What are the benefits?
NYU does not take equity in your venture for participating in Ignite Fellowship. Any intellectual property developed is your own unless you have a pre-existing obligation to assign rights to the University.
Ignite fellows receive monthly coaching sessions to set goals, identify challenges, and work toward solutions with additional support from an extensive network of experienced founders, investors, executives, and experts in:
- Finance: managing cash flow, invoicing, taxes, etc.
- Legal: incorporation, founder’s agreements, IP, etc.
- Operations: benefits, compliance, payroll, etc.
- Technology: architecture, best practices, tools, etc.
- Fundraising: non-dilutive, angels, venture capital, etc.
- Regulatory: HIPAA, 510-K, NDA, etc.
Founders attend exclusive weekly talks, lunch and learns, and skill workshops led by seasoned entrepreneurs, startup experts, and angel & venture capital investors on:
- Developing a Repeatable & Scalable Business Model
- Identifying your Initial Target Market/Customers
- Differentiating from Competitors
- Testing Minimum Viable Products
- Validating your Go-to-Market Strategy
- Tracking Metrics that Matter
- Securing Capital to Grow your Business
Sponsored social events, small group discussions, and collaborative space in the Leslie eLab provide a supportive community for Ignite fellows to share best practices, tackle common challenges to network, and get to know each other.
What are the requirements?
No prior entrepreneurial experience is necessary. Any team pursuing ventures in any sector, including social ventures, at any stage of development can apply for consideration if the team is:
- Comprised of committed NYU founders: Teams may include non-NYU founders, but must include a majority of current NYU students, faculty, or researchers (from any NYU school or college). NYU founders must have significant equity in the venture and active operational roles.
- Committed to customer development: Founders are expected to regularly “get out of the building” to test their hypotheses by engaging potential users, purchasers, and partners for feedback on all elements of their business model.
- Capable of executing: Teams must possess the technical ability, determination, and hustle to quickly test, iterate and execute toward a viable business model.
- Community-centric: Teams are expected to help each other tackle common challenges, actively contribute to the community, and attend community-building events.
A prototype is not necessary to be considered for Ignite Fellowship, but can be used to demonstrate feasibility and technical competence. Strong preference is given to teams that clearly articulate their business model by completing a Business Model Canvas.
High potential teams are accepted into Ignite Fellowship on a rolling basis each semester. Teams that apply to Ignite Fellowship, but are not initially accepted, can reapply after addressing any concerns in their application.