Idea Transformation Fellowship Program: Frequently Asked Questions

How do I know if I should apply to the Idea Foundry Fellowship Program?

Do you have a business idea or product prototype that you are interested in developing? Do you plan on setting up your business in Western Pennsylvania? Are you dedicated to your idea and willing to commit to the rigorous demands of running a start-up? If so, then the Idea Foundry Fellowship Program is right for you!

When can I apply to the Idea Transformation Fellowship Program?

Application cycles for the Idea Transformation Fellowship Program are open Dec 1 - Jan 15 and June 1 - July 15 each year.

What types of professional services are typical in the Idea Foundry Fellowship Program?

The professional services in the Idea Transformation Fellowship Program can include projects involving company definition, customer collateral, deal support, financial planning, investor collatoral, market research, networking, operations, and strategy.

I don’t have an office. Can the Idea Foundry Fellowship Program help?

Idea Foundry has limited office space that may be available on a short-term basis to Fellowship companies based on their needs. However, this space is not guaranteed and Idea Foundry generally recommends that companies make arrangements to house their businesses.

How is the investment structured?

Fellowships are awarded for a period of up to one year, and funding can total up to $100,000. Also, the investment includes an amount associated with the hands-on services rendered to the business. Our investments take the form of a convertible note.

How long does the selection process take?

The entire application and four-round selection process generally takes between 3 and 4 months. This length of time is necessary to conduct thorough a landscape analysis and due diligence and to develop the unique work-plan to meet the individual needs of your company.

I’m interested. How do I begin the application process?

If you meet the eligibility requirements, it is strongly recommended that you schedule a meeting to discuss your idea. This initial conversation will provide us with an opportunity to meet you and learn about your idea, as well as provide you with suggestions to strengthen your application and answer any questions you may have. After the meeting, you can download and complet the application form and sent it to Mary Beth Guzzetta, either by email as an PDF or Word document or on a disk through traditional mail services.