As history and many failed companies have shown, simply having an interesting technology or invention does not necessarily result in a successful commercial venture. To succeed in translating research from the lab into a marketable product, the researcher must first identify a specific market need or problem, develop a business model that enables the technology to target that problem or need, and establish the connections and channels that will ultimately deliver that product to the market. While researchers often create remarkable technologies that can be applied to multiple markets, they may lack the resources to identify the optimal customers, fully assess the environment, explore potential business models, project returns, or seek key business partners. The purpose of this program is to give participating teams the skills, tools, and resources, they need to turn their inventions into commercially viable startup ventures. This program leverages best-in-class, tried and tested methodologies for translating reseach from the lab into market-ready products.
The NYU Venture Fellows Program is for NYU faculty and their graduate students and researchers who are passionate about commercializing new technologies via a startup venture. Faculty with already-developed research, technology and inventions in the IT and life science sectors will be considered.
All teams must have a faculty sponsor, and have at least one researcher to lead the customer discovery process.
All participants must be able to attend all events outlined here and dedicate two hours a week for team meetings and an additional two to four hours a week for project work and deliverables.
All NYU faculty-led information technology and life science research projects will be considered. Interested teams must submit a project profile (download profile form) via email. All candidates will be contacted by the NYU Entrepreneurial Institute staff when a decision has been made about your application.
The NYU Venture Fellows Program lasts approximately ten weeks and runs each academic semester (Fall and Spring). Over the course of the program, the NYU faculty-led research teams (typically a faculty and a graduate student or postdoc) will work to discover and validate target customer segments and explore potential business models. During this time, the teams will conduct primary market research and “get out of the building” to speak with real users, customers and business partners in an effort to validate or invalidate assumptions. Teams will be supported by a mentors from the NYU and NYC startup community as they go through this customer discovery process.
By the end of the program, teams are expected to complete a proposal for commercializing the technology that includes customer validation, market analysis and actionable next steps. Products should be well positioned to begin market tests, prototyping and commercial product development following the program.
*Workshops and Team Presentations are mandatory for all team members.