Several of New York City’s health care business leaders have gotten together to launch the NYC Bio and Health Tech Entrepreneurship Lab (@elabnyc), which is currently seeking application from the best and brightest entrepreneurs in the state of New York.
Mary Howard, program manager at the Lab, explained to GigaOm that the real idea behind the program is to offer wannabe entrepreneurs with exceptional backgrounds in the life sciences and high tech communities across the state, but little to no understanding of how to start a business. Too often, those with the biggest ideas to combat the biggest problems facing society are also those least capable of realizing those big ideas.
“We’re targeting people who have that great idea and they’re asking themselves ‘now what?’” Howard said.
Launched by the Bloomberg administration in partnership with the New York City Economic Development Corporation (NYCEDC), the Lab is designed to;
- Develop a more vibrant ecosystem for entrepreneurship and venture creation in the City’s academic life sciences and healthcare communities
- Teach entrepreneurial business concepts to aspiring entrepreneurs, including concepts that are fundamental to the life sciences and healthcare industries
- Define a clear path for NYC’s entrepreneurially-minded graduate students and post-docs to start or join new commercial ventures based in NYC
- Build a local platform for the next generation of life sciences and healthcare technology entrepreneurs in NYC
The Lab will be selecting 20 teams and/or individuals to participate in the six-month program, which will feature a mini-MBA curriculum, expert coaching, pitch preparation support, team building activities and access to a community of seasoned entrepreneurs, investors and mentors.
I certainly wouldn’t call this an accelerator or incubator, but rather I would classify this as an Academy. It is similar to one run by Startup Health, which is also not an accelerator or incubator though often mistaken as one. The program will focus on individuals currently conducting work in research institutes and universities across the state, and is open to all types of health tech entrepreneurs, including those in the life sciences.
This is a program that should set an example for other large cities across the US, particularly those like NYC, which are rich in institutes of higher learning which routinely churn out the best and brightest science minds. The best thing cities across America could do to create new economic growth would be to provide meaningful support to entrepreneurs with the greatest potential and biggest ideas. I certainly hope Chicago Mayor Rahm Emanuel is paying close attention to all the great stuff being done by his counterpart in NYC to support innovation.
Applications will be accepted on a rolling basis until December 28th, with the six-month program beginning in January 2013.