New York is the financial capital of the world, yet opportunities in biotechnology are far behind the financial leverage of this city. When you hear someone mention New York, the first few things you may think about are Wall Street, the Statue of Liberty, and the Empire State Building.

Biotechnology does not come to mind. When young students interested in learning the ideolo­gies of business are looking for a first rate education, New York is on the top of everyone’s list. There are wonderful opportunities for a first class business education with schools like Columbia and New York University. However, for those students with an interest in both biotechnology and business, New York falls short. Such opportunities are much more abundant in cities such as Boston and San Francisco. Or are they? What people don’t realize is that there is a great deal of interest in all aspects of healthcare in New York from Wall Street to the numerous hospitals within our boundaries. As a result, there is an eminent

need to attract the best new minds interested in healthcare and biotechnology to New York. In order to do so, scientific and business collaborations must be brought to the forefront.

As an initiative to promote the interest in entrepreneurship and healthcare, Columbia Science and Technology Ventures

(CSTV) and the Columbia Business School have joined forces to create a new program within the business school that is focused on engaging students with an interest in healthcare related careers. Business school students in the program work with biotechnology and medical device start up companies to help bring their new technologies to market. Thus, the goal of the Columbia Science and Technology Ventures Program is to create a community of entrepreneurial individuals who share a passion for healthcare and biotechnology. The program provides a venue for students, who have come from a back-ground in the sciences but would like to learn more about

business, a chance to gain real world experience and an understanding of how scientific innovation is developed.

The Columbia Science and Technology Ventures Program was initiated in September 2004. Six teams are currently working on various projects which originated in the hospitals and research laboratories associated with Columbia University. These projects range from licensing of a novel antibi­otic to interacting with venture capitalists about a new cardiovascular drug development company. The task of the Columbia Science and Technology Ventures Program is to minimize the risk for these start-up companies and determine the most effective and efficient manner to commercialize the new technology. Such tasks require a well thought out strategy, market analysis and due diligence. Students in the program act as consultants for top Columbia University researchers and inves­tigators, helping them devise the best way to bring their

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innovations to the general public. The teams do everything from writing business plans to creating road show presentations for venture capitalists to formulating financial models. Students have had the opportunity to interact with life science venture capital firms and to work closely with members of the Columbia Science and Technology Ventures office to obtain resources that help to carry out these tasks.

In addition to the experiences that the Columbia Science and Technology Ventures Program provide, the program has also paved a way for graduates looking for opportunities in healthcare related careers. Through the Columbia Science and Technology Ventures Program, new venues for finding job opportunities have abounded, and students involved in the

program are finding unlimited opportunities to not only become involved in New York biotechnology during their tenure at Columbia

but also when they graduate and move into the business world. Since the inception of the Columbia Science and Technology Ventures Program, numerous healthcare law firms, venture capitalist, angel investors, consultants, and managers have provided new insights into various careers available for people with an interest in both biotechnology and business. In addition, groups like LabToWallStreet have opened the doors to our program and have provided the students with the opportunity to interact and network with leading entrepreneurs, investors, and managers of biotechnology and pharmaceutical companies.

The Columbia Science and Technology Ventures Program is in an important and unique position within the biotechnology market, between the inventors and the life science investors. The program was designed to bring business students interested in healthcare related fields together with leading researchers who have a product to promote. Much of the work consists of under-standing the science and technology at hand and figuring out a way to make it fundable and marketable. The Columbia Science and Technology Ventures Program has opened the door for young minds eager to learn about science and business. It has also helped to bridge the gap between the minds of today and the entrepreneurs of tomorrow.