Venture Lab Startup Challenge
About the program · 1 linked sources
The Startup Challenge is Venture Lab’s annual pitch competition for Penn student-founded ventures. It began in 1998 as the Wharton Business Plan Competition. The current Startup Challenge format dates to the 2016–2017 academic year. Finals are at Tangen Hall. This listing is compiled from the public competition page and is not a school-claimed profile.
Also known as: Penn Wharton Startup Challenge, Wharton Business Plan Competition, WBPC
How we know this: the figures on this page come from the linked sources (last verified 2026-10-08); what those sources do not state is left unknown.
Key numbers
Funding range
$75,000
Cash Prize, Grant
Equity
Unknown
Application
Annual
Campus Wide
Last activity
2026-05-05
High confidence
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Venture Lab Startup Challenge
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Venture Lab Startup Challenge · Jan 10, 2027 · Unverified
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Application and Timing
The cycle printed on the page used an application close of January 11, 2026, virtual semifinals on March 20, 2026, and in-person finals at Tangen Hall on May 1, 2026. The same page lists the next live pitch at Tangen Hall on May 6, 2027. funding_max is the named Perlman Grand Prize, not the combined pool.
Participants
Currently enrolled University of Pennsylvania students in any school or degree, subject to the published rules. The live final is limited to the Penn community. Teams receive coaching through the penn-venture-initiation-program.
Funding and Equity
The page says the combined pool is more than $200,000 in cash prizes, in-kind support, and other resources. Named cash awards on the page are a $75,000 Perlman Grand Prize and a $50,000 runner-up award (William G. Simpson and R. Drew Kistler Award). An AI for Business Award and a Climate Award are named without dollar amounts. The Summer Venture Award, a $10,000 summer grant in lieu of a full-time internship, is described on this page and, on the founder pathway, as now offered to Startup Challenge participants. The page does not say the prizes take equity.
Recent Activity
On May 5, 2026, Venture Lab named Cloak, founded by first-year students Rishi Ambavanekar (ENG'29, W'29) and Tyler Sacharow (C'29), the winner of the tenth annual Startup Challenge. The announcement does not restate the dollar amount. The 2025 page headline says Sync Labs, founded by Melanie Herbert (EE'25), won a $50,000 Perlman Grand Prize.
Known startups and winners
Competition winners and notable student ventures from our research.
Cloak
Grand prize
placement
University of Pennsylvania
2026 Venture Lab Startup Challenge winner, founded by Penn first-years Rishi Ambavanekar and Tyler Sacharow. The announcement does not restate the dollar amount.
Nirby
$50,000
prize won
University of Pennsylvania
2024 Venture Lab Startup Challenge Perlman Grand Prize winner, stated as $50,000. Founder Piotr Lazarek. Real-time soil analytics for large farms.
Sync Labs
$50,000
prize won
University of Pennsylvania
2025 Venture Lab Startup Challenge Perlman Grand Prize winner, stated as $50,000. Founder Melanie Herbert.
Historical winners (research notes)
- Cloak — 2026 winner named on the page. Dollar amount not restated in the announcement.
- Sync Labs — 2025 Perlman Grand Prize, stated as $50,000. Melanie Herbert.
- Nirby — 2024 Perlman Grand Prize, stated as $50,000. Piotr Lazarek. Soil analytics.
- ToxiSense — 2022 winner named on the page. Dollar amount not stated in that paragraph.
- Aerate — 2019 winner, six Wharton and Penn Engineering undergraduates. Dollar amount not stated in that paragraph.
Research gaps & things to verify
Verification Gaps
The 2026 Cloak announcement and the current $75,000 grand-prize line sit on the same page, but the announcement does not repeat the dollar figure. The 2025 headline still says $50,000, so the grand prize has not been a single number across years. Additional award amounts are unpublished. Equity is not discussed.
Program details
Venture Lab Startup Challenge
Additional research notesShow
Evidence
News & articles
News articles and official sources documenting Venture Lab Startup Challenge at University of Pennsylvania.
1 source
Venture Lab Startup Challenge
University of Pennsylvania Venture Lab
University of Pennsylvania Venture Lab
Venture Lab Startup Challenge
Official Startup Challenge page. Combined awards of more than $200,000. Named prizes include a $75,000 Perlman Grand Prize, a $50,000 runner-up award, and a $10,000 Summer Venture Award. Open to enrolled Penn students. Next live pitch listed for May 6, 2027.
Read on University of Pennsylvania Venture Lab