Innovation Challenge
Challenge Overview
The Keystone Space Innovation Challenge, a new program designed by the Keystone Space Collaborative in collaboration with Innovation Works and key industry partners, is set to launch its pilot program in Pennsylvania. The program aims to catalyze innovation in the realm of space technology and commercial research and development. Eligibility is extended to Pennsylvania-based companies or teams whose core founders have strong ties to the state. This connection could be through enrollment in a Pennsylvania educational institution, employment by a Pennsylvania-based organization, or residency within the state. Participants can submit business plans for two distinct categories:
- Commercial Space Technology Concepts: This category encompasses visionary ideas related to commercial space technology, spanning various domains.
- In-Space R&D Commercial Concepts: This category encompasses groundbreaking in-space research and development concepts. This category is not confined to space-specific fields; it includes work pertaining to fields not directly related to space such as life sciences, material and physical sciences, advanced manufacturing, and agriculture. These ventures should hinge on utilizing the unique environment of space (especially microgravity) for R&D demonstration, commercialization, and application.
Interested participants are required to submit a concise business plan, after which a handpicked cohort of finalists will be invited to submit a pitch deck to present at a Pitch Day Competition. Finalists invited to the Pitch Day Competition will have the opportunity to present their visionary concepts before a panel of esteemed coaches drawn from the commercial space industry and investment community.
Following the Pitch Day Competition, six winners will be awarded, with two of the most promising concepts each securing a substantial $50,000 award. Additionally, four other standout concepts will be granted $25,000 awards.
These monetary rewards will be contingent on the recipients committing to establish and operate their businesses within Pennsylvania. Beyond the financial support, all winners will be granted an annual membership to the Keystone Space Collaborative, facilitating ongoing collaboration and engagement within the space innovation ecosystem.
As the pilot year unfolds, the Keystone Space Innovation Challenge envisions expanding its impact to include the larger tri-state region, encompassing Ohio and West Virginia in addition to Pennsylvania, thereby paving the way for ongoing advancements in space technology and research.
Printable Flyer
View or download a printable flyer about the Keystone Space Innovation Challenge. Feel free to use for your own purposes or share with those who may be interested in this opportunity!
Attend Our Webinar
We will be hosting a webinar to kick off the challenge on December 4, 2024. Attendance is FREE, but registration is required. If you are interested in the Keystone Space Innovation Challenge, we strongly recommend attending the webinar where we will cover the Challenge details and judging criteria in-depth, and will answer audience questions.
Schedule
|
Challenge Kick-Off Webinar
(Virtual) |
Wednesday, December 4, 2024 @ 1:00 p.m.
|
| Applicant Office Hours |
Ongoing – see individual office hours for scheduling |
| Business Plan Submission Deadline |
Friday, January 17, 2025 @ 11:59 p.m. |
| Finalists Announcement |
Thursday, January 30, 2025 |
|
Finalist Office Hours
|
Ongoing – see individual office hours for scheduling |
|
Pitch Deck Submission Deadline
|
Tuesday, February 18, 2025 @ 11:59 p.m. |
|
Pitch Days
(Virtual)
|
Wednesday, February 19 – Thursday, February 20, 2025 |
|
Awardees Announcement
|
Monday, February 24, 2025 |
|
Awardees Presentations & Investor’s Day
(In Person)
|
TBD – Mid-March |
This timeline is subject to changes at the discretion of Keystone Space. Any adjustments will be effectively communicated in advance.
Eligibility
To be eligible for participation in the Keystone Space Innovation Challenge, entities seeking to apply must adhere to the following criteria:
All team members must be U.S. citizens or lawful permanent residents.
All team members must be 18 years of age or older.
Additionally, participants must be either:
- For Registered Businesses, formally registered within Pennsylvania.
- For Student Groups, at least one member of the group must be currently attending a higher-education academic institution within Pennsylvania, and the business plan submitted must outline intentions for formal execution within the state.
- For Unaffiliated Teams, at least one team member must be a full-time resident of Pennsylvania, and the business plan submitted must outline intentions for formal execution within the state.
Must ensure that their participation does not violate their employer’s policies or procedures or any other third-party rights or obligations (e.g. non-competition agreements).
The applicant company leaders or individual and their immediate family members must not be employed by or affiliated with Keystone Space BNY Mellon, Innovation Works, or any of their/our parent and affiliate companies.
Have not received funding of $50,000 or more in previous Challenge cycles.
Eligibility requirements are subject to interpretation by the Keystone Space Innovation Challenge organizers. All potential participants are strongly advised to review the comprehensive challenge guidelines and terms to ensure compliance before submitting their applications.
Applicant Resources
Business Plan
To apply for the Keystone Space Innovation Challenge, applicants must first submit a business plan using the provided template.
Business plans must be submitted by FRIDAY, JANUARY 17, 2025 at 11:59 p.m. Additional questions should be emailed to info@keystonespace.org.
Details for the submission portal will be made available soon.
Pitch Deck
Selected finalists will be invited to submit a pitch deck and present at our Pitch Day Competition, which provides an opportunity to showcase their visionary concepts before a panel of esteemed coaches from the commercial space industry and investment community.
Pitch decks must be submitted by TUESDAY, FEBRUARY 18, 2025 at 11:59 p.m. in accordance with the submission instruction provided to finalists. Additional questions should be emailed to info@keystonespace.org.
