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Exploring the Startup Ecosystem in the United States through EFL

Nilesh Ramnani, CFA is a current Tech MBA student, specializing in Strategy, Product Management, and Entrepreneurship. Prior to Stern, Nilesh had his own consulting firm and has also worked in Investment Banking and Private Equity. At Stern, he is a board member of Private Equity and Venture Capital Club; Business Analytics Club; Graduate Marketing Club and Adventure Club and enjoys traveling and exploring different cultures and cuisines.

I was standing in the queue for the most adventurous Velocicoaster ride at Universal Park Orlando during my spring break. I asked my wife – Are you scared? She said, “yes I am, but it will be so much fun! The excitement and a bit of fear makes this adventurous.” Once we were on the Velocicoaster, we were thrown upside down four times and all the moves were unexpected. The start-up world is no different. You just need to find your own balance of facing fear, uncertainty and enjoying the ride. You are pulled in different directions and you need to find your own path. 

Before joining Stern, I had experience working with many startups in India through my own consulting practice. But I wanted to get a deeper dive into the start-up ecosystem in the United States. That’s when I found the Endless Frontier Labs (EFL), taught by Professor Deepak Hegde. The course is a mix of lectures, working with a start-up and also meeting industry experts who mentor the companies in EFL. 

I was paired with OPTT health, a company that is trying to solve some of the biggest challenges in the mental health care space in the US and Canada. We read a lot about telehealth companies trying to make mental health accessible to everyone, but the facts are shocking. 55% of adults (28 million people) in the US with a mental illness do not receive treatment. This is partly because mental health treatment is highly subjective and labor-intensive, and treatment outcomes depend mainly on the skill of the clinician. We need efficiencies in the system to enable doctors to treat more patients and OPTT is trying to do this using a proprietary algorithm to capture and analyze patient data. It plans to transform the treatment of mental health using machine learning and Artificial Intelligence. 

I worked with founders Mohsen Omrani and Ali Omrani on the go to market strategy in the United States market. In our meetings with mentors, we identified a crucial goal: to develop a quantitative model that OPTT Health can use to effectively communicate its value proposition. I mapped out the patient journey and identified areas where OPTT can create value that could be quantified. Based on these findings, I developed a financial model to calculate the return on investment (ROI) for potential customers. OPTT plans to use this model to determine a suitable pricing strategy for the company, ensuring that the value they offer is commensurate with the price. My work will be used to communicate the value to all the stakeholders including customers, investors and partners.

Through EFL, I also learned a lot about other startups. We had multiple group sessions where we discussed the issues faced by EFL startups and brainstormed ideas to solve these problems. EFL provides a platform for students, mentors, and the EFL team, to discuss the problems startups are facing.

I think the EFL course gave me exactly what I was looking for. I got a flavor of the startup ecosystem in the United States and also learned frameworks to solve problems faced by startups.

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Thriving as a Woman in Tech

Alina Vrsaljko is a current Tech MBA student at Stern. Within Stern, she is part of the Stern Women in Business Club‘s board. Before starting her MBA, Alina gained professional experience in Digital Strategy Consulting at McKinsey in Europe and in multiple roles at Hewlett Packard Enterprise in Germany and Singapore. She holds a BSc in Business Informatics and a MSc in Management. 

Introduction

45% minorities, 9% LGBTQ+, 57% international students and 55% women – those are not target scores from exemplary studies on what ideal diverse teams should look like, but those are the actual numbers of the Tech MBA at NYU Stern. When I met my classmates for the first time, I was amazed by the number of strong women in the program. This was not at all what any of us had expected when signing up for a Tech focused MBA, but we LOVED it – both male and female classmates. In the picture below, you can see a small part of our amazing group of women in the Tech MBA.

Being the only one

Coming from a Tech industry background, I’ve gotten used to being the “only one”-the only woman in the room.  And even though my colleagues and clients meant well, there were certain situations where I could feel the impact of what it means to be the only person of a certain group in the room. And this did not just happen to me – a recent Women in the Workplace Study by McKinsey and LeanIn.org shows that “32% of women in technical and engineering roles are often the only woman in the room at work” (2022). This is one of the reasons why I believe the makeup of this year’s Tech MBA is so special and important – the more we normalize women thriving in Tech, the easier it’ll be for young women to imagine themselves in those roles.

