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Pennovation Accelerator Summer 2020

The Pennovation Accelerator invites a cohort of local startups to engage in a six-week virtual 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.

Introducing this summer's Pennovation Accelerator: 2020 Vision for Your Company

 

With the current uncertainty surrounding COVID-19 and the importance of the health & safety of our community, we will be hosting this summer’s programs virtually. We hope to be able to reconvene the Accelerator cohort with our network in person when it is safe to do so. While the program will now be virtual, we are still focusing on growing and supporting Philadelphia-based companies.

 

Schedule:

  • Applications Open: April 8th
  • Application Deadline: April 24th EXTENDED! Now open through Monday, April 27th at 5pm
  • Decision Notifications: May 4th 
  • Program: June 8th - July 16th
  • Pitch Day: July 16th

 

Accelerator Structure:

Monday: Morning Session with Subject Matter Expert
Wednesday: Mentor Meetup
                     Office Hours 
Thursday: Afternoon Pitch Practice
                 Curated Networking Opportunity

*Note: All sessions will be hosted virtually.

 

Benefits:

  • Each company is paired with an individual mentor
  • 3 months free desk membership at the Pennovation Center, when it is safe to resume physical operations*
  • 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 desk membership (for up to 4 team members), when it is safe to resume physical operations*
  • Accounting Startup Package, Sponsored by Stephano Slack
  • Promotion at the PCI Ventures @ Pennovation Showcase poster session
  • Marketing through Pennovation promotional channels
  • $5,000 cash prize

* After completing full 6-week program

 

The Pennovation Accelerator: 2020 Vision for your Company 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 & AgriTech
    • Health Tech / Med Device
    • Robotics
    • Smart Cities & IOT

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

 

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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, under normal circumstances, we host the Accelerator in person at the Pennovation Center in Philadelphia. Though the curriculum is remote this summer due to health & safety concerns surrounding COVID-19, we will continue to focus our Accelerator on growing & supporting Philadelphia-based companies.

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:  All 2020 Accelerator sessions will be hosted virtually.  
 
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 is open through April 27th at 5pm. We will review applications and make final company selections by May 4th.
 

Still have questions? No problem. Contact the Pennovation Team at pennovation@1776.vc.
 

photo of the Pennovation Center
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