State grant program to nurture life science entrepreneurs
A new grant program to develop life science entrepreneurial talent in New York State will award up to $550,000 to qualified graduate schools of business to plan, develop and implement a new MBA concentration or certificate in life science entrepreneurship. Eligible schools will work in collaboration with medical schools or graduate programs in the life sciences, biomedical engineering or bioinformatics.
This program builds on the state life sciences initiative’s goal to develop entrepreneurs with the mix of skills and expertise needed to successfully guide innovative life science startups along the path to commercial viability.
Building a pool of life science entrepreneurs in New York is the goal of this grant program, which includes two stages of funding:
- Stage 1 ($50,000 funding commitment) will fund development of the institution’s detailed plan for, and commitment to, the collaborative business education program for life science entrepreneurs.
- Stage 2 (up to $500,000 funding commitment) will provide one-time support of implementation for Stage 1 plans that are favorably reviewed.
In addition to building a pipeline of life science talent that will help meet the industry’s demand for business executives in New York, the program is also intended to promote a culture of entrepreneurship within life science-focused academia and encourage college and university-based scientists to direct their research toward commercial applications. The program also aims to encourage talented students to consider careers outside of academia that build on their research backgrounds.
Programs proposed by qualified public or private graduate schools of business must:
- Include an educational program that results in either an MBA concentration or graduate-level certificate in life science entrepreneurship;
- Feature a curriculum focused on the business of technological innovation in the life science industry;
- Identify resources within universities to support talented students as they consider career options;
- Establish substantive institutional partnerships, linking graduate schools of business with medical schools, life science-based graduate programs, biomedical engineering programs, and bioinformatics and data science programs; and
- Establish partnerships between graduate schools and the business community, engaging investors, startups and seasoned life science leaders to participate in curriculum development and implementation.