Pennovation Accelerator Summer 2023

The Pennovation Accelerator invites a cohort of local startups to engage in a six-week program to develop their business strategy and cultivate their network.  Cohort companies will  participate in weekly educational sessions presented by subject matter experts.  Each company is paired with an experienced mentor to advise them on their journey. In addition, curated networking opportunities help the companies make connections into the larger Philadelphia entrepreneurial community.

The Pennovation Accelerator concludes with Pitch Day, where companies pitch to mentors, investors, and peers.

We are excited to announce the 2023 Pennovation Accelerator!

More information will be added here in the coming weeks!

Schedule:

• Applications Open: April 12th
• Application Deadline: EOB May 10th EXTENDED! Now open through Monday, May 15th at 5pm
• Decision Notifications: by May 19th
• Program: June 14th - July 26th; week of July 4th off
• Pitch Day: July 28th [to be confirmed]

Structure:
Monday: Morning Coffee Chat (virtual)
Wednesday: Afternoon Session with Subject Matter Expert (in-person)
Pitch Practice
Curated Networking Opportunity

Weekly: Mentor Meetups (virtual or in-person)

Benefits:

• Each company is paired with an individual mentor
• 3 months free CoWorker membership at the Pennovation Center*
  • Membership perks: Access to programs and resources like the Mentor-in-Residence program, Warm Intros, networking events and a passionate and engaged community of start-up companies.
• Six weeks of training from subject matter experts
• Curated weekly networking opportunities
• Complimentary Amazon Web Services (AWS) credit package
• Opportunity to pitch to investors at final Pitch Day

* After completing full 6-week program
 
One company will have the chance to win:

• 6 months of Pennovation Center Resident Desk membership (for up to 4 team members)*
  • Membership perks: 24/7 access to the Center. Use of our mailing address for the duration of membership. Resources like the Mentor-in-Residence program, business development workshops and a passionate and engaged community of start-up companies.
• Promotion at the PCI Ventures @ Pennovation Showcase poster session
• Marketing through Pennovation promotional channels

* After completing full 6-week program

The Pennovation Accelerator will cover the following list of topics:

• Branding & Storytelling
• Market Assessment
• Business Model
• Team
• The Ask
• Pitch Prep

Ideal applicants meet the following criteria:
Stage: post-MVP/Proof of Concept --> revenue less than $500K
Capital Raised: $0 --> less than $1M
Industries include (but are not limited to):

• Consumer Products
• Food Tech & AgTech
• Health Tech / Med Device
• Robotics
• Smart Cities & IOT

Interested in joining a dynamic group of entrepreneurs with Pennovation this summer?

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Frequently Asked Questions
Q: How many companies will be accepted into the program?
A: Up to 10
 
Q: Do I have to give up any equity?
A: No
 
Q: Will you sign an NDA? How do I know you won’t steal my idea?
A: Just like other accelerators and VC firms, we do not sign NDAs. We will respect the confidentiality of your venture / idea.
 
Q: We’ve been working on our startup for a while. Is the accelerator appropriate for us?
A: We are happy to work with more established startups. In fact, we are looking for companies that have a product or an MVP that’s ready to pitch.
 
Q: Do I have to be in the Philadelphia region?
A: Yes, the Accelerator is focused on growing and supporting Philadelphia-based companies, weekly sessions will take place in person at the Pennovation Center in Philadelphia. 

Q: Does our company or team need to be Penn-affiliated?
A: No, the Accelerator is open to all companies that are in the Philadelphia region.
 
Q: Does our company need to be incorporated?
A: No, the current legal status of your startup does not matter to us.
 
Q: Does the Accelerator cost money?
A: There is no cost associated with the Pennovation Accelerator.  
 
Q: Where will the events take place?
A:  2023 Accelerator sessions will be hosted in-person at the Pennovation Center (3401 Grays Ferry Ave).
 
Q: Do I need co-founders?
A: Company teams of two or more are more likely to succeed, and that’s what we recommend for startups.
 
Q: What is the timeline of the application process?
A: The application window will be open from April 12th-May 10th. We will review applications and make final company selections by May 19th.
 
Still have questions? No problem. Contact the Pennovation Team at pennovationworks@upenn.edu with the subject line reading: “2023 Accelerator Questions”.