At the Validation stage, you should have a plan to test assumptions related to the Desirability and Viability of your idea.

Applicants will need to provide general information about the team and the venture.

• Application form question topics include - 
  
  
  • Innovation (type and scope)
  • Problem and proposed solution
    
    
    • Including how are potential users solving this problem now
  • Validation plan to test key assumptions focused on desirability and viability
  • Use of funds and an itemized budget
  • Potential mission-driven impact (for social enterprises)
• 1-2 minute pitch video
• If you previously applied for an Innovation Fund award, you will also be asked to provide details regarding - 
  
  
  • The venture’s progress since your last application
  • Any changes to your team
  • How you’ve addressed the feedback from the Investment Team
    

If you previously applied for and/or received an Innovation Fund award for a different venture, you will be asked to provide a status update for that venture.

• Validation Award applicants will be rated on a 5-point scale on the following dimensions - 
  
  
  • Innovation - Is the product/service or business model potentially innovative? Is there potential to disrupt a market or industry?
  • Problem - Has the applicant identified a societal or technical problem/challenge (a “need”) that potential customers/users are experiencing?
  • Solution - Could the proposed product/service solve the identified problem?
  • Validation Plan - Are the assumptions listed critical to venture development? Is there a clear and logical plan to test the assumptions?
  • Use of Funds - Is there an itemized budget? Would the use of funds make a clear impact on venture development? Would the funds be used to complete the outlined validation plan?
    
    

Ventures identified as a social enterprise or mission driven will be rated on an additional dimension related to the venture’s planned social impact.

At the Implementation Stage, you should be able to provide data showing you have answers to the key questions related to the Desirability and Viability of your venture idea. You should also be able to provide data related to the Feasibility of your venture idea, or to provide a plan for testing key feasibility-related assumptions.

• You should apply for a Implementation award if -
  
  
  • You can articulate how your venture would be meaningfully innovative.
  • You have data showing that you have tested the key hypotheses related to the desirability and viability of your venture idea.
  • You have data showing that you have tested the key hypotheses related to the feasibility of your venture idea or you have a clear plan to test those hypotheses.
  • You can provide an itemized budget for how you would use the award funds.
  • You can fulfill all other application requirements.
    
• If you cannot fulfill the requirements for the Implementation award, you may want to consider applying for the Validation award, if you haven’t previously received that award.

Note that you can only apply for one Innovation Fund award type per application cycle.

Applicants will need to provide general information about the team and the venture.

• Application form question topics include:
  
  
  • Use of funds from Implementation award
  • Innovation (type and scope)
  • Product development plan and planned user experience
  • Details from any beta testing or pilots
  • Market, customer segmentation, competitors
  • Business model, sales and marketing plan, revenue model
  • Plans and resources needed for growth and financial sustainability beyond school-based awards
  • Launch plan, milestones, hiring needs
  • Use of funds and an itemized budget
  • Social enterprises only - 
    
    
    • Description of mission-driven impact
    • Ways you will measure impact (KPIs)
    • Theory of Change
    • Identification of key stakeholders and a plan to engage
    • Identification of risks and plan to mitigate
• Founders agreement - see Penn Law’s Startup Kit
• Pitch deck
• 1-2 minute pitch video
• Executive summary
• 3-5 year financial projections
• If you previously applied for an Innovation Fund award, you will also be asked to provide details regarding -
  
  
  • The venture’s progress since your last application
  • Any changes to your team
  • How you’ve addressed the feedback from the Investment Team
    
    

If you previously applied for and/or received an Innovation Fund award for a different venture, you will be asked to provide a status update for that venture.