Resources for Entrepreneurs
UPstart, a virtual incubator at the University of Pennsylvania, is dedicated to supporting technology commercialization within the Penn community. Since 2010, UPstart has worked with over 100 faculty and staff members to form and launch new companies based on selected inventions and innovative technologies.
While there are many paths to commercialization of a new technology, the UPstart team works with Penn inventors to develop a commercial strategy which utilizes company creation as a means to increase the value of the technology while giving it exposure in the marketplace. We are committed to assisting the business team through the entire commercialization process with an array of services that includes matching a strong entrepreneur to each company, providing a network of partners to help with any number of startup needs and assisting with the raise of proof-of-concept funding. Today, our portfolio includes companies in life sciences, medical devices, healthcare management, advanced materials, information technology, and robotics.
By connecting local entrepreneurs, investors and partners with Penn inventors, UPstart adds a powerful platform for a larger entrepreneurial ecosystem in greater Philadelphia and beyond.
The UPstart Process
Faculty member desires to commercialize their research, approaches UPstart. Team explains the UPstart process. Faculty member signs the Company Formation Agreement.
02. Company Creation
Faculty member works with the Upstart team to choose a company name, sign the LLC Agreement, work through company formation applications and help develop initial marketing materials.
The Upstart team identifies, interviews, and matches potential entrepreneurs to run the company. With the approval of the faculty member, entrepreneur signs the management agreement.
UPstart engages partners to provide services to the new company, ranging from bank account setup to legal advice.
UPstart works with the company to pursue different forms of funding, including: corporate partnerships, SBIR/STTR government grants, angels and VC investment and funding from foundations.
06. Set Up Operations
When funding becomes available, UPstart helps the company acquire insurance, lease space, establish payroll, set up bookkeeping, and so forth to become a fully operational entity.
Penn Center for Innovation
3160 Chestnut Street, Suite 200
Philadelphia, PA 19104