Intended to strengthen Penn's commitment to innovation, the President’s Innovation Prize will provide a graduating Penn senior, or team of graduating seniors, $100,000 (plus a $50,000 living stipend per team member) to envision and implement an innovative, commercial venture that makes a positive difference in the world.
The competition is open to full-time undergraduates in good academic standing in the Engineering, Nursing, SAS (including LPS), or Wharton undergraduate divisions who have completed at least three-quarters of the credits needed for their baccalaureate degree and who are scheduled to graduate in December 2026, May 2027, or August 2027. The deadline for the 2027 cycle is January 27th, and the application will open on November 11th. A winner will be announced in April.. You can view an example of the PIP application here.
Unique at both Penn and across higher education, the Prize underscores the University’s considerable commitment to encouraging students to put their knowledge to work for the betterment of humankind.
As announced in November 2021, Penn is expanding the current President’s Engagement and Innovation Prizes for graduating seniors to include a new prize category designated specifically as the President’s Sustainability Prize. All sustainability-focused project proposals that are submitted as part of the standard President’s Engagement Prize and President’s Innovation Prize application process will automatically be considered for the President’s Sustainability Prize. There is no separate application process for the President’s Sustainability Prize.
There will be a series of introductory joint President’s Prize information sessions, held on the upcoming dates:
- Thursday, October 15, 4-5 p.m. (Zoom)
- Wednesday, October 28, 4-5 p.m. (In-Person)
We ask that you please register in advance for both sessions here: https://forms.gle/8xrbpxdig8FcBx2J6
The 10/15 virtual session link will be provided upon registration. The 10/28 in-person information session will be held in the CURF Office in College Hall, G08/09. During information sessions, we will provide a general overview of both Prizes, including application requirements and timeline, as well as answer any questions you have.
The President’s Innovation Prize is jointly administered by the Center for Undergraduate Research and Fellowships and the Penn Center for Innovation.
Here are 2026 Joint PEP/PIP Information Session Slides (PDF). Watch the 2026 Information Session here.
Here is a previous year's presentation by the Penn Tax Office on the implications of the prize.
The President’s Innovation Prize application process is competitive and consists of several rounds. These rounds — a hybrid between a case competition, a boardroom product pitch, and a formal fellowship process — are described below.
Students are highly encouraged to attend an information session, where they can learn more about the application process.
Round 1: Application
Once students have settled on a project and a team, they will be required to submit round 1 application materials. This initial step has several components:
- The online application, to be started by only one student team member, will generate all the necessary emails and unique links for additional members, recommenders, and the team mentor. Additional team members will request their own letters of recommendation through the same process. You will not be able to submit a final proposal unless you have completed the pre-application--and it is highly recommended to start this process as soon as you have finalized your team, your recommenders, and your mentor.
- A “Recommendation and Commitment” form submitted by the student’s (or team’s) proposed project mentor (a Penn faculty member or another individual), attesting to their support of the applicant’s proposed project and a willingness to supervise its implementation. Recommendation and Commitment forms will be generated by the online application.
- A letter of recommendation from an individual not related to the applicant(s) including, but not limited to, faculty members and administrators who are able to assess the student’s record of innovation and preparedness to undertake the proposed project. This cannot be the same person who is committing to act as your project mentor. In the case of team entries, each team member must request one letter, which they will be able to do once added by the primary applicant as collaborators on the application. Additional letters beyond one per student will not be read.
- A business plan (including a cover page), up to 4-pages in length, that clearly articulates how the project will:
- (1) be commercially viable
- (2) produce a positive social impact/benefit
- (3) if applicable, emanate from students’ academic interests and coursework/research at Penn.
- Applicants will be permitted to provide one attachment or appendix to this four page business plan (for example, a student who is creating an app may choose to design and share mockups of the app’s appearance and functionality, or a prototype of the device).
- Applicants also attach letters of support from sponsoring organizations to this plan. Applicants will be required to submit an executive summary, along with Pro forma financial statements or similar plans, as part of their business plan. The Penn Center for Innovation will assist students in developing their business plan.
- An implementation timeline providing details on the expected progress, growth and development of the proposed project. The timeline should be no more than one page and should be tailored as appropriate to your project.
- The business plan and implementation timeline should be folded into a single .pdf for final submission.
- Lastly, students may also elect to submit a link to a brief recorded “elevator pitch” — a persuasive encapsulation of the project and its goals — not to exceed 90 seconds.
- (Examples of an “elevator pitch” could include privately hosted YouTube or Vimeo videos.) There will be an option on the final proposal submission form for students to include a link to their videos.
Round 2: Business Pitch
The President’s Innovation Prize Selection Committee will select a group of semifinalists to “pitch” their projects to the Committee in presentations that last from 8-10 minutes. During this round, semifinalists will be permitted the use of PowerPoint slides or any other audio and/or visual elements deemed appropriate. Each presentation will conclude with questions from the Selection Committee. (An additional 5-7 minutes will be budgeted for questions by the Selection Committee.)
Round 3: Final Round
The President will select, from a list of finalists recommended by the Selection Committee, one (1) Prize winner. In making this decision, the President will have access to all application materials. Finalists will not be required or permitted to submit any additional application materials or revise their application in any way.