In Fall 2024, the Academy will award up to nine Ignite Grants to student ventures in the amount of up to $3000 each. Up to four of the nine grants will go to projects that leverage artificial intelligence.

The purpose of the grants is to help your venture develop (or further develop) a functioning minimum viable product (MVP) and gather user data. The thinking is that $3000 will buy you 100 hours of additional talent - typically engineering time - at $30 / hour. But this is only relevant if you have a very clear “ask” for the talent in terms of design vision and tasks. Note that students may propose to spend the $3000 on mission critical items other than talent depending on the needs of the project.

This page provides answers questions you may have about about Ignite Grants including:

What You Receive as an Ignite Grant Winner

What, How, and When to Submit in Order to Be Considered for an Ignite Grant

Who is Eligible to Submit for an Ignite Grant

The ultimate goal of the Ignite Grant process is to maximize your potential to get to market - which almost always includes development of a functioning MVP and gathering customer data. A functioning MVP and customer data will dramatically increase the likelihood of your venture being chosen for the Academy's Venture Showcase, startup accelerators, etc.

To be considered, a student team must submit a project for acceptance by the Academy. To do so fill out the fields on this Ignite Grant Submission Qualtrics link by end of day November 9, 2024. The fields include:

Name of team members and student status:
Team must include at least one Academy student who is actively enrolled in the Fall 24 semester and Spring 25. Team may also include non-Academy students.

Link to a Presentation that explains your project to the judges. You may provide whatever information you’d like to but please be sure to include the following in your materials:
Team Members Project Name Problem You are Solving Explanation of your solution Intended Use of Proceeds

Check boxes to agree to the following terms. If selected as a grant winner the team agrees that they will:
Only incur expenses that are approved in writing by the Academy's Innovation Quest mentor assigned to them. Spend the full grant amount on services and goods that increase their viability as an Academy Venture Showcase submission. Log expenses incurred on a spreadsheet provided by the Academy. Attend a 2 hour onboarding workshop with the Academy wherein each winning team will complete necessary paperwork to receive the grant money and connect to mentors following our process.

The Academy will review and announce which ventures receive grants by December 1, 2024.

Your Team Members must include at least one Academy student who is actively enrolled in Fall 2024 and Spring 2025. Please include the names, roles, and email addresses of your team members. Please identify which team member(s) are Academy students who are actively enrolled in Fall 2024 and Spring 2025.

Your Link to a Presentation should lead to a deck or a cloud folder that is easy for the judges to understand and access. Set all links to “anyone with link can view”. File names should describe their function. If you are seeking to hire an engineer or other talent explain what you will ask them to do. The more clear you are in your ask the more persuasive your submission will be. 

You are not required to prepare venture materials in any set format. We encourage you to “go for it” and submit in whatever format that makes sense to you. That said, this Venture Assessment Rubric provides insights to what will particularly persuasive to judges.

Your Intended Use of Proceeds document should include items to make your venture more tangible - most typically by making a Minimum Viable Product (MVP). The items may or may not include hiring an engineer. Note that the grant money will not be approved for lifestyle expenses or personal travel.

If you have any questions about what to submit please email IYAIQ@usc.edu

Who is Eligible to Submit for an Ignite Grant?

Teams pursuing a Gen AI and Society grant can come from any USC school. Teams pursuing the other Ignite grants must include at least one ACAD major or minor student - or at least one IDSN student - who is actively enrolled at USC in Fall 2024 and Spring 2025.

As mentioned, the Academy will announce winners on December 1, 2024. The deadline for your to submit is November 9, 2024.

Yes and yes! We encourage you to submit whatever venture you are passionate about regardless of origin.

Can I submit a project I am working on in a USC class? Can it be from a non-IYA class?

Yes and yes! Remember, however, your team needs at least one IYA student who is actively enrolled in Fall 2024 and Spring 2025.

Can I include non-IYA students on my team? Can I include non-students on my team?

Yes. This is something the IYA Business of Innovation faculty and your industry mentor can assist with. We will most likely encourage you to find talent using an online platform such as Handshake (depending on your needs).

Will IYA provide help recruiting external talent such as an engineer?

The application process for the IYA Venture Showcase will be separate from the Ignite Grant process. That means if you receive an Ignite Grant you will still have to apply to the IYA Venture Showcase and win a spot on merit. Likewise if you don’t win an Ignite Grant you will be able to compete for a spot in the IYA Venture Showcase.

If I receive an Ignite Grant does that mean I am accepted into the IYA Venture Showcase? Likewise, if I don’t receive an Ignite Grant does that mean I will not be accepted into the IYA Venture Showcase?

Details will be provided on the IYA website in January 2025. The IYA Venture Showcase will have additional, separate prizes.

What are the rules for the IYA Venture Showcase?

As long as the expense is approved by your mentor, you are free to negotiate the terms of payment - e.g. fixed bid, higher hourly rate, etc.

Note that $30 / hour is adequate (and even above market) for experienced software engineers who live outside the U.S. Also $30 / hour is adequate for student engineers such as those who look for gigs on Handshake.

$30 / hour sounds low for an hourly rate for a software engineer. What if I want to hire someone with a higher hourly rate?

That’s great. You should propose how the Ignite Grant will help you become more tangible and viable.

What if I already have a working MVP or don’t need to pay external talent?

Yes. Mentors will consider all proposed expenses that will make your venture more tangible and viable.

Can I propose to spend Ignite Grant dollars on marketing expenses - e.g. such as buying Facebook ads to drive traffic to a landing page where I collect email addresses? Can I propose to spend Ignite Grant dollars on user research expenses, a metal 3D printed prototype, a mission-critical piece of equipment, or other items?

You have the option to complete this Team Project Partnership Exercise at any time before, during, or after the Innovation Quest process. The exercise has been developed to help teams establish IP ground rules before incorporation and protect founders.

I am concerned about intellectual property ownership for my idea. How do I protect myself?

As part of the onboarding process winners will sign up for a mentor via a SoCal Small Business Development Center

In addition, the IYA Business of Innovation faculty may invite investors and operators from industry to serve as mentors. We will also give you the option to recruit your own mentor.

The process will attempt to find you at least one mentor who has expertise that is relevant to your specific venture and your current needs. We can’t guarantee who from industry will agree to be a mentor or how much time that will be able to spend. Note that the Business of Innovation faculty will also be available to support you.

Regarding industry mentors: who are they and how much access will I have to them?

Do I need to be a legal entity — LLC or C-Corp or other — in order to apply for the grant?

That’s fine and encouraged. As you may know, nonprofits that achieve great impact typically need capital like any other venture. Also, nonprofits can generate scale revenue like commercial ventures. A key distinction between non-profit and commercial ventures is in the rules regarding whether the proceeds go back into the venture or go into pockets of the owners of the venture.

What if I want to create a non-profit venture?

The Innovation Quest is not right for those kinds of projects.

What if all I want to do is create an art project with no interest in impact or scale?

Please email the IYA Business of Innovation faculty at IYAIQ@usc.edu.

If I have more questions and want advice before I submit, who should I talk to?

Fall 2024 Overview and FAQs of Innovation Quest Ignite Grants

Iovine and Young Academy Ignite Grants Fall 2024 Overview and FAQs

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