Frequently Asked Questions
Background & Program Vision
The Entrepreneurship Lab is a competitive 6-month Program launched by the City of New York, designed for graduate students of science, engineering and medicine, post-doctoral fellows, medical residents, physicians, nurses and other scientists, researchers and technologists in NYC and interested in forming new ventures in the life sciences and healthcare technology sectors.
The Entrepreneurship Lab is an initiative of the Bloomberg Administration and the City of New York. In a strategic review of the life sciences and healthcare sectors in NYC, the New York City Economic Development Corporation (NYCEDC) held extensive conversations with senior academic stakeholders, investors and entrepreneurs in NYC and beyond. There was a consensus that the City can play a more active role in championing an entrepreneurial culture among NYC’s academic research and clinical care communities.
The Entrepreneurship Lab was launched in 2012 by NYCEDC in partnership with the expert entrepreneurship advisory firm Design Technologies. NYCEDC has provided seed funding and management oversight for the initiative.
ELabNYC provides 4 months of Mentor Choice support, a service to connect stakeholders to participant ventures, as well as 3 months of support by Founder’s Experts, a service to identify and introduce talent to founders. Participants have an opportunity to expand and deepen their network through 4 Roundtable dinners, curated business networking events supported by in person introductions and 1 day-long Pitch Day delivered in conjunction with bioscience programs in Connecticut and Westchester County, NY.
The Entrepreneurship Lab represents the first in a portfolio of “Eds & Meds NYC 2020” initiatives to be launched by NYCEDC for the life sciences and healthcare technology sectors in the City of New York. These initiatives have been designed to support companies and entrepreneurs across the value chain, addressing unmet needs identified by senior stakeholders in the community (e.g., funding, space, and training).
This program is designed for graduate students of science, engineering and medicine, post-doctoral fellows, medical residents, physicians, nurses and other scientists, researchers and technologists in NYC.
Participants should work or express significant interest in a category classified as “life sciences” (e.g., bioscience research, biomedical engineering), “healthcare” (e.g. medicine, nursing) or “healthcare technology” (e.g., health IT, mobile health, digital health, health 2.0).
The Entrepreneurship Lab presents a unique and unprecedented opportunity to join an NYC community at the early stage of your career, and work alongside entrepreneurial scientists and technologists passionate about science, medicine and technology and interested in tackling big public health problems.
Application & Selection Process
Participants should live and/or work in New York City and have a background or education in science, medicine or technology (i.e. earned undergraduate or graduate degree in science, medicine, nursing or engineering within the past ten years).
In our review of your application and potential interview, we will be looking for evidence of the following:
- Commitment to pursuing entrepreneurship as demonstrated by innovative ideas and references
- Resourcefulness, business judgment, and the ability to engage partners
- Former participation in business training programs is a plus
- Need for advanced business experience/training
- Record of scientific publications or patents
- Demonstration of written and oral communication skills
NYC is host to over 7,000 graduate students, post-docs and researchers in the biomedical field. Given the high level of unmet need this Program is designed to address, we expect to receive a large number of applications. As such, the Entrepreneurship Lab is a highly competitive program and it is important that you distinguish yourself in the candidate selection process.
Yes, we encourage co-applicants. On your application, please be sure to reference the names of your teammates and provide their contact information.
The deadline for submitting an application is October 19, 2020. We encourage you to begin preparing your application materials as early as possible as we will be reviewing applications on a rolling basis up until the deadline.
Yes. This is a program for scientists, physicians, nurses and engineers who intend to pursue entrepreneurial activities. You must propose an entrepreneurial concept/business idea in your application.
We do not sign Non-Disclosure Agreements (NDAs) and will not be held responsible for any disclosures when reviewing your application. PLEASE SHARE ONLY NON-CONFIDENTIAL INFORMATION in your application. If you are unsure as to what is confidential, please consult your technology transfer office or legal counsel.
Project Scope & Structure
The Program will feature a mini-MBA curriculum, expert coaching, pitch preparation, team building exercises and access to a community of mentors. Participants will benefit from a series of events, including mentorship dinner roundtables, a Pitch Day and professional development sessions, as well as a Pass to attend industry networking events in NYC during the Program.
You can expect to gain an understanding of the path to starting a successful business through exercises, meeting a community of committed life sciences entrepreneurs and experts in life science business. You will learn from experts who have gone through the process of starting their own company and practicing in the life sciences industry. The syllabus and suggested resources for additional learning provide you with tools to develop and reference during and after the program. Throughout ELabNYC, you will receive feedback on the business strategy for your innovation so that you will better communicate your ideas and execute your development plans. You can also expect to make numerous connections with other program participants, mentors, and program instructors.
It is not an introduction to the business of bioscience or healthcare for those seeking to transition to a career in industry; the Entrepreneurship Lab is designed to address the needs of scientists, researchers, and engineers interested in developing the concrete skills required to start a business and the business connections necessary to support development and growth.
Mary Howard of Design Technologies will be administering the mini-MBA course and directing Coaching activities. All lessons will include the participation of our community of mentors, including serial entrepreneurs, business development professionals, investors, founding scientists and technologists.
Yes, we will be providing a number of exercises throughout the mini-MBA and Coaching segments of the Program. The exercises will help participants hone their ideas, prepare their business models, operational plans, and pitch presentations and take full advantage of the instruction and mentorship we offer.
In each Program Year, four private dinner roundtables will be held to convene participants, instructors, and mentors. These roundtables may include talks by renowned entrepreneurs, investors, scientists and technologists, presentations by participants on their independent entrepreneurial projects or new ventures, breakout discussions on important issues, and ample time for networking.
The Entrepreneurship Lab is designed to train participants on what it takes to launch and grow their ventures, secure resources and pursue funding opportunities. At this time, the ELabNYC does not provide funding support to participants or participating companies.
Program participants are expected to attend all events listed on the schedule and complete all exercises in the program. The program has been designed to efficiently convey information.You need to commit to complete all activities. Additionally, there is an expectation for program participants to engage in networking and to interact with mentors.
While there are no obligations, we look forward to building a vibrant Entrepreneurship Lab community over the long-term and hope that each participant will continue to be an active member following the Program. Through our alumni network and ongoing events, there will be a number of opportunities to give back. We will be seeking participants with a passion for building the entrepreneurial ecosystem and enhancing the ELabNYC over the long-term. We expect all participants to be present and fully engaged throughout the duration of the Program.
No, the mini-MBA course is not an accredited Program. Participants will receive a Certificate upon program completion to confirm their active participation in the Program.
All activities will take place between the months of December and June.
All meetings will take place at a location in NYC. Please see our Program schedule. It is a program requirement to be present and fully engaged in all activities for the duration of the Program.