INNOVATION FUND & SMALL BUSINESS FUND
Do you have an idea for a new business, product/service, social enterprise, or non-profit organization? Apply to the IIE Innovation Fund or Small Business Fund for grant funding up to $5,000.
The Innovation Fund and the Small Business Fund serve distinct purposes tailored to different types of enterprises within the entrepreneurial ecosystem. The Innovation Fund is designed to foster the growth of scalable businesses through a structured three-phase funding process: Idea Phase, Incubator Phase and Startup Phase. This fund targets enterprises with high growth potential, typically characterized by innovative products, technologies, or business models. It aims to support businesses at critical stages of development, from initial idea validation, development, through launch by providing financial resources, feedback and mentorship.
In contrast, the Small Business Fund focuses on capacity building for non-scalable businesses and non-profits that already demonstrate revenue generation. Small businesses typically experience linear growth and because they are built in known industries, do not present as many risks as a scalable innovation might. This fund acknowledges the diverse landscape of enterprises that may not prioritize rapid scalability but nonetheless play crucial roles in local economies and communities. In fact, the majority of business in America are small businesses! The Small Business Fund provides resources aimed at enhancing operational efficiency, market access, and sustainability for these important ventures.
The IIE Investment Fellows are looking for Villanova ventures that have the potential to make big impact so we encourage you to THINK BIG and EXECUTE!
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” ~ Thomas Edison
| Application Deadline | Decisions Sent |
|---|---|
| 9/29/24 | 10/28/24 |
| 11/17/24 | 12/16/24 |
| 1/26/25 | 2/24/25 |
| 3/16/25 | 4/14/25 |
Innovation Fund
- The IIE Innovation Fund is available to ALL Villanova students, staff, faculty or alumni.
- All applications must be submitted by a founding member of the venture team. The applicant must have a Villanova affiliation.
- The Innovation Fund is for scalable innovative businesses that have the potential to achieve exponential growth.
- All ventures must start at Idea Phase, receive your funding, and deploy the funding before being eligible to apply for the next round of funding.
- Incubator Phase ventures much successfully complete the mentorship program and receive your follow-on funding before applying to Startup Phase.
- Declined applicants are welcome to reapply at any time.
- You may receive a maximum of TWO Idea Phase awards (for different ideas).
- You may receive a maximum of ONE Incubator Phase and ONE startup phase award per applicant. This means, you cannot create a new venture or join a new team to receive more Innovation Funds.
- Preference is given to interdisciplinary teams.
Applications are reviewed by IIE Investment Fellows made up of students from all of Villanova’s Colleges.
All applicants are required to meet (virtually) with one Investment Fellow during the review period. Once your application enters the Review Period, a Fellow will reach out to set up a time.
Overview
Do you have an idea that you would like to validate? Apply to the Idea Phase to receive a small amount of money to validate your business idea. You must have a customer discovery plan and some early research completed.
Application
- 1 to 2 minute pitch video
- Answers to the following application questions:
- What is the name of your venture?
- Briefly introduce your idea
- What type of venture are you trying to build?
- What is the problem your venture is attempting to solve?
- What is your solution to the problem?
- Why is your solution the right solution?
- How will you (or have you) prove(n) that your product/service is feasible?
- How is your product/service innovative?
- Who is your target market?
- How will you (or have you) prove(n) that there are enough people who will want to purchase your product/service?
- What does your target market currently use to solve the problem?
- What are the barriers for your customers to change and start using your product?
- What are the assumptions you have about your venture idea and how do you plan to test their validity?
- How will you (or have you) prove(n) that the business model is feasible?
- Why you (and your team) and why now?
- Tell us about your progress so far.
- How much funding do you need and how do you plan to use it?
- How much of your time do you plan to devote to your venture?
- What is your timeline for validation, development and launch?
