Join us on May 2nd to see the top 8 teams pitch to a panel of alumni judges in front of a live audience and compete for prizes from a pool of more than $150,000 in cash prizes, in-kind support, and additional resources.
Penn's Largest Pitch Competition
Resources
Coaching and Mentoring
Teams competing will receive access to expert coaching and mentoring throughout the competition via our Venture Initiation Program, ensuring a nurturing environment for your venture's growth.
Live Final
The very best Penn student entrepreneur teams will compete at our live final, pitching in front of a live audience to demonstrate that their startups are ready to become the next big thing.
Valuable Feedback
Receive invaluable feedback from our distinguished alumni judges, ensuring you gain insights to refine and elevate your venture.
Additional Information
Success Stories
Learn more about previous Startup Challenge Winners
2024 Startup Challenge Recap
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Video Companion
Our History
Over 20 Years of Entrepreneurial Excellence
Since 1998, University of Pennsylvania students have participated in a year-long challenge to found a business, originally known as the Wharton Business Plan Competition (WBPC). Established in the 2016-2017 academic year, the current Startup Challenge engages student founders and team members, connecting them with Wharton and Penn resources through Venture Lab (formerly Penn Wharton Entrepreneurship) programming and teaching the fundamentals of entrepreneurship along the way.
Participating judges, who are predominantly alumni and are all professionals in their fields, offer feedback and guidance. The Startup Challenge culminates in the Startup Challenge Finals, Venture Lab’s flagship event, bringing together successful entrepreneurial alumni with Penn student entrepreneurs, to showcase the best ventures from across Penn’s campus.
Startup Challenge FAQs
What is the Startup Challenge?
The annual Venture Lab Startup Challenge has served as a launch pad for some of the best entrepreneurs at Penn for more than 20 years.
As Penn's largest pitch competition, Venture Lab's Startup Challenge provides a unique platform for all students at Penn a platform to present their strategic go-to-market plans and groundbreaking ideas.
Through the Startup Challenge, Venture Lab aims to uncover ideas with the potential for profound impact on end-users and offers resources and opportunities for student entrepreneurs to enhance their venture's communication capacities, iterate pitches through our Venture Initiation Program coaching and mentoring, and receive invaluable feedback from our esteemed panel of expert alumni judges.
As Penn's largest pitch competition, Venture Lab's Startup Challenge provides a unique platform for all students at Penn a platform to present their strategic go-to-market plans and groundbreaking ideas.
Through the Startup Challenge, Venture Lab aims to uncover ideas with the potential for profound impact on end-users and offers resources and opportunities for student entrepreneurs to enhance their venture's communication capacities, iterate pitches through our Venture Initiation Program coaching and mentoring, and receive invaluable feedback from our esteemed panel of expert alumni judges.
What are the responsibilities of the Lead Applicant of a venture that advances to the Semifinals and/or Finals of the Startup Challenge?
- Be the lead presenter for the Semifinals and Finals as applicable
- Attend all required information sessions, pitch preparation and/or coaching, advising sessions, and all other activities as required by Venture Lab.
- Note that the Semifinals will be held on Friday, March 21, 2025 and the Finals will be held on Friday, May 2, 2025. Finalist teams are required to participate in the Finals in person in Tangen Hall.
Will Venture Lab, the Startup Challenge staff, or any judges/mentors/volunteers related to the Startup Challenge share information with anyone other than the Lead Applicant?
The Venture Lab staff, Startup Challenge staff, or any judges/mentors/volunteers related to the Startup Challenge will only communicate with the Lead Applicant regarding the Startup Challenge. It is the Lead Applicant's sole responsibility to communicate relevant details with the rest of their team.
Am I allowed to change or pivot my venture idea after I submit an application to the Startup Challenge?
If the venture has significantly changed after submitting an application to the Startup Challenge, the venture may not be eligible to progress through the competition. If you believe this applies to you, please contact Venture Lab at venturelab@upenn.edu immediately with details about your situation.
Can the Lead Applicant on an application change after the application is submitted?
No, the Lead Applicant on an application cannot be changed after the application is submitted. If a Lead Applicant leaves the team or decides to withdraw the application from the competition, then the application/venture is no longer eligible to compete. The Lead Applicant should be considered the CEO of the venture, so teams are encouraged to chose their Lead Applicant wisely.
Does a venture need to be incorporated?
- The award funds granted to the winners of the Perlman Grand Prize and the William G Simpson and R. Drew Kistler Startup Challenge Award (Runner-Up) are required to be paid to the ventures' corporate entities. The ventures must be an incorporated entity and have an EIN before the award funds distribution process can begin. Please note, it can take several weeks to several months to incorporate and receive an EIN, so it is recommended that founders begin the process in advance.
- Other than the winners of the Perlman Grand Prize and the William G Simpson and R. Drew Kistler Startup Challenge Award (Runner-Up), no other applicants or winners of Startup Challenge Prizes need to incorporate their ventures.
Is there a minimum or a maximum number of team members allowed on a venture’s team?
You can have as many, or as few, people as you want on your team. Teams led by 1 person are allowed, as long as the Lead Applicant meets all eligibility requirements.
Can I participate on more than one team?
Yes, you can participate as a member on more than one team. Note that you can be the Lead Applicant for one team only.
If I previously won an award through the Startup Challenge, can I reapply with the same venture?
- Ventures that won the Perlman Grand Prize are not eligible to complete in future Startup Challenges.
- Ventures that won any other Startup Challenge prizes are eligible to compete, as long as the venture and Lead Applicant meet all eligibility requirements.
- Ventures that won a Summer Venture Award from Venture Lab are eligible to compete in the Startup Challenge but are not eligible to receive another Summer Venture Award.
Can I contact the Startup Challenge judges during the competition? Can judges receive information about the applicant, team, or venture outside of the Startup Challenge competition structure and process?
The Startup Challenge and its associated competitions have three rounds – Round One, Semifinals, and Finals. Prior to and during each round, participants are not permitted to contact the judges with the purpose of influencing the judging process. Any such action will result in the disqualification of the applicant and their team and venture from the Startup Challenge. Judges and participants who have a prior relationship are expected to recuse themselves from that particular judge-participant match-up. Participants are permitted to contact judges once the judging for the round in which they are participating has closed, if the judge has agreed to share his/her contact information.
What prizes can a team win through the Startup Challenge?
For a full list of prizes, please go to https://venturelab.upenn.edu/startup-challenge-prizes.
What are the specific eligibility requirements for the Summer Venture Award?
In addition to meeting all other eligibility requirements, the Lead Applicant must fulfill the following requirements -
- Currently enrolled bachelor’s, master’s, or doctoral degree candidate student at the University of Pennsylvania who is graduating in December 2025, May 2026, or August 2026.
- The summer in which you receive the Summer Venture Award must be your final summer internship period at the University of Pennsylvania.
- The Lead Applicant must agree that they will work on the awarded venture full time (at least 40 hours per week) for the summer (June 2025 through August 2025). Winners of the Summer Venture Award are permitted to engage in other paid work on a part-time (no more than 20 hours per week) basis.
- The Lead Applicant must opt-in to competing for a Summer Venture Award and the venture must be selected as a Semifinalist in the Startup Challenge.
Do any of the other prizes granted through the Startup Challenge have specific requirements?
- Prizes offered in collaboration with other organizations at the University of Pennsylvania (the AI at Wharton Award and The Climate Award) have their own requirements and processes. The Lead Applicant must opt-in to competing for these awards and is required to submit additional information.
- For details about awards granted through the Startup Challenge, including specific eligibility requirements, go to https://venturelab.upenn.edu/startup-challenge-prizes.