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George Shultz Innovation Fund

Apply to George Shultz Innovation Fund (GSIF)

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The George Shultz Innovation Fund provides up to $250,000 in investment funding to early-stage science-based, deep-tech, and AI ventures spinning out of the University of Chicago. Beyond capital, finalists receive hands-on support to validate their market, sharpen their commercial path, prepare for diligence, and strengthen their investor pitch. Funding and support are designed to advance commercialization and position ventures for their next round of outside investment. 

To date, the Innovation Fund has invested in more than 80 companies. Notable companies launched with the fund’s support include ExplORer Surgical, acquired by Global Healthcare Exchange; Super.Tech, acquired by ColdQuanta; OrisDx, which won the 2022 New Venture Challenge; Flow Medical, which recently secured $5 million in seed funding; Theta Neurotech, which received $200,000 and has gone on to raise an oversubscribed $2 million pre-seed round. 

The core mission of the Innovation Fund is to back scientific ventures with the capital and support to validate their market opportunity – generating the evidence and traction needed to raise their next round. We invest in teams with a credible market need, demonstrated technical progress, and a clear plan to put funding to work against a specific commercial goal. 

Upcoming George Shultz Innovation Fund Events & Deadlines

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Program Timeline

September: Applications Open
October: Info Session
November: Application Deadline
December: Finalists Announced
May: Finals

Application and Eligibility

The George Shultz Innovation Fund is a pre-seed fund for science-based, deep-tech, and AI ventures. We look for teams that are approaching diligence-readiness, far enough along that a focused six-week sprint can close the remaining gaps and prepare them for investment review. Strong applicants typically show:

  • Pitch preparation, working with Pitch Coaches to prepare for the Finals presentation to the Advisory Committee in May
  • A committed founding team
  • A credible market need and an emerging path to customer value
  • Demonstrated technical progress or proof of concept, a validated result, a working prototype, or a deployed model
  • A clear path of how funding would be used to advance the venture and support future fundraising
  • A University of Chicago connection on the founding team(The founding team must include a current UChicago faculty member, student, postdoc, or staff member)
  • Preference for ventures built on University of Chicago research
    • We prioritize ventures commercializing IP or research developed at the University. Ventures built on independently developed technology, such as software or AI, are also considered
  • Ability to participate fully in the program’s required commitments. Finalists should be prepared to engage across the full cycle (~January–May):
    • A mandatory six-week virtual validation sprint, working with a Resident Executive ahead of Innovation Fund Associates pairing
    • The diligence process, providing materials and meeting regularly with the assigned Innovation Fund Associates team
    • Pitch preparation, working with Pitch Coaches to prepare for the Finals presentation to the Advisory Committee in May

George Shultz Innovation Fund FAQs

No. Many strong ventures, especially in AI and software, are built on data, models, know-how, or open-source technology. We evaluate the strength of the venture, not whether it holds a patent.

If you are a current faculty member, staff, or student and licensing technology from another institution, you might be eligible to apply. We recommend that you speak with us before applying.

This is on a case-by-case basis. We recommend that you speak with us regarding eligibility. Please reach out to Brittani Brown at brittani.brown@chicagobooth.edu.

Some members of our review committee are private investors with no formal affiliation with the University. If you think some element of your technology might be patentable, but you have not yet disclosed it to the Polsky Center, please contact the Polsky Center (see the staff listing or email polskylicensing@uchicago.edu) to discuss the situation before submitting your application.

Celebrating 15 Years of the George Shultz Innovation Fund in 2026

About George Pratt Shultz

George P. Shultz was a former Chicago Booth professor and dean whose distinguished career spanned government, business, and academia. He left a lasting mark on Chicago Booth as a professor, dean, mentor, and institutional leader.

In 2018, the Polsky Center renamed its Innovation Fund in his honor following a $10 million gift from longtime friend and mentee Mary A. Tolan, MBA ’92, to recognize his lifelong commitment to thoughtful problem-solving, public service, and practical innovation.

>> In Memoriam: George Pratt Shultz, 1920–2021