The Venture Lab Entrepreneurship Through Acquisition (ETA) 
Incubator Pilot Program 

The Venture Lab ETA Incubator is a cohort-based, part-time program designed for Penn and Wharton graduate students who have begun exploring Entrepreneurship Through Acquisition (ETA) and want structured support to deepen their understanding and build early search readiness. The Incubator serves committed but inexperienced “mid-funnel” students who are ready to move beyond introductory ETA exposure and begin developing their acquisition thesis, sourcing approach, leadership capabilities, and decision frameworks.

Open to Master’s and Ph.D. students across Penn, including Executive degree programs, the ETA Incubator combines weekend bootcamps, faculty and alumni-led workshops, peer group coaching, and hands-on practice analyzing real acquisition opportunities. Participants refine their personal path into ETA; gain exposure to traditional, self-funded, and partnered search models; and build foundational skills in thesis development, sourcing, seller engagement, financing options, and early diligence.

The program is delivered in a hybrid format, with in-person attendance expected for Philadelphia-based students and remote participation available for those outside the region. Participants who complete all sessions may also be considered for $2,500–$5,000 non-dilutive grants to support concrete steps in their ETA journey, such as forming an LLC, acquiring sourcing tools, attending conferences, or conducting seller meetings.

The ETA Incubator is designed to help students build momentum, confidence, and clarity in their ETA exploration, and to prepare those who wish to pursue deeper involvement—such as ETA internships, continued sourcing work, or future application to the Perlman ETA Fellowship.

Venture Lab ETA Incubator Program Timeline
Below are the key dates for the 2026 Venture Lab ETA Incubator. Dates that are BOLDED are dates that applicants should be aware of and block on their calendars now, as there will be steps in the process that are required for grant eligibility, and dates and times may not be flexible. While these dates are subject to change, please reserve them now. We are providing them in advance so you can make any plans necessary to ensure your availability.

Dates and times may be subject to change based on program needs. Any updates will be communicated via email and posted on the award program homepage.

Venture Lab ETA Incubator - Frequently Asked Questions 

Who is eligible to apply?

The Venture Lab ETA Incubator Pilot Program is open to any current Penn or Wharton Master’s Degree or Ph.D. student who is interested in building foundational skills in Entrepreneurship Through Acquisition (ETA) and is ready to move beyond introductory exposure into a more structured developmental experience.

Eligibility also includes students enrolled in degree-granting Executive programs across the University, such as the Wharton Executive MBA, the Fels Executive MPA, Global MBA programs, and other professional master’s programs.

The Incubator is designed for students who have already taken initial steps to explore ETA, through coursework, clubs, programming, or self-directed learning, and who are committed to building early search-readiness skills. It is not intended for students who are brand new to ETA with no prior engagement.

Applicants must be in good academic standing as defined by the academic policies of their home school and must adhere to all policies of the University of Pennsylvania and The Wharton School.

Is the Venture Lab ETA Incubator considered a pilot program?

Yes. The Venture Lab ETA Incubator is launching this year as a pilot program. This marks the first time Venture Lab is offering a structured, cohort-based experience designed specifically for mid-funnel students exploring Entrepreneurship Through Acquisition (ETA). While the program has an initial curriculum and structure in place, we expect to refine and evolve the Incubator throughout the semester based on participant feedback, outcomes, and engagement.

As a pilot, the Incubator offers participants a unique opportunity to help shape the future of ETA programming at Venture Lab. We will actively seek input on the curriculum, delivery format, pacing, assignments, and overall experience to determine whether the Incubator should become a recurring offering and, if so, how it should be improved or expanded in future years.

Participants should expect:

• Opportunities to provide structured and informal feedback throughout the program

• Occasional adjustments to session content or sequencing based on cohort needs

• A collaborative environment where student perspectives influence program development

• The chance to help define a program that may become a core part of Venture Lab’s ETA pathway

Your experience in this inaugural cohort will directly inform whether, and how, the Incubator scales in future years.

Are partnered or paired searchers allowed to apply? What if we have more than two people on the team looking to apply?

Yes. Partnered or team-based searchers are welcome to apply for the Venture Lab ETA Incubator. The program will accept teams of up to three individuals on a single application. While teams of up to three are permitted, Venture Lab generally recommends teams of no more than two searchers, as most ETA partnerships are built around pairs.

