The Perlman ETA Fellowship 

The Perlman Entrepreneurship Through Acquisition (ETA) Fellowship is a competitive opportunity designed specifically for Penn and Wharton Master’s Degree and Ph.D. students who are in their final year of study and graduating in 2026. The program provides financial support and additional resources to students who plan to acquire and operate a business immediately after graduation. Selected Fellows will receive up to $50,000 in financial support, along with access to programming and support designed to help them pursue their entrepreneurial goals directly following the completion of their studies.

Perlman ETA Fellowship Program Timeline
Below are the key dates for the 2026 Perlman ETA Fellowship. 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 continued 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.

Perlman ETA Fellowship - Frequently Asked Questions 

Who is eligible to apply?

The Perlman ETA Fellowship is open to any Penn or Wharton Master’s Degree or Ph.D. student in their final year and set to graduate in 2026. 

• Eligibility includes the students pursuing degree-granting Executive programs (Ex. Wharton Executive MBA, Fels Executive MPA, etc.). 
• Applicants should note that if they are selected as Fellowship recipients and are graduating in either August or December of 2026, they must complete all graduation requirements and receive their degree before they are cleared for the initial disbursement of grant funding.

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

• View each respective school’s Academic Good Standing policy here: https://catalog.upenn.edu/graduate/policies-procedures/academic-withdrawal/ 

Eligibility also includes a commitment to pursuing a full-time acquisition search immediately after graduation from the respective Penn or Wharton program.

• If a student raises funds from search fund investors, acquires a company, or begins receiving a full-time salary, they will not be eligible for the second tranche of funding.

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 can apply for the Perlman ETA Fellowship. 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.

A partnered or team-based search in Entrepreneurship Through Acquisition (ETA) refers to two or more individuals collaborating to search for, acquire, and operate a business together. These teams often leverage complementary skills and shared goals to enhance their chances of success.

Partnered or team-based searchers will apply as a single unit and will be eligible for one Perlman ETA Fellowship Award. This means the team will receive a single award of up to $50,000, rather than individual awards. All approved team members will have access to fellowship programming and support services, including workshops, executive coaching, and professional resources.

The partnership or team must submit one application through SurveyMonkey Apply (SMA), with the “Lead Applicant” acting as the main point of contact. The Lead Applicant is responsible for submitting the application, providing any required additional materials, and managing correspondence with Venture Lab staff and representatives. The Lead Applicant will also designate whether the award payment will be made to them as an individual payee or to an incorporated search fund or investment vehicle that they control.

Eligibility for the second tranche of funding is contingent on the continued collaboration of the partnership or team throughout the search process. If a partnered or team-based search is awarded the fellowship, but the team disbands before the search process is completed, the team will no longer be eligible to receive the second tranche of funding. Team members may continue to participate in the non-financial aspects of the Perlman ETA Fellowship (workshops, advising, executive coaching, etc.).

While most application questions should be answered from a partnership or team perspective, there are specific questions that require individual responses from each team member. These questions are clearly outlined in the application, and individual responses must be submitted to receive full credit for the application.

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 Perlman ETA Fellowship 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 Perlman ETA Fellowship Award, and how is it distributed?
The Perlman ETA Fellowship provides an award ranging from $25,000 to $50,000. The award is non-dilutive, meaning Venture Lab or the University does not gain a financial stake in the Fellow’s search. It is important to note that the award is considered taxable income by the IRS, and Fellows are responsible for any tax implications.

The Perlman ETA Fellowship award is distributed in $25,000 tranches. The first tranche is released in June of the program year (June 2026) upon confirmation of graduation from the respective Penn or Wharton Master’s or Ph.D. program(s). If deemed eligible, the second tranche will be distributed in January of the following year (January 2027).

What are appropriate uses for a Perlman ETA Fellowship award??
The Perlman ETA Fellowship award is intended to support Fellows in conducting a sustained, full-time acquisition search and transitioning into the role of owner-operator. Funds may be used flexibly for reasonable expenses that directly support this goal, including but not limited to:

• Living expenses during the search period (e.g., housing, food, utilities, transportation, health insurance, and other essential personal expenses that enable a full-time focus on the search).
• Search-related operating expenses (e.g., CRM and pipeline management tools, data and research subscriptions, industry reports, mailing or outreach campaigns, web presence, and other tools needed to identify and evaluate opportunities).
• Travel and relationship-building expenses (e.g., trips to visit business owners, brokers, and key partners; attendance at relevant ETA, industry, or trade events that directly support the search).
• Professional services (e.g., legal, accounting, financial, or industry experts engaged for due diligence or transaction structuring, to the extent consistent with University and funding policies).

Fellows should use the award in a manner consistent with the purpose of supporting an ETA search and eventual acquisition. Any questions about allowable uses or compliance with University policies can be directed to Venture Lab staff.

How is eligibility for the second tranche of the Perlman ETA Fellowship award determined?
Eligibility for the second tranche of the Perlman ETA Fellowship award is contingent upon the Fellow’s active involvement in searching for a business to acquire. To qualify for the second tranche, Fellows are expected to be diligently engaged in the acquisition search process.