Award
- $250 grant
- Feedback from investment fellows
Overview
Now that your idea has been validated, you might need funding and guidance to actually execute the idea. This funding is for validated ideas with a plan for developing the product or service. A validated business idea is one in which you can prove that your target customers actually need your product, are willing to pay for your product, and that your product actually addresses the problem you are trying to solve.
Application
- 1 to 2 minute pitch video
- Answers to the following application questions:
- How did you use your Idea Phase funding?
- What is the problem you are trying to solve?
- What were the results of your feasibility tests?
- What did you learn from your feasibility tests?
- What pivots or iterations have you made to your product/service or business plans?
- What is your development plan for your product/service?
- What is your timeline for development and launch?
- How much funding do you need to build your venture and how od you plan to use your innovation fund award?
Award
- $1000 initial funding
- Intake Interview with mentor lead
- Three months of mentorship. You will be assigned to 1 or 2 mentors (ideally 1 process mentor & 1 industry mentor)
- $1000 follow-on funding upon successful completion of mentorship program.
Overview
Once you have completed the Incubator Phase and your product or service is built, tested, and ready for market, you may apply to Startup Phase. Startup Phase funding is intended to support your go-to-market plan. In this phase, you have proven that your business is validated. Your financial projections should show that you can make and sell your product for a price that allows you to pay your employees and to run your business sustainably. Your product/service should have paying customers and you should be able to prove growing traction.
Application
- In-person pitch
- Pitches take place at the review meeting
- Pitches can be up to 5 minutes long
- Pitches are followed by up to 10 minutes of Q&A
- Pitch Deck
- Problem/Solution
- Product/service description
- Market Size (TAM, SAM, SOM)
- Pricing Model
- Marketing Plan
- Go-to-Market Plan
- Business model
- 3 to 5 year Financial projections
- Answers to the following questions:
- Prototypes/Pilot Program Result
- How did you use your award money?
- What is your launch timeline?
- How did you use your Incubator Phase funding?
- How much funding do you need to launch your venture and how do you plan to use the innovation fund award?
Award
- Up to $5000.
- Up to $5000 of Amazon Web Services Credit. Let us know if you need these and we'll connect you to AWS.
All awardees are required to submit a thank you letter to our donors and a follow
up report detailing how funds were used and what progress was made no more
than 3 months after receiving an award.
Small Business Fund
- The IIE Small Business Fund is available to ALL Villanova students, staff, faculty or alumni.
- All applications must be submitted by a founding member of the venture team. The applicant must have a Villanova affiliation.
- Exisiting non-profit ventures & small businesses may apply to the Small Business Fund. You must have revenue or grants/donations at the time of application.
- Small Businesses tend to be local, privately held, and experience linear growth.
- Declined applicants are welcome to reapply at any time.
- You may receive a maxiumum of ONE Small Business Fund award.
- Preference is given to interdisciplinary teams.
Applications are reviewed by IIE Investment Fellows made up of students from all of Villanova’s Colleges.
All applicants are required to meet (virtually) with one Investment Fellow during the review period. Once your application enters the Review Period, a Fellow will reach out to set up a time.
Overview
Have you been working on a small business, franchise business, an e-commerce shop or a non-profit organization? You must have revenue (or grants/donations for non-profits) to apply to the small business fund. And you must have an explanation for why you need funding to grow your small business. These funds are intended for sustainable capacity building purposes only.
Application
- 1 to 2 minute pitch video
- Answers to the following application questions:
- Give us a brief description of your business or non-profit idea.
- If you have a product, please show us in your pitch video.
- Tell us about your progress so far. What is your revenue or number of customers for your product or service? Have you already begun to service your beneficiaries?
- How much money do you need and what do you plan to do with the funding you receive?
- How much of your time do you plan to devote to this venture?
- If you are starting a student franchise company, tell us about the parent company and what you’ve researched about their business practices.
Award
- Up to $2500. You must explain exactly how you intend to spend the funds and how it will benefit your business.
All awardees are required to submit a thank you letter to our donors and a follow
up report detailing how funds were used and what progress was made no more
than 3 months after receiving an award.