This summer, my project at the Columbia Irving Medical Center was to help create a novel venture philanthropy financial structure and model that would enable the organization to invest in early-stage biotech molecules and devices with the potential to improve patient trajectories and outcomes. The department I worked with is leading an initiative to pursue new avenues to advance the quantity of clinical research and associated breakthroughs with the sole ultimate purpose of benefitting patients. There has been a notable lack of innovation in the specialty of medicine for several decades, and the department is pursuing creative solutions to increase the level of funding available to university-led research teams searching for breakthroughs. To support this financial model, I partnered with the university tech transfer team to explore licensing structures that would facilitate the success of the new platform. In addition to developing the financial model, I produced whitepapers on business development opportunities for use in discussion with departmental leadership.

As an MBA candidate, I was able to utilize the financial modeling skills I gained from the CBS core curriculum to help build the first iteration of a biotech venture philanthropy model. Additionally, elective courses such as Foundations of Entrepreneurship and Investing in Social Ventures expanded my awareness of the unique considerations impacting social ventures and the way these projects can be viewed from various investors’ perspectives.

Since I entered the internship with minimal experience in the life science and biotechnology realm, I needed to gain knowledge about the subject matter to fully understand the type of university-led academic research projects that would ultimately form the basis of the new financial structure. Fortunately, my supervisor was extremely knowledgeable about the content and had a profound personal connection to the mission, so she was able to share a tremendous amount of knowledge and relevant personal experience with me. To supplement this learning, I leveraged relationships I had formed with peers at CBS to connect with individuals and former colleagues that had life science investing expertise. Through those conversations, I was able to greatly increase my knowledge about the clinical milestones that a project needs to reach before obtaining FDA approval and potential for commercialization.

The experience of working closely with a team situated within a department that is at the cutting edge of treatment for patients with chronic and acute conditions was extremely impactful. I have tremendous respect for the researchers and physicians who take on challenging and long-term research projects on top of their day-to-day responsibilities to benefit patients. Each of these individuals is incredibly knowledgeable and passionate about their role within the organization, and I am unbelievably inspired by their contributions to the hospital and to society. I have also learned that working on a business-related or financial initiative in a hospital setting is quite distinct from working in a corporate environment in that there is far less structure. It is incumbent on the individual to take more initiative than is necessary at a corporation to gain the necessary knowledge to make a true impact. I found my experience this summer to be incredibly rewarding and I hope to support the organization in a volunteer capacity going forward.