A partnered or team-based search in Entrepreneurship Through Acquisition (ETA) refers to two or more individuals exploring, preparing for, or planning to collaborate on the acquisition of a business. These teams often benefit from complementary skills, shared decision-making, and aligned goals—topics that will be addressed in the Incubator’s partnership development sessions.

Teams should submit one combined application, with the “Lead Applicant” serving as the primary point of contact for all Incubator communications. Each team member must be listed in the applicant registration section and include their own resume.

While most questions in the application should be answered from a team perspective, certain prompts require individual responses from each member. These questions are clearly identified, and each team member must complete their own responses to be considered for admission.

Please note that any non-dilutive grants associated with the Incubator (typically $2,500–$5,000 for selected participants who complete all program requirements) are awarded per team, not per person.

Are there any limitations to the type of acquisition model the searcher can pursue to be eligible for the fellowship (e.g., self-funded search with SBA funding, search fund backed by search fund investors, self-funded search without outside investment, Search Fund Accelerator, or C.E.O. in Residence Program)?

No. The Venture Lab ETA Incubator is open to applicants regardless of the type of acquisition model they pursue. Applicants may consider a range of models, including (but not limited to) self-funded searches with SBA financing, traditional search funds backed by search fund investors, self-funded searches without outside investment, participation in ETA accelerators (e.g., Search Fund Accelerator), or CEO-in-Residence and similar structured programs.

What is the structure of the Venture Lab ETA Incubator programming, and what topics will be covered?
The Venture Lab ETA Incubator is a structured, cohort-based learning experience designed to help committed mid-funnel students build foundational ETA skills and move closer to “search-ready.” The program is organized around a series of 3–4 hour Saturday bootcamp sessions, each focused on one or two core components of the ETA curriculum.

Program Structure
Each bootcamp includes interactive instruction, case-based discussion, and practical exercises. Content will be delivered by a mix of Penn faculty, alumni who are current searchers or ETA investors, alumni operators who have acquired and are now leading businesses, and service providers whose expertise directly supports ETA dealmaking (including legal, accounting, insurance, and quality of earnings professionals).

The Incubator is delivered in a hybrid format to support participation from Executive students and other Master’s and Ph.D. students who are not based in Philadelphia. A Zoom link will be provided for those students, and they will be able to participate fully and synchronously through Zoom.
For Philadelphia-based students, in-person attendance is the expectation. These students may request virtual participation in advance, but approval must be granted prior to the session. Because all content deliverers will be joining in person, we ask participants to respect their time and presence by attending in person whenever required.

Following each Saturday bootcamp, participants will have the opportunity to attend 30-minute office hour sessions offered by that week’s instructor. These sessions give students time to reflect on the material, apply it to their own developing thesis, and return with targeted questions. This learn–refine–apply cycle is a core part of the Incubator design.

Planned Curriculum Topics
While topics may evolve based on cohort needs, the Incubator is expected to cover the following areas:

• Determining the Right ETA Pathway
  Assessing the fit between self-funded, traditional search, or partnered models; examining risk appetite and financial realities; exploring case studies and personality assessment tools.
• Leadership and Partnership Development
  Evaluating compatibility for partnered searches, defining shared goals, and understanding real-world partnership dynamics with insights from alumni operators.
• Thesis Development
  Crafting acquisition criteria such as industry focus, geography, revenue and EBITDA ranges, margin profiles, and ownership transition types; drafting an early investment thesis.
• Sourcing Strategies
  Learning proprietary and broker-led sourcing methods; building segmented lists; using scraping tools and sourcing platforms; developing multi-channel outbound cadences.
• SBA and Alternative Financing
  Exploring SBA 7(a) loans, seller financing, traditional search capital, and friends-and-family models; understanding qualification requirements and financing timelines.
• Storytelling and EQ for Seller Engagement
  Practicing trust-building, active listening, and high-EQ communication through roleplays and real examples; positioning oneself as a credible buyer.
• Letter of Intent (LOI) Fundamentals
  Understanding standard LOI structures, key clauses, negotiation basics, and risk allocation.
• Assessing Acquisition Viability
  Working through real or anonymized CIMs and business profiles; identifying red flags, evaluating deal readiness, assessing growth opportunities, and weighing cultural fit.
• Working with Service Providers
  Understanding how to identify, evaluate, and manage attorneys, insurance advisors, diligence providers, QofE firms, and other critical experts.

