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VIP is an educational program of the Wharton Small Business
Development Center and Wharton
Entrepreneurial Programs. Its goal is for University of Pennsylvania
students to learn key skills and concepts of entrepreneurship through the
real-world experience of executing the initial stages of their business plans
for new products or services in a supportive, entrepreneurial environment with
professional guidance. VIP entrepreneurs are eligible to receive up to $20,000
in seed capital to assist in the execution of the initial stages of their
business plans.
Important Dates
| March 13, 2006 |
Application Due for Summer Term |
| March 15,16 & 17, 2006 |
VIP Interviews |
| April 16, 2006 |
Decisions Made |
| May 16, 2006 |
VIP Summer Session Begins |
For more information you may view the
VIP Introduction Presentation
To download an application with instructions,
CLICK HERE
Venture Initiation Program Information
Introduction to VIP
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VIP is an educational program for University of Pennsylvania student
entrepreneurs seeking structured support for the growth of their early stage
business.
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The Program accepts new entrants two times a year.
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VIP entrepreneurs are encouraged to consistently and regularly test their key
underlying assumptions.
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VIP provides:
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Coaching by VIP Advisors
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Access to Mentors
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Co-location with other entrepreneurs
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Resources of the SBDC and the greater Wharton community
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Credibility and validation
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The Program's Educational
Mission
VIP delivers an educational program that emphasizes
consistent and structured support, often in the form of checkpoint meetings
held with the VIP Advisor on an average of once every two weeks. These meetings
are critical to:
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Check for consistency
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Develop milestones to test critical underlying assumptions
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Continue to assess new information and determine how to move forward so that
the most critical assumptions are tested first
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Key Program Benefits
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Guidance provided by professional VIP Advisors in a monthly review of each
entrepreneur's planning and progress toward established milestones
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Individual selection of and introduction to a mentor
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Access to Wharton Small Business Development Center consulting and reduced
rates for SBDC courses.
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Participation in the vibrant entrepreneurial learning community of the Venture
Initiation Program along with other student entrepreneurs.
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Process &
Guidelines for Applicants
Program Eligibility: All applicants must be
University of Pennsylvania students currently registered in a degree program.
Former VIP participants are not eligible.
All applicants must provide one electronic and six hard copy applications
to the Wharton Small Business Development Center, Vance Hall Room 112,
vipapplication@wharton.upenn.edu , by noon on Monday, March 13, 2006.
If any portion of your application is not submitted on time the application
will not be considered.
Part 1: Application Submission form (attached)
Part 2: Cover Letter
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What you expect to gain from the Venture Initiation Program.
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What you bring to the Venture Initiation Program.
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The amount of time you intend to devote to developing your business.
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Measurable milestones to be accomplished during the Venture Initiation Program
to make considerable progress in moving the business concept forward.
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A plan for taking the business concept forward after the VIP residency.
Part 3: Business Plan
The business plan should be a maximum of 25 pages, including all exhibits and
attachments, and should contain the following:
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Executive Summary
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Company Overview
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Product or Service Description
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Industry and Market Analysis
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Marketing Strategy
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Operations Strategy and Scope
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Development Strategy and Timeline
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Management Structure and Team
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Financial Projections (5 years)
Part 4: Snider Seed Award Application (attached) to include a
brief letter explaining the intended use for the funds and timeframe in
which the funds will be used.
Part 5: References: Provide 3 references with first-hand
knowledge of your experience and potential as an entrepreneur. Provide
references’ names, titles, phone numbers and e-mail addresses. You do NOT need
to provide letters of reference. We will contact the individuals you identify.
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The Snider Seed Award
The Snider Seed Award is designated to provide seed capital to assist
University of Pennsylvania students in the execution of the initial stages of
their business plan. The Snider Seed Award is administered by Wharton
Entrepreneurial Programs (WEP) in conjunction with the Wharton Venture
Initiation Program (VIP).
Application process
1. Application for the Snider Seed Award is open to Penn students who have
submitted an application for acceptance to VIP as well as to VIP entrepreneurs
enrolled in VIP who are seeking continuation in the program.
2. Applications will be submitted to the WSBDC with their VIP application.
Evaluation criteria
1. All applicants for the Snider Seed Award are asked to specify the intended
use of funds, and will be evaluated based on the impact the funds would have on
the further development of their business concept.
