What is the New York Life Science Entrepreneur Development Grant Program?

The New York Life Science Entrepreneur Development Grant Program is a competitive grant program that will award up to $550,000 to qualified New York graduate schools of business, working in collaboration with medical schools or graduate programs in the life sciences, biomedical engineering or bioinformatics, to plan, develop and implement a new MBA concentration or certificate program in life science entrepreneurship. This program, which is part of Governor Cuomo’s $620 million New York State Life Science Initiative, will enable talented students to extend their expertise into the business realm and will equip them to become leaders in New York State’s growing life science ecosystem.  

Why is the New York Life Science Entrepreneur Development Grant Program needed?

An important objective of the Life Science Initiative is development and retention of C-suite talent possessing the mix of business and scientific skills and expertise needed to successfully guide innovative life science startups along the path to commercial viability. Development of this talent pool is necessary to attract, grow, and retain life science firms in geographic regions of the state with pre-existing life science activity, which is a primary objective of the Life Science Initiative. The New York Life Science Entrepreneur Development Grant Program focuses on building this pool of leaders. 

In addition to building a pipeline of talent to meet the demand for New York-based life science entrepreneurs, this grant program also is intended to:

• Promote a culture of entrepreneurship within life science-focused academia;
• Introduce talented students to careers that capitalize on their research backgrounds as they consider pursuing academia or another path;  
• Encourage academic scientists to direct their research toward commercial applications; and
• Create opportunities for entrepreneurs to acquire the solid business skills needed to work in a technology-led innovation environment that are not as readily acquired while working.

This grant includes two stages of funding:  

• Stage 1 will fund development of an institution’s detailed plan, and commitment to, the collaborative life science business education program.
  
  Funding Commitment Stage 1: $50,000
• Stage 2 will provide one-time implementation support for Stage 1 plans that are favorably reviewed.
  
  Funding Commitment Stage 2: One-time incentive payment of up to $500,000

ESD will select no more than three Stage 1 grant recipients to receive Stage 2 funding.

Click here for complete details about the New York Life Science Entrepreneur Development Grant Program.

The Applicant institution must be a New York-based graduate school of business, working in collaboration with at least one of the following other graduate programs: 

• A medical school
• A graduate-level program in the life sciences
• A biomedical engineering program
• A bioinformatics program

Proposals are to demonstrate that the program will: 

• Establish 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, or bioinformatics/computer 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.

HOW TO APPLY

Click here to download the application for the New York Life Science Entrepreneur Development Grant Program. 

Contact Information

Please submit specific questions about this program in writing to: [email protected]

APPLICATION PERIOD IS CLOSED.

Click here to view Frequently Asked Questions.

ESD accepted specific questions about the program in writing until September 20, 2019. Click here for answers to all of the questions received.