Because the ETA Incubator is launching as a pilot program, the final curriculum may be refined as we learn more about the needs and experience levels of the cohort.


What is the structure of the Venture Lab ETA Incubator Award, and how is it distributed?
Participants in the Venture Lab ETA Incubator may be considered for a non-dilutive award ranging from $2,500 to $5,000. These awards are intended to support tangible next steps in a student’s ETA preparation—such as forming an LLC, purchasing sourcing tools, attending relevant industry conferences, or conducting early seller outreach.

Awards are non-dilutive, meaning neither Venture Lab nor the University of Pennsylvania takes an equity or financial stake in your search or any future acquisition. Award funds are considered taxable income by the IRS, and recipients are responsible for any associated tax obligations.

Incubator awards are distributed in a single tranche at the conclusion of the program in May 2026, and only to participants who have met all program expectations, including attendance, engagement, and completion of required assignments. Receipt of an award is not guaranteed.

The number of awards distributed will be determined as the cohort size takes shape and may vary based on the number of participants and available funding.

What are appropriate uses for a Venture Lab ETA Incubator award?
The Venture Lab ETA Incubator award is intended to support participants in taking concrete, early-stage steps toward preparing for a future ETA search. Because Incubator participants are not yet conducting a full-time search, award funds are designed to help remove initial barriers, build momentum, and support foundational activities that strengthen search-readiness.

Funds may be used flexibly for reasonable expenses that directly support ETA preparation, including but not limited to:

• Forming a search-related LLC or legal entity (e.g., state filings, registered agent fees)
• Purchasing tools or subscriptions that support ETA learning or early sourcing activities (e.g., Apollo, Grata, industry databases, CRM tools)
• Attending industry conferences, ETA events, or workshops that help expand sector exposure, sourcing knowledge, or professional networks
• Travel for introductory meetings with business owners, brokers, ETA practitioners, or alumni searchers, where such meetings advance your exploration of ETA
• Professional development resources (e.g., books, sector research, financial modeling courses or materials)
• Early advisory or professional guidance related to thesis development or ETA readiness, consistent with University policies

Awards should be used in a manner consistent with the purpose of supporting early ETA exploration and preparation, not to fund a full-time search or living expenses.

Any questions about allowable uses or compliance with University policies can be directed to Venture Lab staff.

What makes someone ineligible for a Venture Lab ETA Incubator Award?
Incubator awards are intended for participants who are fully engaged in the program and complete all required elements. Because this is a cohort-based pilot, consistent attendance and active participation are essential for both individual learning and overall program effectiveness.

Participants may become ineligible for a Venture Lab ETA Incubator award under the following circumstances:

• Missing any bootcamp session without prior approval
  All students are expected to attend every bootcamp session either in person for Philadelphia-based students or virtually for Executive and non-Philadelphia-based students.
• Attending virtually without prior approval when in-person attendance is expected
  Virtual attendance for Philadelphia-based students is permitted only with advance approval from Venture Lab staff. Unauthorized virtual attendance will be treated as a missed session.
• Accumulating two or more absences, whether excused or unexcused
  Participants who miss two or more sessions will not be eligible for award consideration.
• Failure to complete required assignments or end-of-program submissions
  Tasks and deliverables associated with program completion, such as thesis drafts, reflections, or other readiness materials that will be communicated later, must be submitted to remain eligible.

For partnerships or co-applicants, only one team member must attend each bootcamp session for the team to receive attendance credit. All team members are encouraged to attend whenever possible, but a team will not be penalized if one partner is absent as long as another partner is present and engaged. Standard attendance expectations apply to the team as a whole.

Students who anticipate a conflict or need an accommodation, including travel-related virtual participation, must contact Venture Lab staff in advance. Requests may be approved on a case-by-case basis. Unapproved absences or missed requirements will result in ineligibility for the award.