Why is this even relevant? 

Throughout my career, one big factor I’ve considered when deciding on a next career move was around female empowerment – will this decision help me advance further and will this have an impact on women in the industry? Maybe that’s also why I specifically picked the Tech industry as an 18-year-old girl to start off my career. I believe it’s time that all of us start making a difference. Especially in Tech but also in leadership in general, women are still heavily underrepresented – in the US, still only 1 in 4 CEOs is female and even only 1 in 20 CEO’s is a black woman (LeanIn, McKinsey, 2022). Thus, I believe us as MBAs, and hopefully all future leaders, need to push further for equality to achieve the equal world we aim to live in. Another reason for focusing on gender equality is that diverse teams make better decisions (Harvard Business Review, 2016) – no matter whether that’s in business or politics. Additionally, especially in Tech, having diverse representation will matter even more than ever. With Artificial Intelligence solutions on the rise and tech firms not having a diverse employee body, those new algorithms are full of unconscious biases that will need to be resolved (Forbes, 2020). Thus, I am proud to be part of an MBA program that is educating so many women in Tech, sets us up with the tools to excel in the industry, and educates allies who are aware of gender equality issues and who will actively create an impact in this field.

When thinking about how to thrive as a woman in Tech throughout your MBA experience, there’s three main areas to leverage:

1. Role models: I can’t stress enough the importance of strong role models for your career development – I am still thankful to all the amazing role models in my previous positions who I am still in touch with. NYU Stern will also help by connecting you with strong, successful women – I was lucky enough to have met a few of them at multiple events hosted by NYU Stern, from Elizabeth Elting (see picture below) who was listed on FORBES’ list of America’s Richest Self-Made Women, to Rama Akkiraju, who is leading NVIDIA’s AI/ML efforts after being responsible for IBM Watson for the past few years.

Those women are living proof that it is possible to break glass ceilings in all kinds of industries, and an MBA at NYU Stern allows you to connect with and learn from them. Additional events to connect with women are now also happening all over New York – and for every industry. Especially for Women’s History Month, companies like Google and Amazon have held great events around women in tech that were free to join for students.

2. Network within Student Community: Besides external speakers, who often can act as inspiration, the Student Community at NYU Stern is full of strong and ambitious women to network with. Starting from the Fall, Tech MBA students will get to interact with all full-time students and there are multiple opportunities to engage with fellow students. For example, I’m part of the Stern Women in Business Club’s Board for Alumni Relations. This involved connecting with a lot of female MBA alumni, and allowed me to network within the SWIB community to further build out my network. Of course, the small class size of the Tech MBA and the close connection to the smaller sized Fashion and Luxury MBA also allowed to create a close-knit network already in the summer. I’m sure I’ll carry my network of strong NYU women throughout my career and can’t wait to see what all of them will accomplish.

3. Allies: Finally, a concept that is gaining much more popularity is involving allies that do not identify as women. The great part about women’s engagement within NYU is that non-women identifying students are also asked to participate in a range of events. There are specific events like “Bring your Ally to Work” where all students discuss issues that women in the workplace have experienced to raise the awareness of discrimination, or “Real Meals” where an ally hosts a dinner at their place and invites women to listen and learn more about what discrimination currently still looks like. Additionally, our SWIB conference this year is also centered around the topic of Active Allyship. NYU Stern promotes a policy of equality that can only be achieved by working together and aiming as one for a more equal world and I’m proud to be a part of this effort.

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Networking with Alums & Current Students

Steven is a current Tech MBA student, specializing in Financial Instruments & Markets and Management of Technology & Operations. He comes from a background in tech consulting at Deloitte where he was implementing financial software to complete full cycle digital transformations. He is involved on campus with many clubs including OutClass and Management Consulting Association.

At my last job, my coach told me when we first met, “Networking is part of work,” and this insight has always stuck with me. Networking is so important in all of our interactions because it open doors and leads to so many opportunities. I started my networking with Stern Alumni and current students about a year before I came to NYU. I wanted to get a feel of what the experience was going to be like, both from an education and social perspective, and to see where their MBA took them. These interactions led to so many lasting friendships and great professional relationships. 

