Do you have a good business idea? Your institution may have an incubator for you!

Words by Lucie Yammine
Edited by Laurie Herviou and Rinki Saha

Going from a concept to a commercialized product is extremely challenging and it takes more than a great idea to launch a successful company. As STEM students and postdocs we are experts in our field and able to create a concept but we sometimes lack the necessary knowledge to evaluate and give value to our products. Whether it is how to build a business plan, understanding legal matters but also knowing how to communicate and pitch your product to investors, we most certainly need guidance.
 
In the past few years, universities started adapting to a new way of teaching and of accompanying their students. They stepped out of their traditional role of education, to a new one by creating an environment in which students’ creativity and innovation capacity are nurtured.
 
Today, many universities house incubators and innovation hubs that allow students from different horizons to interact, to work together and become young entrepreneurs.
These startup launchers and incubators are designed to help graduate students and postdocs develop their entrepreneurial skills and facilitate the launch of their dream project.
 
Incubators will generally provide an office and/or a lab space for you, your co-founders along with other entrepreneurs. Young researchers can therefore easily interact, foster their creative minds and take advantage of others expertise and background to build a better product and give substance to their idea.
 
They also offer the necessary tools to help you grow your startup. This includes business mentorship, networking, as well as access to different programs and tremendous resources. Innovation hubs can also invest in your business and provide funding, through grants, patenting your technology and helping you reach out to companies.
Fundings can be provided through entering competitions organized by your institution. The best pitched startup idea or technology -- hopefully yours! -- can be granted up to hundreds of thousands of dollars to help bringing your idea to life.
 
In the New York City area, many institutions have launched incubators for their students and alumni. So now go dig into your dusty drawers, get this brilliant idea out and start your own business!

Here are some webpages to help you get started:
Columbia entrepreneurship, innovation and design
NYU entrepreneurship
Weill Cornell Medicine BioVenture eLab
CUNY Hub for Innovation and Entrepreneurship
Mount Sinai Innovation Partner