Harvard Innovation Labs

Harvard Innovation Labs (i-lab) serves as a dynamic cross-disciplinary hub for entrepreneurship and innovation, open to all current Harvard University students from any school. Established in 2011, its primary mission is to foster a vibrant ecosystem where student founders can explore, develop, and launch their ventures. The i-lab provides a comprehensive suite of resources, including dedicated workspace, mentorship from experienced entrepreneurs and industry leaders, and a wide array of educational programming, workshops, and networking opportunities designed to support ventures at every stage of development.

Unlike traditional venture capital firms, Harvard Innovation Labs does not operate as an equity investor making direct capital investments in startups. Instead, its financial support primarily comes in the form of non-dilutive prize money awarded through prestigious competitions. The most prominent of these is the annual President's Innovation Challenge (PIC), which offers significant funding to winning teams across various tracks, such as social impact, health and life sciences, and open innovation.

Through the President's Innovation Challenge, the i-lab annually awards over $500,000 in prize money to student teams. For instance, grand prize winners in the Social Impact and Open tracks typically receive $75,000 each, providing crucial early-stage capital without requiring equity. Other awards, such as runner-up prizes and Ingenuity Awards, also contribute to the financial support available, ranging from $10,000 to $25,000. This model underscores the i-lab's commitment to education and venture acceleration, enabling students to pursue their entrepreneurial ambitions with valuable financial backing and robust institutional support.

In essence, Harvard Innovation Labs is an incubator and accelerator that empowers the next generation of innovators by providing a nurturing environment, expert guidance, and substantial non-dilutive funding opportunities. Its focus remains on cultivating entrepreneurial skills and helping student-led ventures achieve initial traction and impact, rather than functioning as a conventional investment entity.