Can I use AI to create or improve my application?
Venture Lab recognizes that applicants may choose to use generative AI tools or automated writing assistance when preparing application materials. While light use of such tools for grammar correction or minor word-smithing is acceptable, all applicants are strongly discouraged from relying heavily on AI-generated content.

Overuse of automated tools can result in applications that feel generic, impersonal, or lacking the originality and creativity that resonate with reviewers. All applicants are expected to present their ideas and perspectives in their own voice. Applicants are encouraged to remember that their application will be reviewed by a committee of their peers who are aware of the current state of AI technology.

How many Venture Lab ETA Incubator awards will be awarded?

Because the Venture Lab ETA Incubator is launching as a pilot program, the number of awards has not been predetermined. The final number of awards will be determined once the cohort size is finalized and will depend on available funding and participant engagement throughout the program.

All Incubator participants who complete the required bootcamp sessions, assignments, and end-of-program submissions will be eligible for award consideration, but receipt of an award is not guaranteed. Awards will be allocated based on participation, commitment, and program-defined criteria shared with the cohort during the Incubator.

What is the selection process for the Venture Lab ETA Incubator program?

The Venture Lab ETA Incubator uses a single-stage application process designed to evaluate applicants’ motivation, early engagement with ETA, and readiness to participate in a structured cohort experience. The application consists of a written submission and a short video response, both of which must be submitted through SurveyMonkey Apply. The application has been streamlined and is targeted to be completed in under 45 minutes.

While the program has a priority deadline of Wednesday, January 21, 2026, applications will be reviewed on a rolling basis. Venture Lab staff will attempt to review completed applications and issue an admissions decision within approximately two weeks of submission.

Applicants who are accepted into the Incubator will receive notification of their selection no later than Friday, January 23, 2026. Admission to the Incubator does not include a separate interview; the written and video components of the application serve as the primary basis for evaluating fit and readiness for the program.

Can I apply to the Perlman ETA Fellowship and the Venture Lab ETA Incubator at the same time?

Yes. Applicants are welcome to apply to both the Perlman ETA Fellowship and the Venture Lab ETA Incubator. The two programs serve different stages of the ETA journey, and applying to one does not limit your eligibility for the other.

Students in their final year and ready to pursue a full-time post-graduation search may wish to apply to the Perlman ETA Fellowship, while those earlier in their development may find the ETA Incubator a better fit. Applicants may be admitted to the Incubator even if they are not selected for the Fellowship.

If you choose to apply to both programs, please ensure that you meet the eligibility requirements and deadlines for each.

How are Venture Lab ETA Incubator applications being evaluated?

Venture Lab ETA Incubator applications are evaluated to understand how prepared and motivated each applicant (or team) is to benefit from a structured, mid-funnel ETA learning experience. Because the Incubator is designed for committed but inexperienced students, the review process focuses less on search execution readiness and more on demonstrated interest, foundational exposure, and an active willingness to engage in a cohort-based program.

Applications are reviewed holistically, with attention to the strength, clarity, and sincerity of the full submission. Key areas of focus include:

• Demonstrated Interest in ETA
  Evidence that the applicant has moved beyond introductory curiosity and has taken meaningful steps to explore ETA through coursework, clubs, conversations, programming, or self-directed learning.
• Motivation and Program Fit
  A clear understanding of why the applicant is pursuing ETA at this stage and how participation in the Incubator aligns with their goals. Reviewers look for applicants who can articulate why they are ready for structured development and where they hope to grow.
• Baseline Understanding of the ETA Pathway
  A foundational, personally articulated understanding of ETA, informed by the applicant’s own exploration. Applicants do not need to be search-ready, but they should demonstrate basic fluency with the ETA model.
• Commitment to Participation and Availability
  The Incubator requires active engagement, attendance at weekend bootcamps, completion of assignments, and participation in peer groups. Reviewers assess whether applicants can reasonably commit to these expectations.
• Curiosity, Coachability, and Willingness to Learn
  Indicators that the applicant will engage thoughtfully, ask questions, seek feedback, and contribute to a cohort learning environment.

For partnership applications, reviewers also consider the clarity of team dynamics and whether all members appear committed to participating in the program. Because this is a developmental program, the emphasis is on readiness to grow, rather than mastery. Venture Lab is looking for students who will fully leverage the Incubator experience and contribute positively to the inaugural cohort.