Penn StartUP Fund Program
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General Information
Program Description
The Penn StartUP Fund provides faculty and researchers with critical early-stage investment to transform Penn-developed innovations into scalable, venture-ready startups. The goal is to bridge the funding gap that often exists in the earliest phases of company formation, supporting Penn-affiliated entrepreneurs as they work to validate technologies, develop business models, and achieve milestones that attract follow-on investment.
Funded and managed by the Office of the Chief Innovation Officer (OCINO), with support from the Office of the Vice Provost for Research, this evergreen fund is backed by a $10 million University commitment. Investments are designed to complement Penn’s broader commercialization ecosystem, including the Penn Center for Innovation (PCI), and support ventures across all disciplines and sectors.
Applications are accepted on a rolling basis and reviewed quarterly. The fund makes ~4–5 investments per year using a SAFE (Simple Agreement for Future Equity) structure.
Examples of Supported Activities Include, but Are Not Limited To:
- De-risking early-stage technologies to increase commercial viability
- Supporting customer discovery or go-to-market validation
- Building or expanding a technical or business team
- Developing MVPs (minimum viable products) or prototypes
- Securing IP protection, licensing, or regulatory guidance
- Preparing for follow-on financing from professional or institutional investors
Limitation:
One (1) application per company/founder team
Award Information:
An unrestricted research award of up to $250,000 for one (1) year.
Eligibility:
- Appointment: At least one company founder must be a faculty member or researcher currently affiliated with the University of Pennsylvania.
- Technology Origin: At least one company founder must be a faculty member or researcher currently affiliated with the University of Pennsylvania.
- Company Status: The company must be formally incorporated before receiving funds (applications from companies in formation are eligible).
- Use of Funds: Companies must agree to follow the use-of-proceeds guidance provided by OCINO and the external investment advisory committee.
- For any sponsored research projects, the applicant must be eligible to serve as Principal Investigator for the project, unless otherwise noted in this opportunity. Please see Penn’s PI Eligibility requirements to ensure you are eligible.
Internal Selection Process:
The Office of the Vice Provost for Research (OVPR) and the Office of the Chief Innovation Officer (OCINO) invite Penn-affiliated faculty and researchers to submit an application for consideration. Applications will be reviewed quarterly by a panel of external advisors with expertise in venture capital, entrepreneurship, and early-stage investment.
- Cover Page (InfoReady will autogenerate), including:
- Company name
- Founder(s) name, academic rank, department, Penn Affiliation, email address, phone number, and campus address.
- Project title
- Primary technology or innovation focus
- Funding amount requested
- Executive Summary/Abstract (maximum 1 page), Brief description of the company, problem being solved, and innovation developed at Penn
- Investment Proposal: (maximum 5 pages, not including references; single-spaced, 12-point font with one-inch margins)
- Origin of the technology and IP status (if applicable)
- Target market and competitive landscape
- Business model and go-to-market strategy
- Milestones to be achieved with funding
- Team bios and relevant experience
- Risk factors and mitigation strategies
- Impact Statement (maximum 1 page)
- How will this investment advance the company?
- What value will be unlocked (e.g., technology readiness, market access, investment readiness)?
- Budget and Use of Funds (maximum 1 page)
- An itemized breakdown of how the funds will be used
- Timeline for expected deployment
- Curriculum Vitae (CV) (maximum 2 pages), including academic and entrepreneurial experience relevant to the venture
Limited Submission Opportunities Protocol
What is a Limited Submission Opportunity? When a funding agency or foundation limits the number of applications Penn can submit, the OVPR manages a two-part internal review process to select the proposal that advances to the funder.
What is the Review Process for Limited Submissions? The selection process begins at the school level, where candidates are vetted to choose a finalist for the OVPR round. Applicants must follow their home school’s deadlines and submission instructions, and get approval from their research dean’s office before submitting proposals. A committee of reviewers then recommends candidates to the Senior Vice Provost, who selects the final nominee.
Where do I find out about limited submission opportunities on the OVPR website? The newly designed website lists LSOs. Use the filters on the left to refine your search. Opportunities are listed in summary form. Click on the title of an opportunity to see the full details.
How do I apply? When the full detail page for the opportunity is open, click the “APPLY HERE” button at the bottom right of the screen. This starts your application process using InfoReady. Log in with your PennKey credentials. After you submit your application, InfoReady processes it for the first round of review. If selected as the Penn nominee, you will be notified directly and will begin the submission process to the funder with the Office of Research Services and PennERA.
Frequently Asked Questions
Are there resources available for technology transfer and commercialization?
How can I get started on a research project that involves community members?
How can I find funding opportunities relevant to my research area?
How does the university handle royalties from inventions?
Royalties from inventions are distributed according to the Penn Patent Policy, which includes shares for the inventor(s), further research in the inventor(s)’ labs, schools and reinvestment in further research and technology development at the University.
I am collaborating with a colleague abroad and would like to send some data to my collaborator. What should I do?
What happens if I do not disclose an invention?
Failure to disclose an invention can result in the loss of patent rights (under general patent laws) and other severe consequences, including financial penalties for non-compliance with Bayh-Dole regulations. Timely disclosure is critical to protecting your rights and the university’s interests.
What is the Bayh-Dole Act?
The Bayh-Dole Act is the federal legislation that allows universities, small businesses, and non-profits to own inventions made with federal funding. It aims to promote the commercialization of these inventions to benefit the
Who needs to comply with the Bayh-Dole Act?
Any organization that receives federal funding for research and development must comply with the Bayh-Dole Act. This includes universities, government-funded laboratories, and businesses.