Ask Me Anything with the Eugene M. Lang Entrepreneurship Center

Key Concepts

Eugene M. Lang Entrepreneurship Center (Lang Center): A center at Columbia Business School focused on entrepreneurship and venture capital, supporting students who want to be startup founders or investors.
Summer Entrepreneurship Immersive (SEI) Track: A specialized program for MBA/MS dual degree students focusing on entrepreneurship, facilitated by the Lang Center.
MBA/MS Dual Degree Program: A program combining an MBA with an MS in Engineering and Applied Sciences.
Founders and Funders: The core community the Lang Center aims to build, encompassing entrepreneurs and investors.
Intrapreneurs: Individuals who apply entrepreneurial skills and frameworks within established corporations.
Columbia Built Lab: A program that connects students with engineering talent from Columbia University to help build Minimum Viable Products (MVPs).
Lang Coach Office Hours: A resource offering one-on-one advice from alumni for students interested in startups or venture capital.
Venture Fellows Program: A fellowship for dual degree students in their second year to gain experience in the venture capital industry.
Columbia Startup Lab: A subsidized co-working space for alumni to pursue startup ideas post-graduation.
Venture-Backed Startups: Companies that have received funding from venture capital firms.
Exits: Events where investors in a startup realize a return on their investment, such as an acquisition or IPO.
Unicorns: Startups valued at over $1 billion.
PitchBook Rankings: A ranking of top entrepreneurship programs based on the number of founders who have raised institutional funding.
Minimum Viable Product (MVP): The most basic version of a product with just enough features to be usable by early customers who can then provide feedback for future product development.
B2B (Business-to-Business): A business model where companies sell products or services to other businesses.
B2C (Business-to-Consumer): A business model where companies sell products or services directly to individual consumers.
Foundations of Entrepreneurship: A course at Columbia Business School that breaks down entrepreneurship into actionable steps.
Frontiers of Tough Technology: A course that explores businesses at the intersection of deep tech and multi-agency coordination.
Venture Capital (VC): Funding provided by investors to startups and small businesses with perceived long-term growth potential.
Pitch Competition: An event where entrepreneurs present their business ideas to a panel of judges for potential funding or recognition.
Non-Disclosure Agreement (NDA): A legal contract that outlines confidential material, knowledge, or information that the parties wish to share with one another for certain purposes, but wish to restrict access to or by third parties.

The Eugene M. Lang Entrepreneurship Center at Columbia Business School

This session, hosted by Ryan Lamantia from Columbia MBA Admissions and Gabriel Mejia from the Eugene M. Lang Entrepreneurship Center, provides an overview of the Lang Center's mission, resources, and specific programs for students interested in entrepreneurship, particularly those in the MBA/MS Dual Degree program.

Mission and Scope of the Lang Center

The Lang Center's primary focus is on entrepreneurship and venture capital. Its mission is to create a community of founders and funders dedicated to social and economic progress and to instill an entrepreneurial mindset in students. This mindset is applicable not only to aspiring startup founders but also to individuals seeking to become intrapreneurs within established companies or to those interested in investing in startups. The center supports students throughout their academic journey and as alumni.

The Lang Center team includes Professor Angela Lee (Faculty Director), Lara Edmonick (Managing Director), Gabriel Mejia (Venture Capital Associate), Hussein Najafi (overseeing accounting and grant disbursement), and OC Caballera (Coordinator).

Entrepreneurship at Columbia Business School: Metrics and Impact

Contrary to the perception of Columbia Business School (CBS) being solely a finance-focused institution, entrepreneurship is a thriving area. Key metrics highlight this:

726 venture-backed startups launched by CBS students and alumni in the last 10 years.
125 of these startups have exited.
$226 billion raised by CBS investors in venture capital and private equity funds.
Over $23 billion raised by CBS startups in funding.
Creation of over 50,000 jobs by CBS startups.
Over 20 unicorn founders associated with CBS (excluding the broader Columbia University).

