MBA Startup Spotlight: NYU Stern
Almost 14 percent of working-age Americans—that’s 27 million people—are starting or running new businesses, according to a 2015 report by Global Entrepreneurship Monitor (GEM). The study also found 51 percent of working Americans believe there are good prospects for starting a company in the coming years.
As a result, it’s more important than ever for business schools to provide a strong entrepreneurial education and support for new businesses. With so many MBAs and business students looking to a future of entrepreneurship, support for startups becomes a crucial factor for many in choosing an MBA program.
Thankfully, many business schools and MBA programs already have support systems in place for students starting new businesses or trying to break into entrepreneurship.
At the New York University (NYU) Stern School of Business, a number of programs and events allow NYU entrepreneurs and their business ideas a chance to develop and thrive.
The W.R. Berkley Innovation Labs at NYU Stern offer a number of events for entrepreneurs throughout the year. One such event is an entrepreneurship Boot Camp, designed specifically for contestants in the $300K Entrepreneurship Challenge. Most recently, the boot camp focused on the theme “Making a Compelling Pitch.” Other events have given students the chance to attend an Entrepreneurs Festival—featuring more than 1,000 attendees, 100 speakers and 50 NYU startups—and the Langone Speaker Series, which most recently hosted Ragy Thomas, founder of Sprinklr, a social media management platform for enterprises.
A new fellowship program available to MBA students at Stern can take the place of a traditional summer internship for students. Fellows chosen to take part in the program benefit from workshops and access to NYC and Silicon Valley tech companies, as well as a $10,000 stipend, dedicated workspace at the university’s innovation lab, and access to one-on-one mentorship from business professionals. Students will also spend one week in California for a “Silicon Valley Immersion Week,” visiting a number of Stern alumni spread across various tech firms. Throughout their second year in the MBA program, students receive continued support and mentorship, with the chance to take a faculty-supervised independent study as an optional course credit.
The $300K Entrepreneurs Challenge at Stern looks for new and innovative ideas with the power to truly disrupt and impact the world. The competition offers three venture tracks—the New Venture Competition, Social Venture Competition and Technology Venture Competition—each of which offers prizes from $75,000 to $100,000 to be shared among the winners. The competition is open to all students, researchers and alumni of NYU.
Entrepreneurs at NYU are given the opportunity to book appointments with business professionals for mentorship and advice in the startup process. Students can meet with advisors for general feedback and use the time however they feel will be most productive for their work. Students can also access advisors for more specialized guidance on particular subjects. A Marketing, Legal and Accounting Help Desk also provides guidance on everything from marketing strategy to in-depth legal and financial concerns. In addition, students have access to NYU’s Entrepreneurs-in-Resident (EIRs), experienced professionals who bring a track record of launching successful entrepreneurial ventures. Students can use the EIRs as coaches, mentors and consultants to help their businesses in their early stages.
Mission:Appossible is a mobile app competition available to all NYU students, alumni and faculty. Contestants have the chance to participate in coaching sessions and workshops and will also receive technical assistance for building their mobile app. Winners of the competition will be awarded $10,000 in cash and will have their app developed by Messapps.
Student groups at NYU are another great way that student entrepreneurs find support within the Stern community. For MBAs interested in innovation, groups like the Entrepreneurs’ Exchange (EEX) and the Social Enterprise Association (SEA) offer resources and support. The EEX aims to help entrepreneurs—whether current students or alumni—to meet their goals and achieve success, while the SEA provides resources for students who want to use their business knowledge for social good, whether in the for-profit, non-profit or public sectors.
About the Author
Alanna Shaffer
Staff Writer, covering MetroMBA's news beat for Atlanta, Houston, and Dallas.
