The John and Mary Pappajohn Scholarship Fund was created through a generous gift from John and Mary Pappajohn. Since 2000, $10,000 in scholarship money has been made available to Iowa State University students demonstrating an interest in entrepreneurship. At $1,000 each, these honors are targeted to students of Junior, Senior, or Graduate status who have started or who intend to establish their own businesses or are participating in the entrepreneurship program. Criteria used for selecting scholarship recipients include:

• Clear description of business or business plan
• Work experience/GPA
• Formal entrepreneurial study
• Demonstrated interest in entrepreneurship
• When possible, scholarships are awarded to disadvantaged or minority students per the Pappajohn's request.