Recently completed your PhD and want to harness your deep tech expertise to start a company? Want to do it in New York City and get funding from day one? If so, consider the Runway Startup Postdoc Program.
The Runway Startup Postdoc Program is part business school, part research institution, and part startup incubator. Based at the Jacobs Technion-Cornell Institute, Runway ushers recent PhDs in digital technology fields through a paradigm shift — from an academic mindset to an entrepreneurial outlook.
Startup Postdocs arrive with ideas for unproven products and markets that require time and specialized guidance to develop. These startups demand more than a few months to launch. They need a bit of a “runway.” That’s why our program lasts 12–36 months and incorporates academic and business mentorship.
Runway provides an impressive package valued at $175,000 that includes a salary, research budget, housing allowance, space and more in the first year. In addition, the Startup Postdoc receives significant benefits and perks and corporate support valued at $400,000.
Have you recently received a PhD in the digital technologies? Do you dream of launching a business, but don’t know how to get it off the ground? Would you like funding for your company from the get go? If you’re nodding vigorously to all these questions keep reading.
We start accepting applications for fall 2017 on October 15 and will continue to through February 15. Decisions will be announced April 15. If space opens up after that date, additional applications may be considered. The program officially starts in August 2017 and runs for one year with a possible extension for another year or two. Decisions on second-year extensions will be made in May 2018.
Benefits and Perks
The Jacobs Technion-Cornell Institute provides an impressive package valued at $175,000 that includes a salary and housing allowance, a research budget, mentorship, workspace and office equipment on campus, IP registration and use, as well as classes and workshops on entrepreneurship and business management.
Runway award: We provide a package valued at $175,000 that includes a salary and housing allowance for the Startup Postdoc, a research budget, IP registration and use, free access to all CBInsight publications, and numerous other benefits. Your research budget can be used as you see fit: To pay employees or consultants or to purchase equipment — it's up to you.
Business education: We kick off the program with “Startup MBA,” a four week intensive education program teaching entrepreneurship and business concepts. We’ll discuss how to identify and evaluate product/market opportunities; develop customers; create a startup strategy and face uncertainty — the list goes on and on. After these initial weeks, you’ll attend entrepreneurship classes including Business for Engineers, Product Management and Startup Studio sessions where you will interact with Cornell Tech MBA, Engineering Master's and LLM candidates. You’ll also have access to our Studio, the open space where guest practitioners, experts and serial entrepreneurs lead sessions on a variety of aspects of starting a tech company: company culture, pitching and public speaking, fundraising and more.
Mentorship: We’ve assembled an amazing team of academic and business mentors who are uniquely suited to help you succeed. In addition, our In Residence practitioners — investors, designers, developers, and entrepreneurs — are available for consultation.
Emotional support: Don’t underestimate this benefit. Starting a company can be a lonely business. You’ll come to deeply value the camaraderie and relationships that you’ll develop with your fellow Startup Postdocs. Runway includes weekly cohort meetings called Scrums, and monthly social events with inspiring people. There is no place for free riders: you’ll share advice, feedback and resources — and you’ll receive them.
Office space and support: Runway will provide a workspace at the Jacobs Technion-Cornell Institute, which is part of the Cornell Tech campus. You will also have access to meeting rooms, office equipment and administrative support.
Equipment: You'll be able to use standard office equipment (computer, printer, etc.) as well as 3-D manufacturing tools including a 3-D printer and laser cutter. Specialized software programs including Sprout by HP will be available.