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:

  1. Commercial Space Technology Concepts: This category encompasses visionary ideas related to commercial space technology, spanning various domains.
  2. 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

Office hours begin Monday, December 9, 2024

Business Plan Submission Deadline

Friday, January 17, 2025 @ 11:59 p.m.

Finalists Announcement

Thursday, January 30, 2025

Finalist Office Hours

Finalist office hours begin, Friday, January 31, 2025

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:

  1. For Registered Businesses, formally registered within Pennsylvania.
  2. 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.
  3. 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.

Once your business plan is completed using the provided template, please upload your plan to the submission portal.

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

Cigdem Benam, PhD

Portfolio Executive, Life Sciences, Innovation Works

Cigdem has worked with small businesses at Chambers of Commerce and technology transfer offices of University of Colorado Anschutz Medical Campus and University of Pittsburgh. At Colorado, she built and run a biotech accelerator program called SPARK in collaboration with Stanford University, to translate early stage life science discoveries from bench to bedside. Cigdem drafted and co-secured the NIH REACH grant, which enabled SPARK Colorado to receive $4M and become part of a national network of innovation hubs funded by the NIH. She was faculty at Boston College, a post-doctoral fellow at Harvard University, and a pre-doctoral fellow at Oxford University. She is the co-founder of a biotech startup and founder of a consulting company.

Cynthia Bouthot

Founder & CEO, Space Commerce Matters

Cynthia Bouthot is a trailblazer in space commercialization, bringing diverse entities—Fortune 500 companies, start-ups, universities, and government agencies—into space for applications spanning life sciences, advanced materials, and technology. She developed the ISS National Lab’s innovation competition model, securing over $34M in funding for 30+ in-space projects. Cynthia is a sought-after speaker on commercialization, entrepreneurship, and innovation.

John Dahlia

Director of Communications, TMC Technologies

John has nearly 30 years of experience as an accomplished senior-level communications director and strategic communications thought leader. He has established himself as a leading space science and technology communications expert, effectively bridging complex concepts with diverse audiences. In particular, his work in small satellite science and technology led to the creation of the West Virginia Small Satellite Center. In the realms of security and defense technology, he has played a crucial role in shaping strategic communications and policy advocacy. Additionally, John’s extensive experience in government contracting and public affairs has ensured successful collaborations and impactful public engagement.

Tanya Kanigan, PhD

Senior Market Analyst, Space Commerce Matters

Dr. Tanya Kanigan is a scientist, inventor, and entrepreneur with over 30 years of experience advancing platform technologies for molecular analysis and diagnostics. She co-founded BioTrove, where she developed the OpenArray® PCR technology, now central to Thermo Fisher Scientific’s genomic solutions. At Space Commerce Matters, she leverages expertise in genomics, AI, and commercialization to help clients transform space-based research into market opportunities.

Afshan Khan

Portfolio Executive, Hardware and Robotics, Innovation Works

Afshan is a seasoned executive with 20+ years deep experience in scaling entrepreneurial ventures, raising and investing venture capital, leading strategy and operations in diverse industries, and providing executive leadership to advise on critical business issues, including business development, mergers and acquisitions, and strategic planning.

Jon Kirchner

President, Perfero Advisory LLC

Jon is a dynamic global leader in the Space, Industrial Technology, and Manufacturing sectors with a proven track record of driving innovation, operational efficiency, and sustainable growth. He is an expert in strategic planning, product management, and fostering multinational teams to leverage advanced technologies while delivering exceptional customer value. Jon is recognized for creating scalable operating models, optimizing operations, and making data-driven decisions to propel revenue growth and market leadership.

Jeffrey McDaniel

Portfolio Executive, Innovation Works

Jeffrey leads pre-seed, seed, and follow-on venture capital investment in Cleantech/Energy, Advanced Materials & Manufacturing, Artificial Intelligence (AI) and Robotics, and other hardware and software tech start-ups. He is a board member and advisor to 25+ companies annually, manages funnel of 35-50 additional prospect concepts and companies. Jeffrey manages Innovation Works Energy Portfolio. Entrepreneur with multiple commercialization and spin-out exits. He is a former active duty Naval Officer with engineering and combat systems assignments.

Jim Scott

Chief Strategy Officer, Acoustic Research Systems

With 36 years of entrepreneurial experience, Jim has founded, scaled, and successfully exited multiple businesses, specializing in business development and forging strategic partnerships to drive growth. As CSO of ARS, he has applied this expertise to achieve rapid expansion in the aerospace sector, positioning ARS as the global leader in Direct Field Acoustic Testing.

Ryan Spangler

Engineering Manager, Aerospace Product, Advanced Cooling Technologies

Mr. Ryan Spangler has over a decade of experience leading critical space programs, including NASA’s VIPER Thermal Control System. A two-phase thermal expert, he has been instrumental in developing and qualifying ACT’s spacecraft thermal technologies, including LHPs, VCHPs, SCWHPs, Pulsating Heat Pipes (PHPs), Pumped Single- and Two-Phase Fluid Subsystems/Components (Cold Plates, Accumulators, Radiators, ..), Phase Change Material (PCM) heat sinks, and honeycomb composite panels. Mr. Spangler’s expertise in traditional and “new space” requirements has positioned ACT as a leading spaceflight systems provider.

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 (product, service, technology, etc.) 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/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:

  1. Commercial Space Technology Concepts – Innovations related to space technology.
  2. 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?
Microgravity allows for a deeper exploration of biological, chemical, physical, and manufacturing processes than is possible on Earth. Commercial companies are leveraging microgravity to produce space-manufactured products with enhanced applications for use on Earth.
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?
Yes, you can submit multiple business plans. It’s advisable to consult with the coaches to ensure each submission is well-developed and aligned with the Challenge’s goals.
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:

  1. A Business Plan detailing the concept, its viability, and potential impacts.
  2. 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.