Please use the provided template for the creation of the pitch deck.
Mentors and Office Hours
TO BE ANNOUNCED
Judging and Criteria
All applicant submissions will be judged against the following criteria:
- EVALUATION BEYOND TRADITIONAL METRICS: Companies will not be evaluated based on business maturity, including factors like how much money has been raised, revenue generated or number of employees.
- RELEVANCE: How does this capability benefit the space industry in Pennsylvania?
- VALUE PROPOSITION: What value does this capability offer to potential customers?
- COMMERCIALIZATION POTENTIAL: How do you plan to commercialize this capability?
- FEASIBILITY: What is the plan for scaling this capability? How will this capability sustain itself, i.e., revenue/funding stream?
- MARKET DIFFERENTIATION: How is this capability different from other products on the market?
- MARKET DIFFERENTIATION: How is this capability different from other solutions on the market?
- CUSTOMER ACQUISITION: How will the capability reach more customers/clients?
- FINANCIAL SUPPORT: How does the team intend to raise the capital needed to roll out this capability?
- TEAM AND LEADERSHIP: Team can articulate impact cases for their capability and the team can execute on the business plan.
Meet the Judges
JUDGES TO BE ANNOUNCED
Frequently Asked Questions
What is the Keystone Space Innovation Challenge?
The Keystone Space Innovation Challenge is a new initiative designed to foster innovation in space technology and commercial research and development. The Challenge aims to catalyze groundbreaking ideas within the space industry and the utilization of space by terrestrial industries.
Why should I apply?
Applying offers the chance to secure funding for business growth, gain industry exposure, and connect with key stakeholders. You’ll benefit from expert business coaching and have access to investors and startups, opening doors to collaboration and funding opportunities.
Who can participate in the Challenge?
The Challenge is open to Pennsylvania-based companies, student groups, and independent teams interested in building a business in Pennsylvania. Participants must be U.S. citizens or lawful permanent residents aged 18 or older.
What are the categories for submissions?
Participants can submit business plans in two categories:
- Commercial Space Technology Concepts – Innovations related to space technology.
- In-Space R&D Commercial Concepts – Ideas involving research and development that utilize the unique environment of space (especially microgravity) for advancement in various fields, including life sciences, material sciences, and agriculture.
Why microgravity?
What are the eligibility requirements for the Challenge?
- Registered Businesses: Must be formally registered within Pennsylvania.
- Student Groups*: At least one member must be enrolled in a higher-education institution in Pennsylvania.
- Unaffiliated Teams*: At least one member must be a full-time resident of Pennsylvania.
Team Members must be U.S. citizens or lawful permanent residents and at least 18 years old. Participants must ensure compliance with employer policies and any third-party agreements. Applicants and their immediate family members must not be affiliated with Keystone Space, Innovation Works, or any of their affiliates. Applicants must not have received $50,000 or more in funding from previous Challenge cycles.
*Student Groups and Unaffiliated Teams are required to form a Pennsylvania-based business if awarded.
What if my team or company doesn’t meet these criteria?
If you’re unsure about eligibility, review the comprehensive challenge guidelines and terms. The organizers have the discretion to interpret eligibility requirements. If you are uncertain, please contact Keystone Space at Info@KeystoneSpace.org.
How can I ensure my concept aligns with the Innovation Challenge scope?
Participants can collaborate with expert coaches to refine their concepts and ensure they align with the Innovation Challenge scope. Information about the coaches and their office hours can be found on the Keystone Space website.
Can I submit multiple business plans if I have several applicable concepts?
How do I apply?
To apply, visit the Keystone Space website to download the business plan template. After completing the template, submit your application through the site by the submission deadline. If you’re selected as a finalist, you’ll need to submit and present a Pitch Deck to a panel of expert judges.
What do I need to submit?
Participants must submit:
- A Business Plan detailing the concept, its viability, and potential impacts.
- A Pitch Deck (only if selected as a finalist) to present at the Pitch Day Competition.
How will submissions be evaluated?
Submissions will be judged based on:
- Relevance to the space industry in Pennsylvania.
- Value Proposition and benefit to potential customers.
- Commercialization Potential and plans for scaling.
- Feasibility and sustainability of the capability.
- Market Differentiation compared to existing solutions.
- Customer Acquisition strategies.
- Financial Support and funding plans.
- Team and Leadership ability to execute the business plan.
What are the awards for winners?
Six winners will be selected, with the top two concepts each receiving a $50,000 award, and four additional standout concepts earning $25,000 each. These awards are granted for a 12-month performance period.
In addition to the financial awards, all winners will receive a one-year membership to the Keystone Space Collaborative. Winners must commit to establishing and operating their businesses within Pennsylvania.
What happens after being awarded?
Upon receiving the award, you will have a 12-month period to utilize the funding. During this time, you must comply with all reporting requirements to ensure progress and accountability.
In addition to the financial awards, all winners will receive a one-year membership to the Keystone Space Collaborative. Winners must commit to establishing and operating their businesses within Pennsylvania.
How can I get more information or ask questions?
For further inquiries, please contact us at Info@KeystoneSpace.org.
This project was financed [in part] by a grant from the Commonwealth of Pennsylvania, Department of Community & Economic Development.