Submit your startup today for the 2026 Skysong Innovations Startup Challenge

The Skysong Innovations Startup Challenge is a pitch event designed to encourage the advancement of recently formed ASU startup companies.

Each year, up to six startups (including one grand prize winner of $50,000) will be selected by a panel of judges for seed investments from a total investment pool of up to $175,000.

Additional benefits for SI Startup Challenge Participants and Investment Winners:

• Skysong Innovations Option Fee Waiver (Investment Recipients)

• Opportunity to lease lab and/or office space at one of ASU’s Innovation Zones, either at SkySong in Scottsdale or 850 PBC in Downtown Phoenix. Discounts may be available to support business growth (All Participants)

• SI Startup Mill Priority Review (All Participants)

• SBIR/STTR, iCORPS, and other Support and Resources from ASU E+I (All Participants)

• 1:1 Mentoring Session b/t Founders and Venture Capital Fund (Investment Recipients)

The 2026 Challenge is open to startups formed to commercialize ASU innovations with option or license agreements executed with Skysong Innovations between July 1, 2025 and June 30, 2026. The deadline to enter the Challenge is June 30, 2026.

Please see below for more information, including eligibility requirements, and to apply for the competition.

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Who is eligible to enter the challenge?

Startup companies are eligible to enter the Skysong Innovations Startup Challenge if the company was formed to commercialize an ASU-owned invention and have executed either an option agreement or a license agreement with ASU between July 1, 2025 and June 30, 2026, and complete the Challenge application prior to the application deadline. Additional eligibility requirements are stated in the Terms and Conditions for the Challenge.

Each startup company may participate in the Challenge only once.

Requirements to Receive Investment

In order to receive the investment, winners must:

• Convert any existing option agreement into a license agreement (if applicable) within six (6) months of notification by SI of Challenge results  
• Execute all required investment documentation
• Comply with the Challenge Terms and Conditions and Rules and Regulations

Valuation and Investment Terms

Grand Prize Winner: The company will be valued at a $2 million post-money valuation. 

Finalists: The company will be valued at a $1 million post-money valuation.

Grand Prize Winner and Finalists: If Skysong Innovations invests via a convertible note, then the note may be converted upon (or following) maturity of the note, upon a Qualified Financing or upon a Trigger Event.

Conversion upon or Following Maturity: The applicable valuation stated above will also apply upon conversion if Skysong Innovations elects to convert its note into common stock or common LLC interests (rather than to be repaid) upon or following maturity of the note and in the absence of a prior Qualified Financing or Trigger Event.

Conversion in a Qualified Financing: If there is an arm’s length, legally binding equity financing of at least $500,000 from accredited investors prior to a Trigger Event or conversion of the note (or a repayment demand) upon or following maturity, then the note will convert at the same valuation as is applicable to a plurality of the other investors in the financing.  Skysong Innovations will receive the same class of equity securities as is issued to the other investors.

Conversion upon a Trigger Event: If there is a Trigger Event (the term includes certain acquisitions of the company and going public transactions) prior to a Qualified

Financing or conversion of the note (or a repayment demand) upon or following maturity, then the note will convert into common stock or common LLC interests at the valuation of that equity for purposes of the Trigger Event.

The preceding summary is not meant to be complete and is qualified in its entirety by the full terms of the convertible note.

Relationship to License Agreement Equity: Equity issued as part of the Challenge investment is separate from, and in addition to, any equity granted in connection with the license agreement.