At the end of the day, people like to help other people when you reach out. I would say don’t be afraid to ask others for a quick call or coffee chat, because you don’t know where this will lead. In part of my networking, pre-NYU, I learned about so many great opportunities that Stern had to offer such as specialized courses, clubs and recruiting. Now that I am at Stern, I have been able to broaden my network with so many clever aspirational classmates that have come from a wealth of industries. Having these friends with so much experience across different business backgrounds feels like I am being set up for success to easily and effectively execute professional dealings in the future as my career grows.

Through networking with current students and alumni, I realized that so many of us come to NYU without a clear understanding of what we want to do post MBA and how so many of us fluctuate with what will do professionally throughout our time at Stern. I was able to get insights into so many different industries and hear what others did through these connections. When I decided that I wanted to pivot careers from all of these chats, I was able to leverage my relationships with current classmates that came from the industry to help set me up with what I needed to do to be successful in this transition and actually get me ramped up for the career change. I was then able to lean on alumni to help connect me with leaders in the industry that would support me and be willing to take me under their wing. Ultimately, it has led for an easy transition into a new role. 

Overall, networking is important! You never know who can help you or who you can help one day. Be confident in reaching out to others because this will lead to so many lifelong friendships and professional relationships that will always be part of your network.

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Leadership Opportunities at Stern

Before I joined NYU Stern’s Tech MBA program, as an aspiring manager, I always wondered what opportunities would the school provide for me to grow as an impactful leader? How would these compare to the two-year MBA program? And, how do I prepare to arrive at school so I can best leverage these opportunities?

After completing almost a full year in the program, there are a number of opportunities I participated in that helped me strengthen my leadership & management skills while making the most of the program. I hope you consider participating in these as you choose to pursue your own Tech MBA!

  1. Cohort Leader Opportunity: Early in the academic year, Stern gives a taste of what winning an election must feel like, haha! Jokes aside, students elect a cohort leader who serves as a liaison between the administration and your Tech MBA class.  
  2. MBA Admissions Graduate Assistantship: Into the second semester, Admissions Committee selects 3-4 candidates as the face of Stern’s Tech MBA program. These students regularly mentor, guide and serve as ambassadors for both the aspiring MBA students and the admitted students. *wink* they’re the best *wink* As a GA, I have loved talking with so many of you about your journey to business school!
  3. Professional Club Opportunities: There are a number of professional clubs which provide important board positions for the Tech MBA students. Every year, 1-2 students get elected to executive positions within Stern Tech Association, Management Consulting Association, Data Analytics Club, and more. This serves as an excellent opportunity to shape the experience of Tech MBA students for next decade, especially given how the Tech MBA is still relatively new.
  4. Fun Club Opportunities: In addition to professional clubs, Stern also has a lot of special interest and affinity clubs. I personally am closely involved with Stern Football Association, Stern Follies, South Asian Business Association at Stern and Stern Comedy Club. So, spread your wings and find where your affinity lies – most clubs reserve a leadership position for Tech MBA students, which is a great way to get even more involved.
  5. Orientation Leader: Each year, the Office of Student Engagement recruits 4 Orientation Leaders who work to enable a smoother transition for the upcoming cohort. Personally, the Orientation Leaders were real gems when it came to guiding my initial exploration through the program after moving to New York from India last year. I am thankful for their wisdom, and the it seems like a really fun position!
  6. Miscellaneous: Apart from the aforementioned formal opportunities, Stern’s diverse, EQ-centered community continually presents other platforms to rise up and shine as a community leader. Just last semester, when we were struggling with Finance, some knights in shining armor rose up to use their professional experience to guide us in our projects :). Additionally, students who went through the Fall recruiting process and have their job secured have been hosting casing practice and mock interviews for those of us doing just-in-time recruiting in Spring. Even in small groups, Stern students show their leadership and commitment to helping fellow students.

To summarize, not only are there a ton of opportunities available for students to explore, you will also be able to create your own opportunities as you navigate through this amazing journey at Stern.