2. The VIP Oversight Committee will make award decisions based on the
information provided from the following sources:
a. VIP application process
b. Input from the VIP Advisor(s)
c. Snider Seed Application
Award amount
1. Up to $10,000 will be available for allocation at each of two annual
application periods. No single award will exceed $10,000, but smaller amounts
may be awarded.
2. VIP entrepreneurs may be awarded a maximum of $20,000 during their tenure in
VIP, up to 11 months.
3. The committee will determine award amounts for individual entrepreneurs.
Award notification
1. All VIP entrepreneurs who have won Snider Seed Awards will receive
notification at the time of their VIP acceptance/readmission decision.
2. WEP will notify all Snider Seed applicants of the VIP Oversight Committee’s
decision and the process for receiving funds.
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Evaluation of VIP Applications
Committee members will
evaluate applications
with the following
questions in mind.
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In what cases have you shown the ability to execute in sequence, consistent
with specific milestones? How have you shown/do you have a pragmatic
understanding of the relationship between next step objectives and vision?
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How have you demonstrated your commitment to developing the business and how
have you reconciled the need for both perseverance and flexibility? For how
long and in what form(s) has the commitment to this venture been sustained? Who
(e.g., team members, community support) have you attracted to the venture and
what have been the results?
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What is the relevant timeline by which this venture can be expected to become
economically self-sustaining? What is the targeted upside potential of this
business venture and what are the market and competitive indicators that this
upside is realistic? What is the venture's social wealth creation potential?
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What do you seek and/or expect to learn by participating in VIP's educational
program? What do you perceive that the VIP/SBDC can contribute in terms of
University of Pennsylvania and Wharton resources?
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How have you demonstrated your entrepreneurial potential? What are specific
supporting examples and how do they relate to the current opportunity?
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Helpful Tips for
Applying
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Submit a meaningful business plan and clearly identify areas you believe are
incomplete
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Make sure your references are aware we will contact them
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Make sure business facts and evidence of third-party support are neither
misstated nor over-represented
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Show a strong understanding of the industry in which you expect to compete
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Make sure your target geographic focus is in an area you and your team can
reasonably manage
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Show evidence of your past and ongoing commitment.
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Selection
Admission decisions are made by the VIP Oversight
Committee, which is comprised of Faculty, Staff of the Wharton Small Business
Development Center, and Staff of Wharton Entrepreneurship, along with
at least one professional with entrepreneurial experience. The VIP Advisor
evaluates applications and makes recommendations to the VIP Oversight
Committee. The VIP Oversight Committee and the VIP Advisor may ask for
additional materials and/or personal interviews with finalist candidates.
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VIP in the News
In
the System: Wharton Venture Initiation Program helps student
entrepreneurs plan and execute (Get It Started, WEP newsletter)
Inspired
by Tragedy: Wharton's VIP program fledges de-mining firm and other
aspiring entrepreneurs (Get It Started, WEP newsletter)
Penn
VIP Participants enjoy business plan nurturing (Philadelphia
Business Journal)
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Contact Information
The Wharton School
Venture Initiation Program
vipapplication@wharton.upenn.edu
215.898.4861
Current VIP Entrepreneurs
AAZAADI
Claudio Avendano Tailors
Energetica Inc.
Ethernus
Marsoon.com
NanoAIM Technology
MassiveBrains.com
Mobistub
MuscleMorph
Smart Genetics
Zoomingo.com
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VIP Alumni Companies
Advanced Angling Concepts
Advanced Welding Technologies
Air in Motion
Alumni Affairs Worldwide
Artisense
Autra Capital / Autra Foundation
Avanti Food Corp.
BEST Education Partners
Center City Bowling
CollegeDeck
Coolsource Technologies, Inc.
Crederity Corporation
Emerge Art
Fetch, Inc.
H2AHH
TheHighList.com
Hollix
Gear, LLC
Humanistic Robotics
Infrascan
InnoSurge Technologies
IntelliStem
Maurya Design Group
MedInSys
MicroMRI
Natpal.com
PL Travel
QPlay
Symbionex Technologies
Ticketleap
Tyndal USA
Vetacore
Varial Surfing Technologies, LLC
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