CBS consistently ranks high in entrepreneurship program rankings. In the last two years, it has been ranked #5 overall and #4 in the U.S. by PitchBook for the number of founders who have raised institutional funding.

Lang Center Resources and Programs

The Lang Center offers a comprehensive suite of resources and programs catering to students at different stages of their entrepreneurial journey:

Launching a Company:
- Columbia Built Lab: Connects students with engineering talent from Columbia University to assist in building MVPs.
- Lang Coach Office Hours: Provides one-on-one guidance from volunteer alumni for startup launch or venture capital career advice.
- Venture Fellows Program: A second-year program for dual degree students to gain experience in the VC industry.
Investing in Startups: Resources and programs are available for students interested in venture capital.
Scaling an Existing Startup: Support for entrepreneurs looking to grow their ventures.
Columbia Startup Lab: A subsidized co-working space for post-graduation startup development.

The Summer Entrepreneurship Immersive (SEI) Track

The SEI track is a student incubator program specifically designed for MBA/MS dual degree students. It offers four tiers of support:

One-on-One Advisory Sessions: In addition to the year-round Lang Coach Office Hours, SEI provides access to 50-60 additional alumni volunteers during the summer for dedicated meetings.
Weekly Talks and Workshops: Approximately 15 workshops (in-person or virtual) are offered, providing an overview of topics relevant to founders, aiming to advance their ventures.
MBA/MS Roundtables: Small group sessions with industry speakers or faculty, tailored to specific topics identified by students in the program. Examples include incorporation and IP law, B2B sales, and co-founder relationships. These topics are dynamic and responsive to student needs.
Peer Support and Community: The program fosters a supportive community of founders. While SEI is for dual degree students, workshops and peer support are open to full-time MBA students as well. This includes pitch practice and networking opportunities with peers and alumni. The goal is to mitigate the loneliness and frustration often associated with entrepreneurship.

The SEI program is concurrent with a similar program for full-time MBA students, with 143 ventures participating in the MBA program's incubator in the past summer.

Student Experiences: Jacqueline Dupree and Samir Agarwal

Jacqueline Dupree and Samir Agarwal, both second-year MBA/MS students, shared their experiences in the SEI program.

Jacqueline Dupree: Initially a software engineer and product manager in big tech, she did not intend to pursue entrepreneurship. However, the entrepreneurial ecosystem at Columbia and a personal reflection on digital data after death led her to found Perpetua, a startup focused on digital wills. Perpetua received Lang Center grant funding and is being developed with the help of engineers from the Columbia Build Lab.
Samir Agarwal: Prior to CBS, he did not have entrepreneurial aspirations but was influenced by his engineering core classes, particularly "Frontiers of Tough Technology" taught by Harry West. This course, which required students to identify global challenges based on their backgrounds, sparked his interest in the second-order effects of AI and data center efficiency. He is now working on a startup addressing this.

Both students highlighted that the Foundations of Entrepreneurship course was instrumental in demystifying entrepreneurship and making it feel achievable.

Engagement with the Lang Center

Gabriel Mejia recommends engaging with the Lang Center as early as possible. Students can start by attending the information sessions held every fall. The center aims to be aware of students' goals and interests to better connect them with opportunities. A more formal engagement begins in the spring with the entrepreneurship workshop series, including ideation and customer discovery workshops, which lead up to the summer incubator programs.

Lang Center Grant Process

The Lang Center grant is awarded based on four criteria:

Viability of the idea.
Progress and commitment demonstrated over the summer.
Plans for the next year and how the funds will be utilized.
Presentation skills and team dynamic.

The grants are decided by a panel of judges comprising founders and investors, not solely by the Lang Center staff. Additionally, students in the SEI program full-time receive a living expense grant (e.g., $7,500 last year) to offset the opportunity cost of foregoing internships.

