Startups come in many shapes and forms – spanning everything from one person’s inspired idea to start a home business blog through to a multidisciplinary team designing and building a product from the ground up using cutting edge technologies.
For this exact reason, finding support in the startup journey can be a challenge. It’s just not that easy to define the perfect incubating conditions for a new idea, and of course knowing what you need to do and how to get there is always going to be a moving target.
The NYU Entrepreneurial Institute offers something unique and valuable to NYU people with big ideas. Its scope, its mandate and its resources present an ideal breeding ground for maturing an idea to market. Here’s why.
The Network Has Reach
Some groups will define themselves as a “network” simply because they encapsulate a network of members. While a network of individuals is certainly better than going it alone, the institute takes this a significant step further than this by acting as an umbrella organization.
The institute incorporates over 20 entrepreneurship related graduate organizations, drawing from the arts, the sciences and business. This breadth alone imparts a few important benefits.
First institute members have access to more people. More minds means a greater critical mass of ideas to draw from.
Second, network members are better able to gain access to specific “flavors” of entrepreneurism. Looking for MLM options? Use your network to find like minded people. More interested in the technology startup route? Similarly, you can find groups for that. Its broad base makes it a versatile resource.
Finally, the NYU Entrepreneurial Institute is cross disciplinary. New ideas sprout from every corner of science and the arts, and the institute fosters idea generation across all of them.
Especially in the early stages of forming an idea, assimilating approaches from other bodies of knowledge creates a rich ground for dynamic innovation.
The NYU Entrepreneurial Institute Can Provide Modest Yet Meaningful Marketing Support
In the early stages of idea incubation, money isn’t just helpful; it’s vital.
Not surprisingly, the institute maintains a directory of funding options members can access, but they also administer their own collaboration fund to support marketing and promotion.
The funds on offer are, admittedly, small. Up to $250 can be requested per application. However, for a startup big on ideas but lean on cash, that might just be the boost needed to get its name on the map.
There are specific stipulations for this fund, chief among them being the need to demonstrate direct value add to the community.
From Launch to Commercialization
The first few weeks and months of a startup enterprise are, to say the least, precarious. A lot can go wrong in those early moments in the life of a new company. However, that next journey from proof of concept to marketable commodity is no less fraught with challenges for most startups.
It may be the first moment where the design rubber hits the hard, unyielding road that is the consumer market. This is the point where bigger picture stuff like business plans and brand awareness building becomes make or break.
Not surprisingly, it’s a graveyard for many startups.
The NYU Entrepreneurial Institute supports this critical commercialization process, working with startups to scale up, build their messaging and turn prototypes into products. This is great news for under-resourced startups lacking that specific business expertise.
The Network Provides Context For Entrepreneurship
The NYU E N also provides a valuable social compass for startup endeavors. For example, one of its sub-networks provides resources to assist entrepreneurs in integrating ethical considerations into business practice and processes.
This is, of course, broadly valuable for society at large. It supports the development of innovations which remain in step with where we’re comfortable to head as a species.
But it also equips new business idea generators with a vital prerequisite for profitability: relevance. Technology isn’t the only aspect of the human condition that is rapidly expanding. Our sensibilities, hopes and dreams are too.
By helping business people keep a firm grasp of the social fabric their product resides within, the NYU Entrepreneurial Institute provides a valuable way of ensuring they’re building something their customer base will actually want.
The NYU Entrepreneurial Institute is a haven for people walking that treacherous walk of getting their new idea off the ground. It offers something unique to its members by providing a robust and cross-disciplinary network, modest seed funding when and where it counts, and vital resources for maturing an innovative idea to market-readiness.
Most of all though, it provides members with access to a receptive audience of like-minded pioneers… and that can make the world of difference.