Isenberg MBA Students Bridge Science and Business to Catalyze Innovation

“Working with UMass startups, building models, and developing commercialization plans has helped me clarify what I want to do post-graduation,” says Mohammad Akib Monir ’24 MBA about his work as an Innovation Fellow in the Institute for Applied Life Sciences (IALS), the UMass Amherst organization that serves to translate innovative faculty research into viable technology and science companies. 

Since 2017, Isenberg has partnered with IALS to enable on-campus MBA students to augment their business education with real-world experience by collaborating with faculty-founded technology startups. Nearly 90 on-campus MBA students have participated in this industry-like environment to build business plans to support more than 50 startups.

The IALS Venture Development program is overseen by Karen Utgoff, director of IALS Venture Development, and Julian Lustig-Gonzalez, associate director of IALS venture development. The faculty-led startups have access to a wide suite of services and laboratory spaces to develop and prove their technologies. But what they also need to move their technology to commercialization is the business perspective, explains Utgoff. “Is there a market for their product? Who are the customers? Who are the investors?” 

Enter the IALS Innovation Fellows

“There are 30 IALS Business Innovation Fellows from the Isenberg MBA program working on 20 active projects,” explains Utgoff. “Fellows are assigned to teams that address business issues in three- to four-week sprints, to add value and reduce risk,” she says. 

Fellows work with startups for two years to develop and practice analytical, project management, and collaboration skills. New fellows are assigned to work with two startup teams, providing business analysis services. Second-year fellows serve as project leads and mentors for the first-year fellows. MBA students are exposed to intellectual property and other technology entrepreneurship issues, as well as industry experts, experienced entrepreneurs, investors, and a wide range of technologies and new ventures.

“I had never worked in a startup environment before, so I was seeking to learn what it takes to build a business from the ground up,” says Jake Goldman ’24. “Given that the companies we work with are all at different growth stages, we can assist with myriad tasks ranging from analyzing competitive landscapes to creating financial models, pitch decks, and business plans. I have learned a great deal about the trajectory of university startups and the hurdles that they must navigate as early-stage companies.” 

Lulu Wan '25, a first-year MBA student with a background in public health, agrees. “It’s amazing. You get to work on real projects with real stakeholders.  Academically we’re learning concepts and theory. But to apply our knowledge to the real world is such a valuable experience.” 

Isenberg MBA students also have the opportunity to apply for a summer fellowship to manage the Manning/IALS Innovation Awards, which provides seed funding for startup applicants. Managing this program gives them experience with selecting projects to be funded from a group of competitive faculty research applications and is analogous to budgeting and funding processes that many companies, federal agencies and non-profits use to allocate resources for R&D and infrastructure development.

Inspiring Careers

The MBA fellows agree the experience has helped them clarify their career goals. Monir, who came from Bangladesh to start his Isenberg MBA, believes his work with startups has swiftly developed his business skills. “Working as a team and meeting every week to solve real business issues is an excellent experience for me. It’s helped me become more analytical, improved my problem-solving skills, and made me a good team player.”

It’s a unique opportunity, explains Ilia Mavropulo ’24, who has a background in robotics and pharmaceutical brand management in Russia. “In my home country, the venture capital industry is virtually nonexistent, so my real introduction to it came upon arriving here. The world of venture capital encompasses all the aspects that I enjoy in my day-to-day work: ambiguity, engaging tasks, and the genuine potential to add value. If I end up working in venture capital, it will be thanks to the work I've done with IALS.”

Azham Mustafa ’24, who grew up in Amherst, plans to work in business development and hopes to start his own company. He appreciates the expert guidance from the IALS team. “One of the biggest things that I learned is that persistent effort and weekly reviews of the work being done is key. Checking in with the founders is essential to making sure you are on the right track. Karen’s guidance has been an indispensable part of our learning process and since Julian joined the program as associate director, our capacity to serve startups has increased.”

A Pipeline of Innovation

“We’re in a really nice place now,” says Peter Reinhart, the founding director of IALS. “We are creating a pipeline of high-tech startups that will have a positive impact on human health and well-being. Our innovative approach to combining business students with outstanding UMass researchers allows us to meet each project’s needs and positions us for growth.” 

The partnership with IALS has been a win-win for the MBA fellows and the research teams they serve, says Nikunj Kapadia, associate dean of graduate programs at Isenberg. “Since its inception with 10 fellows, the program has grown to involve 30 fellows this year,” he says. “This experience, which includes helping teams secure Small Business Innovation Research funding from the National Institutes for Health and the National Science Foundation, complements their MBA education, preparing them to become leaders in today’s innovation economy.”

Building High-Tech Companies

The IALS Venture Development team provides the IALS Innovation Fellows with tools and expertise to help these startups and pre-startups to go from concept to commercialization.

Among ventures recently served by the IALS Innovation Fellows are:

• Aclarity, a water technology company based in Massachusetts that quickly and safely destroys dangerous contaminants in water at the industrial scale. 
• Cyta Therapeutics, a pre-clinical stage therapeutics company focused on treating obesity and related metabolic disorders.
• Ernest Pharmaceuticals, which has developed a cancer therapy by “programming” bacteria to destroy cancer cells.
• Latde Diagnostics, which is developing a diagnostic test to guide antibiotic selection for treatment of suspected sepsis quickly using standard medical laboratory equipment.

Learn more about IALS.