Leveraging Columbia's Resources for Entrepreneurship

Columbia Built Lab: Jacqueline utilized this program to connect with engineers, including a master's student in AI, to build the technical aspects of Perpetua, recognizing her own limitations in scaling the product.
Clubs and Events:
- Venture Capital Club (VCC): Provides resources for learning about venture capital and the startup space.
- CEO Club (Columbia Entrepreneurship Organization): Hosts speakers who share stories of both successes and failures in entrepreneurship, emphasizing the systematic nature of building a startup.
- Distinguished Speaker Series: Features prominent figures like Ben Horowitz and Bob Bumgard, offering insights into building successful ventures.
Networking: The Lang Center facilitates networking through events, but direct mentor/investor introductions are typically double opt-in to respect privacy. The LINK initiative provides founders with access to capital and investor meetings.

Challenges and Support in Entrepreneurship

B2B vs. B2C: Samir found building a B2B business more challenging due to the focus on B2C in general content. The MS/MBA Roundtable sessions were crucial for connecting with B2B sales experts and commercialization specialists.
Founder Conflict: Jacqueline highlighted the difficulty of managing co-founder relationships, especially when initial team members are friends. The MBA/MS program offered sessions with psychologists on navigating these challenges and making tough decisions about team composition based on long-term goals and working styles.
Academic Rigor of MBA/MS Dual Degree: While not necessarily more academically rigorous than the MBA alone, the dual degree is more technically focused, incorporating courses from the School of Engineering. Students need to manage this alongside the MBA curriculum. The program seeks candidates who want to blend technical acumen with business leadership.
New York City's Entrepreneurial Ecosystem: Jacqueline noted that New York offers a fast-paced, driven environment with a growing VC presence. The city's diversity of speakers and conferences provides cross-functional perspectives, including policy insights, that might be less prevalent in other tech hubs.

Application Process and Program Structure

Single Application: Prospective students apply to the MBA/MS Dual Degree program through a single application hosted by Columbia Business School, which is reviewed by both CBS and the School of Engineering and Applied Science (SEAS).
Holistic Review: The application review is holistic, considering resumes, work experience, GMAT/GRE scores, interviews, and essays equally.
GMAT/GRE Required: Waivers are not available for this program; a GMAT or GRE score is mandatory.
Credit Transfer: Credits from a prior MS program do not transfer; students start as new students in the dual degree program.
Community Integration: Students in the MBA/MS program can leverage resources from both schools. Jacqueline noted feeling more aligned with the MBA community due to her prior industry experience but emphasized the flexibility to mold the program to individual needs. The ability to speak both business and engineering languages is a significant advantage.

Advice for Prospective Students

Engage Early: Connect with the Lang Center early to understand available resources and opportunities.
Attend Workshops: Participate in the entrepreneurship workshop series in the spring.
Leverage Alumni Network: Utilize office hours and networking events to connect with alumni.
Be Strategic with Time: With numerous events and opportunities, prioritize based on individual goals.
Focus on Learning: For the MBA/MS program, focus on conceptual understanding and application rather than solely GPA, especially in technical courses.
Consider the SEI Track: For dual degree students, the SEI track offers invaluable support for developing startup ideas.
Send Thank You Notes: A simple but effective way to maintain relationships with mentors, advisors, and potential investors.
Address Legalities Early: Proactively handle NDAs and other legal aspects of a startup, especially if multiple individuals have contributed to the idea.

Conclusion

The Eugene M. Lang Entrepreneurship Center at Columbia Business School provides a robust ecosystem for students interested in entrepreneurship and venture capital. Through specialized programs like the Summer Entrepreneurship Immersive, extensive resources, and a supportive community, the center empowers students to launch and scale their ventures, whether they are pursuing the MBA/MS dual degree or the full-time MBA program. The program emphasizes the blend of technical and business acumen, preparing graduates to be leaders in the evolving landscape of innovation.