Pennovation Accelerator Summer 2024
We are excited to announce the 2024 Pennovation Accelerator!
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.
APPLICATIONS for the 2024 Summer Accelerator are now closed.
Schedule:
- Applications Open: April 10th
- Application Deadline: CLOSED!
- Decision Notifications: by May 22nd
- Program: June 12th - July 26th; with week of July 4th off
- Pitch Day: July 24th
*Please note that there will be no programming on June 19th in observance of Juneteenth.
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)
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
Benefits:
- Each company is paired with an individual mentor
- 3 months free Co-Worker membership at the Pennovation Center*
- 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
Prize:
One company will have the chance to win:
- 6 months of Pennovation Center Resident Desk membership (for up to 4 team members)*
- Promotion at the PCI Ventures @ Pennovation Showcase poster session
- Marketing through Pennovation promotional channels
*After completing full 6-week program
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Frequently Asked Questions
Q: How many companies will be accepted into the program?
A: Up to 12
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: 2024 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 10th-May 10th. We will review applications and make final company selections by May 22nd.
Still have questions? No problem. Contact the Pennovation Team at pennovationworks@upenn.edu with the subject line reading: “2024 Accelerator Questions”
