Q: Can you tell us a bit about yourself and your background? Where did you go to business school, and when did you receive your MBA?
NYU Stern MBA, 2012. Prior to business school, I worked in healthcare insurance. Currently, I’m Co-founder and CEO of The Solution Lab.
Q: When you started NYU Stern, did you know that you wanted to start your own business? Were there particular classes, clubs, MBA peers or other resources that directly helped you launch your company? How did an MBA help you as an entrepreneur?
While I thought that I’d learn how to start a business by the time I completed my MBA, it wasn’t the plan to actually open my own business when I first started at NYU Stern. I’ve since learned that I don’t always need to be the one with “the big idea” to be an entrepreneur.
Before starting Stern, I did know that I wanted my work to bring together best practices in business with socially impactful missions. Exploring opportunities in social impact meant a likely potential downside in terms of salary, and I made it a priority to graduate from Stern with little or no debt. This has been helpful in adapting to the cash flow environments typically facing start-ups.
My MBA experience provided me a wealth of resources including know-how, an extensive network, and the right credentials. I continue to utilize what I’ve learned from my extracurricular work at Stern, especially from the NYU Stern Business Plan Competition, Stern Consulting Corps (SCC), and Luxury Retail Consulting Corp (LRCC). Of course Stern’s rigorous curriculum, with classes ranging from Marketing to Valuation, was also invaluable. I regularly recruit volunteer consultants from Stern, and my affiliations to several clubs, including the Stern Healthcare Association (SHA) have been extremely supportive networks that have helped me launch my current venture. Furthermore, my experience at Stern positioned me as an attractive and accessible collaborator, allowing my co-founders to seek me out in the first place.
Q: What was your favorite thing about NYU Stern?
- My exposure to Stern finance classes unexpectedly changed my understanding of the world about as much as my study and work abroad experiences did previously.
- The MBA toolbox has allowed me to positively impact the world in ways that are important, lasting, and rewarding.
Q: Tell us a bit about what The Solution Lab is. When did you come up with and develop the idea? What was the source of inspiration for you to start The Solution Lab?
The Solution Lab is a social enterprise that specializes in management consulting/strategy services in healthcare and life sciences. Most importantly, it is a means to help students and recent graduates gain professional development opportunities that are otherwise unavailable to non-MBA students. The Solution Lab is the culmination and combination of three passions I developed during business school: strategy, entrepreneurship, and social impact.
The idea for a business generally starts with identifying a problem. That’s true in the case of The Solution Lab, but at the same time, it’s also a story about a few new friends who just thought it would be fun to try something new professionally—just for the learning experience itself.
The typical career path for PhDs in the biomedical sciences used to focus exclusively on gaining tenure or other choice positions at a university. However, under 15% of biomedical PhD students are currently able to follow this path. My co-founders come from this background and saw the need for their peers to gain real-world experience outside of lab science.
Together, we fused their industry experience with my MBA experience to pilot operations. When we finished the first round of projects, it was our clients who pushed us to structure into a full-fledged organization, and market research just doesn’t get more convincing than that!
Q: Can you tell us about your hiring processes and about the benefits of recruiting MBA volunteers?
We hire 50-70 volunteer consultants per year from STEM, healthcare/clinical, and business backgrounds.
Interdisciplinarity is at our core, from our founding team to every team we’ve staffed since. Our MBA volunteers are crucial to providing our teams with balanced perspectives and skill sets. They often help our PhD volunteers see how the science affects a company’s bottom line.
Many of our MBA volunteers have an interest in healthcare or gaining management consulting experience in an industry that’s new to them. Some are eager to apply their finance skills to new industries. Others want to apply their social impact backgrounds to an industry focused on helping people be healthy. We also provide the opportunity to check out the start-up scene here in NYC and to impact our own organization.
Q: How do you manage the duality between driving new business and overseeing daily operations?
My board and I define our own metrics for success—and the end game is not necessary to scale quickly.
We make carefully considered strategic choices surrounding how much and how quickly we want to grow. We want to ensure that growth does not dilute the quality of the projects we customize for our clients. It takes time to identify and develop people capable of leading multiple projects.
This innovative mindset and redefining of success means that daily operations often take precedence over driving new business, and as a consequence, we grow in deliberate ways.
Q: How has the company evolved since it began? What have been the main factors that have led to your successes?
We started with management consulting. We’ve built out that program to include more internal support and knowledge-sharing. As that program matures, we are able to focus on other initiatives such as our Creative Thinking Workshop for scientists and engineers and networking events in collaboration with other organizations such as D.O.C. in the NYC entrepreneurship ecosystem.
The main factors that have led to our successes include:
- excellent project work, which is accounted for by our talented, enthusiastic, and well-guided volunteers;
- referrals and networks. All of our business comes from word of mouth;
- our commitment to evidence-based decisions, creativity, and multiple perspectives offered by different degree paths;
- committed leaders who understand how to strike a balance between social impact and financial reward.
Q: What was technically the most challenging part of developing The Solution Lab?
Legal and accounting structures are very difficult to navigate as a social enterprise with our hybrid model.
Q: How do you reach your target audience?
We define what we do and execute well; others take notice. Our volunteers proudly build our brand for us as they pursue their own individual successes. We’ve been tapped by well-established organizations such as investment banks and large pharmaceutical companies for our innovation, and we’ve started seeing potential clients approach us based on the fact that so many of their best candidates for full-time positions have experience from The Solution Lab.
We also reach out through university clubs and administrations—career fairs, recruiting talks, panel discussions, email announcements, etc.
Q: What are you most excited about at the moment? Any new projects or partnerships in the pipeline, etc., that you'd like to mention?
Alumni from our program are eager for additional programming, and we’re working on several ways to address those needs including more targeted networking opportunities and peer-mentoring programs.
We are also providing our alumni with a chance to give back by participating in our new alumni-driven career services bootcamp events, aimed at helping our extended volunteer community.
Q: What do you find most interesting and rewarding about running your own business?
There are so many rewarding aspects of running The Solution Lab: taking on risks and providing opportunity for our volunteers, the mentorship impact we have on those volunteers, playing a part in our clients’ successes, the dynamic nature of a start-up environment, and the variety of people and organizations involved.
Taking it to a more personal level of running my own business, the most rewarding aspect has been the evolution of my own role in the company. I started out structuring operations, and moved onto recruiting, envisioning and implementing new programs, and finally business development and overall leadership of the organization. Having the support of my co-founders during this process has helped me build and maintain a culture of excellence including critical thinking, creativity, and supportive feedback for growth.
Q: Anything you wish you'd known about when starting out?
Not really…learning as you go is part of the fun!
Q: What advice would you offer to any aspiring startup founders?
It’s about the team. Make sure to have complementary resources/skill sets and that the core team is on the same page in terms of vision, drive, and personal goals.
A big thanks to Stefanie Mazlish and The Solution Lab for sharing the wonderful insight and experience! For more information about The Solution Lab, please visit http://www.thesolutionlab.org.