For the second year in a row, the NYU Entrepreneurial Institute will be running a 10-week accelerator program starting in June called the NYU Summer Launchpad. The program, which is for graduating NYU students, will provide our University’s most promising entrepreneurs the skills, resources and connections they need to developtheir startups into viable ventures. We will be selecting up to 10 teams from across all schools and disciplines to take part. Applications are due April 18th – details and the link to the application can be found here.
Much has been written about accelerator programs like Tech Stars,Y-Combinator, and Dream It, and the benefits and shortcomings of their offerings. The startup scene in New York is booming, and we know there are many other great opportunities out there that students may (and should) consider. But not all programs are the same, and it’s increasingly important for entrepreneurs thinking about joining an accelerator program to educate themselves about what differentiates one program from the next. We believe that the NYU Summer Launchpad program will offer NYU’s entrepreneurs an exceptional opportunity to benefit from the resources of the University and our strong connections to the broader NYC startup community at relatively little cost. For those of you trying to determine if participating in an accelerator this summer is right for you, or trying choose which program best suits your needs, here are the top ten reasons to apply to the NYU Summer Launchpad. If this resonates with you and your team, click here to learn more and apply for the program.
1. Experience what it’s like to be an entrepreneur before taking the plunge – When choosing a career path, there’s no substitute for getting hands-on experience working at a company or organization in that field. A career as an entrepreneur is no different. The only way to determine if you will truly enjoy the startup lifestyle is to spend some time trying it out, and what better time to do that than when you’re still supported by the resources of the University.
2. Non-dilutive funding – Participants selected for Summer Launchpad will receive a no-strings-attached stipend of $7,500 to be used to support their summer activities. While different programs employ a wide variety of financial arrangements with their teams, most take equity in return for the financial support they provide. It’s rare that a program would provide funds and resources to a startup without taking something in return, but our relationship with the University enables us to do so, providing a major benefit to participating teams.
3. Access to co-working space – As an entrepreneur, you’ll likely find it hard to separate your work life from your personal life, and this is only exacerbated when there is no physical separation between ‘work’ and ‘home’. Furthermore, successful entrepreneurs will tell you that that being part of a startup community that shares ideas, resources, and advice is invaluable, particularly in the early days. Teams that participate in Summer Launchpad will be given co-working space at the Varick Street Incubator in Soho for the duration of the program. Not only is this a great physical space in which to work for the summer, it is also a connection to a strong community of startups that work at the space.
4. Access to mentors and subject-matter experts – Teams that participate in Summer Launchpad will have access to a cadre of mentors and subject-matter experts who will be at the incubator each week for office hours. As a university, we have a wealth of experts and experienced professionals who are ready and willing to share their knowledge with the community. Furthermore, NYU alumni are another great source for mentorship, and we have many who are eager to give back to NYU by participating in programs like this. We have a great bench of mentors from the broader NYC startup community, including the city’s top venture investors and entrepreneurs, who will advise the Summer Launchpad teams during the program, and help plug them into the NYC startup ecosystem. They too are generously offering to spend part of their summers with you. See the list of last year’s mentors here.
5. Weekly speaker series with successful entrepreneurs – In addition to having great mentors in our network, we’re fortunate to have many successful entrepreneurs and subject-matter experts who willingly share their expertise, and the good, bad, and ugly of their past experiences building their own startups. As part of the Summer Launchpad program, we’ll have a weekly speaker series where you will learn from the experts, and hear other entrepreneurs share their successes (and failures). See the list of last year’s speakers here.
6. Peer network – Being an entrepreneur can be as stressful as it is rewarding. Anyone who has been an entrepreneur before will tell you that having a strong support network will be key for getting you through the tough days. The Summer Launchpad will not only help you forge a stronger bond with the members of your own team, there will also be ample opportunities to mingle and collaborate with the other teams in the cohort. Whether it’s by providing peer feedback to each other’s presentations at weekly workshops or catching up over drinks at one of the social outings we sponsor, we promise that Launchpad will introduce you to a new network of supporters and friends.
7. Exposure to the VC community – While we don’t expect that every team participating in Summer Launchpad will be ready for venture funding this summer, it’s always a good practice to get the input of potential investors well ahead of the time you’re looking for their financial backing. Teams that participate in Launchpad will have an opportunity to connect with members of the VC community throughout the summer, as they serve as mentors, guest speakers, or attendees at the networking events and showcases.
8. ‘Best practices’ that will help you learn in 10 weeks what might otherwise take years – As successful entrepreneurs-turned educators like Steve Blank, Bob Dorf, Eric Reis, and others have shown, there are a set of activities and best practices that entrepreneurs can follow to increase their likelihood of success, saving a lot of time and money in the process. The Summer Launchpad will help teams adopt the lean startup methodology, and ensure you use your limited resources efficiently as you search for your business model.
9. A final opportunity to take advantage of the resources NYU and NYU-Poly offer to its students – If you are a student set to graduate this spring, you’re probably starting to get nostalgic about the perks of life as a student – the community of people, wealth of resources, or simply the physical spaces you get access to as part of the NYU student body. (If you are not yet feeling this way, start paying attention and I promise you will.) Launchpad offers graduating students 10 more weeks to take advantage of all that NYU has to offer. As described above, Summer Launchpad pulls together the best of NYU’s resources for entrepreneurs in one 10-week program.
10. Did I mention free money?
More information about the program details and eligibility requirements, as well as the program application, can be found here. Applications are due by April 18th!
