and Finals pitch rounds.
Team Members
Teams are permitted to have members who are not students at the University of Pennsylvania, but the Team Leader must lead the team and drive the venture development. Non-members of the University community may not use University of Pennsylvania students primarily as a vehicle to participate in the Startup Challenge and Showcase. Venture Lab may disqualify a team if it determines in its sole judgment, that a Penn student is being used as a front by others.
There is no maximum or minimum number of people on each team. Individual students may enter, and an individual may participate on more than one team.