FUEL

To apply for Fuel funding, you must be a current University of Michigan Ann Arbor student with a significant role in the startup, such as a co-founder, officer, leader, or someone working full-time on the venture. Since Fuel funding is exclusively for students, you must remain enrolled when the funding is awarded, which typically occurs 1-3 months after the presentations. Fuel funding is only available to majority student-run startups.

Ventures that involve faculty should contact U-M Innovation Partnerships for potential funding opportunities.

Fuel applications are due BY NOON on the first Thursday of each month. The program runs for six months during the eight-month academic year. The exact dates for 2024-2025 are provided here.

Students should avoid including sensitive intellectual property in their application or presentation. This means not sharing technical details like materials processing, programming code, active contract negotiations, or any trade secrets. Only include information you’re comfortable sharing publicly.

Submitted materials will be shared with U-M staff and a select group of external professionals for assessment. If you have concerns or questions about intellectual property, contact Alison Smith at alisone@umich.edu before applying.

When applying for Fuel funding, you’ll need to classify your venture’s stage. Assess both your current stage and the maturity of your goal with Fuel’s support. For example, if you have a working iPhone app and plan to test it for a new market, you’re likely at the ‘invention’ stage, as this involves customer discovery.

Please take the time to read these Stage of Venture examples and explanations.

Fuel provides financial awards to support the growth of University of Michigan student ventures, helping teams reach their next milestone within a 12-week period. Funds can be used for:

• Prototype Development: Costs for developing a prototype or MVP.
• Equipment Purchase: Essential tools, materials, or software.
• Customer Discovery: Travel and conference fees for meeting potential customers.
• Professional Subscriptions: Services or tools needed for venture advancement.

Funding will generally not cover:

• Legal Services: IP protection or incorporation, unless crucial for the milestone.
• Interns or External Coders: Direct payments to these individuals will be scrutinized.
• General Professional Services: Services not directly tied to the immediate milestone.*

* Fuel funds are not intended to pay for outside developers or contractors. If a student team requires such services, we encourage them to recruit team members who possess the necessary expertise.

A rubric ensures clarity in evaluation Fuel applications for both applicants and judges.

Applicants should carefully review the rubric document to understand the assessment criteria.

Unapproved Expenses: Applications with unapproved budget items will be returned before review. See “What Expenses Does Fuel Support” in the FAQ.

Need for Clarity: Judges may request more information for applications they find unclear. Ensure your explanation is understandable, even if the technology is complex. Consider explaining your idea as you would to a family member, making comparisons and highlighting its unique value.

Judges will use a rubric to determine which teams meet the established criteria to advance to the next stage in Fuel. Teams are evaluated individually against the rubric, not compared to one another. If the majority of judges agree that a team should advance and present during the third week of the month, the team will receive an invitation.

Fuel judges include U-M entrepreneurial staff, directors, and experienced entrepreneurs from the U-M external network. The group changes monthly, with some core members participating regularly. For Fuel presentations, judges can join in-person or remotely.

Judges will use the same rubric to evaluate which teams meet the funding criteria. Teams are assessed individually against a set cut-off point. After presentations, judges may ask follow-up questions and discuss the appropriate funding amount. If the majority agrees a team deserves funding, a notification will be sent to that team.

Fuel awards are allocated to a student team member with sufficient space in their U-M financial account. Recipients must consider potential tax implications. Note that CFE cannot award funds directly to a student’s company. Alternatively, CFE can directly purchase equipment or resources for the winning team.

Please contact Alison Smith with your questions: alisone@umich.edu

Need more answers? Schedule a virtual meeting with Alison Smith