faculty grants FAQs

Please see the Guidelines page for complete information.

Program eligibility

1) How do we know if our course/program is a fit for a VentureWell Faculty grant?
Successful proposals typically meet the following criteria:
– Support new, or modify existing, courses and/or programs that lead to the formation of student teams
– Help students gain entrepreneurial skills through experiential learning
– Have a strong likelihood of continuing beyond the grant period and becoming part of a campus culture of innovation

2) What types of courses/programs does VentureWell fund?
VentureWell funds courses or programs at the intersection of invention, innovation, and entrepreneurship that lead to the creation and support of student teams. Courses and programs can range in focus from technology-based entrepreneurship, to new materials/cleantech, to biomedical and healthcare.

3) Can international programs apply for a Faculty grant?
Currently we are only able to accept proposals from US-based institutions.

4) What is the length of the grant period?
Grant periods are 3 years in duration. You may choose to spend the funds in 1 or 2 years.

Applying

1) What are the minimum requirements to apply?
To apply you must:
– Be at a US college or university
– Be faculty or staff at a VentureWell member institution
– Be proposing a new course/program or strengthening an existing course/program that is focused on STEM entrepreneurship

2) How do I know if my college/university is a VentureWell member?
Check the list here: http://venturewell.org/facultygrants/members/ or call and inquire.

3) How can my college/university become a VentureWell member?
Membership is annual and applies to your entire university or college. Any school or department can pay. The fee is $999 per year. An individual membership, with reduced benefits is also available. More information can be found here: http://venturewell.org/membership/ or here: http://venturewell.org/membership/faq/

4) What do I need to submit?
The application consists of the following parts (see Guidelines>>The Proposal: Required and Optional Components for complete details) [http://venturewell.org/facultygrants/guidelines/] – Proposal Narrative (up to 5 pages)
– At least one letter of support (up to 3 may be submitted)
– Proposed budget (up to $30,000)
– Team member resumes (up to 4, 3-page each, maximum)
– Online verification of support from your PI, Administrative Contact (most often from the Office of Sponsored Programs), Department Chair, and Dean of faculty.
– Optional appendices, including additional documents and web links

5) How do I apply?
We accept applications via our web portal only. You will need to have or create a VentureWell account in order to submit. Create an account or sign in here: https://community.venturewell.org/VWCommunitiesLogin?target=proposal. You may start, save, stop and return to your online proposal at any time before submitting.

6) When do I apply?
There is one application cycle per year in the fall. We typically open the RFP about six weeks before the deadline date; however you may begin writing your proposal narrative at any time. Refer to the program guidelines for details on proposal narrative. You must submit your proposal by 11:59 PM ET on the day of the grant deadline in order to be considered.

7) What is the most common mistake faculty make when submitting?
The most common mistake is underestimating the time it takes to navigate your institution’s administrative structure. The application requires verification of support. This step can often take a week or two, depending on your institution’s procedures and processes. Many university OSPs require a completed proposal for administrative review and approval before it can be submitted. Review the proposal guidelines and the application steps well in advance of the deadline.

Contact your Office of Sponsored Programs to review your institution’s requirements

Selection

1) I have applied to the program. When will I hear whether I have been accepted?
Applicants will be notified of their status within 90 days of the deadline date. Notifications are sent via email to the PI and Administrative Contact.

2) How are awarded proposals selected?
Proposals are sent to groups of reviewers from the academic and professional worlds who independently evaluate the proposal based on the given VentureWell guidelines. Grants are grouped by relevancy, and reviewers usually have some background in a related field. After independently reviewing the grants, reviewers meet to discuss their opinions, and an overall consensus on funding is established.
Each panel reviews about a dozen proposals in a particular sector area.

3) What is the percentage of funded grants?
The percentage of funded grants from the total applications varies from cycle to cycle. Over the past few years, there has been a 15-30% chance of getting funded by VentureWell.

Use of funds

1) Will the grant funding be awarded directly to the PI?
No, VentureWell grant funding is awarded to your college or university. Grant funds are administered by an institution’s Office of Sponsored Programs or an equivalent entity. Every institution works a bit differently, so we strongly encourage you to identify an administrative point of contact early, and work with that person to learn about your institution’s internal processes and procedures

2) If my team is funded, how can we use the grant funds?
A detailed budget with justification, must be included in the grant application. Grant funds may be proposed for expenses related to curricular development and course or program realization. Any changes made in the proposed budget during the grant review process will be made clear in the grant award letter.

3) Can the grant funds be used for overhead?
VentureWell does not allow overhead to be taken from grants funds with the exception of including fringe benefits in the personnel stipend. We strongly recommend that applicants consult with their Office of Sponsored Programs (or equivalent) to learn their institution’s rules about overhead before submitting an application.

4) If my proposal is funded, what are my responsibilities as the PI?
At the end of the grant period, you will be prompted to complete a final report describing the status of the project, milestones, impact, and how the funds were used. For grants longer than a year in duration, you will also be prompted for an interim report to report on your progress to date.

Please see the Guidelines page for complete information or contact us.

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