Ineligibility for the second tranche generally occurs under any of the following circumstances:

• The fellow ceases their efforts in searching for a business to acquire.
• The fellow takes on a full-time job or starts receiving a full-time salary.
• The fellow closes a formal search fund or raises funds from search fund investors.
• The fellow successfully acquires a business before the scheduled distribution of the second tranche.

The determination of eligibility for the second disbursement of the Perlman ETA Fellowship award is at the discretion of the Venture Lab team, which oversees the ETA Fellowship program. This team will assess each fellow's engagement and progress in the business acquisition search to make their decision.

If I have acquired a business already or acquire a business before or during the fellowship year, am I still eligible?
Yes. Applicants who have already acquired a business, or who may acquire a business before being awarded a Perlman ETA Fellowship, are eligible to apply with some stipulations.

Regardless of whether you have acquired a business prior to the fellowship award decisions or not, you are eligible to apply for the Perlman ETA Fellowship. However, for the 2026 Perlman ETA Fellowship cycle, applicants who acquire a business before December 1, 2026, will be eligible for the first tranche of funding only and will not be eligible for the second tranche of funding distributed in January 2027.

Applicants who have already acquired a business at the time of application should be applying with the intention of pursuing an additional acquisition strategy, such as a tuck-in or bolt-on acquisition, a geographic expansion acquisition, a product-line expansion acquisition, or another clearly articulated acquisition strategy that builds on their existing operating platform.

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 wordsmithing 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.

What do Perlman ETA Fellows receive?

The Perlman Entrepreneurship Through Acquisition (ETA) Fellows receive an award that can be leveraged for living expenses and other business expenses connected to the acquisition search process.

Additionally, Perlman ETA Fellows receive additional support services, including executive coaching, small-group workshops targeting tactical aspects of the search process, and connections to professional services essential to completing an effective search.

How many Perlman ETA Fellowships will be awarded?

Up to 4 students (or teams) will be selected as Perlman ETA Fellows.

What is the selection process for the Perlman ETA Fellowship?

The application process for the Perlman ETA Fellowship is a multi-stage procedure that begins with a written application and a video submission. Interested candidates must submit these through Survey Monkey Apply before the deadline, Wednesday, February 18, 2026, by 11:59 p.m. EST.

Those with successfully submitted and eligible applications will proceed to the Review Stage. During this stage, Venture Lab staff members will review applications for completeness and confirm final eligibility for continued participation in the Perlman ETA Fellowship application process.

Applicants who move beyond the Review Stage will enter the Semi-Final Round. Semi-Final Round applicants will be notified of their selection for semi-final interviews on or before Monday, February 23, 2026.

Semi-Finalists will participate in a series of virtual interviews (hosted via Zoom) with Alumni Selection Committee members who are supporting this year’s Perlman ETA Fellowship review and selection process. The exact number of interview slots will be determined at this stage. Semi-Final Round interviews will occur after Spring Break, between Monday, March 16, and Thursday, March 26, 2026. Scheduling for these interviews will occur closer to the dates.

From these interviews, up to eight finalist candidates (teams) will be selected. These finalists will be determined and notified on or before Monday, March 30, 2026.

The Finals Round culminates on the Perlman ETA Finals Interview Day and involves interviews with a panel of alumni ETA Finalist Judges (a separate group from the Alumni Selection Committee members), scheduled for Thursday, April 2, 2026. Details about the ETA judges and the format of this interview round will be announced closer to the interview date.

Finally, the recipients of the 2026 Perlman ETA Fellowship will be selected and notified on the week of April 20, 2026.

How are Perlman ETA Applications being assessed?

The Perlman ETA Fellowship applications are reviewed to assess how ready and suitable each applicant (or team) is for the Entrepreneurship Through Acquisition (ETA) pathway and for the responsibilities of acquiring and operating a small business. Applications are evaluated holistically, with attention to the strength and coherence of the full submission. Key areas of focus include:

• Demonstrated Commitment to ETA Pathway: Evidence of a clear and sustained interest in ETA as a post-graduation pathway, including thoughtful engagement with the ETA ecosystem and a realistic understanding of what a full-time search and operating role entails.

• Demonstrated Understanding of the ETA Process and Economics: Demonstrated understanding of the ETA process, including the search timeline, typical funding structures and models, and the financial and practical realities of conducting a search and closing an acquisition.

• Clearly and Rigor of the Search and Acquisition Plan: The quality, structure, and internal consistency of the applicant’s search and acquisition plan, including their ETA objectives, market or industry thesis, sourcing strategy, evaluation framework, and preliminary search budget and financial plan.

• Thoughtful Market or Industry Focus: The clarity and thoughtfulness of the applicant’s proposed market or industry focus, including the rationale for the chosen area, how it aligns with their background and interests, and whether it appears feasible and well-considered.

• Behavioral and Operating Readiness: Evidence from past experiences (as described in the application) of behaviors that support ETA and operating success, including grit and resilience, initiative and ownership, problem-solving through ambiguity, judgment, integrity, and the potential for effective people leadership and coachability.

In addition to these categories, reviewers consider the overall coherence of the application, the alignment between the applicant’s stated goals and their plans, and the degree to which the applicant appears prepared to make effective use of the fellowship’s financial support and programming.