Helpful for: MBA Applicants Read Time: 8 minutes
- A startup lab provides entrepreneurs the necessary branding, marketing and technological tools necessary to put their business idea into action while pursuing their MBA degree.
- Labs also provide funding and strategic advice on legal aspects of starting a business.
- According to Stacy, the top three startup labs are located at IE Business School, Hong Kong University, and National University of Singapore.
- Instagram, Trulia and Stubhub are examples of companies which began at a business school startup lab.
- ModCloth, a popular vintage clothing website, generating over hundreds of millions in revenue, was born in the lab of Tepper School of Business. The creators of the site and alumni of the school, Susan Gregg Koger and her husband Eric give credit to the resources and help the school provided. Eric shares:
The Donald H. Jones Center for Entrepreneurship at Carnegie Mellon really encouraged us to stick with it, and helped me decide to sell my ownership in my first business to pursue ModCloth, which was the bigger opportunity.
- The great thing about the startup labs is that you can track and refine your business model through trial and error, without the added pressures of starting a business in the real world.
- Make your MBA experience worthwhile by taking the courage to test out your most creative business ideas. Even if you face challenges and failure, you will definitely learn from your mistakes and become a stronger entrepreneur. Do you have a business plan you’re aiming to put in action? Share it in our forum!
Check Out: Top 5 Entrepreneurs with MBA Degrees
Source: Stacy Blackman