SternWorks: Serve NYC
At NYU Stern, there is a tradition of coming together as a community to respond to challenges. As we worked through the collective grief after 9/11, faced the financial crisis of 2008, and found ways to rebuild after Hurricane Sandy, the one constant has been the leadership, strength and resolve of NYU Stern students to face challenges head on and figure out ways to help and innovate. While this time is unlike any we have experienced before, NYU Stern MBA students are ready to serve as change catalysts to support individuals and companies as they navigate the impact of Covid-19.SternWorks: Serve NYC is a way for Stern MBA students to give back to the NYC community by putting their business skills to work while gaining valuable experience helping the types of startups, small businesses, and nonprofits most acutely feeling the economic pain of the current crisis.
The Opportunity
Small businesses, start-ups, and nonprofits in NYC have been deeply impacted by Covid-19, and they need help to figure out how to move forward during an uncertain time. NYU Stern MBA students are available to put their business education into action to support individuals and organizations to create new strategies and navigate available support.
The Benefits
Businesses gain strategic insights and students gain experience while being able to give back to the NYC community.
The Projects
NYU Stern MBA students can help with a variety of projects, from exploring funding sources to creating new business plans. The project types fall into three broad buckets:
- Short-term innovation projects, where students could help businesses identify potential new business models or market opportunities that might help them weather the current storm.
- Assistance navigating the available government resources, including writing business plans and building basic financial models, to ensure that those that need assistance are able to receive it.
- Longer-term projects that may cover a variety of areas including, business strategy, marketing, business development and sales, operations, and financial modeling.
The Timeline
NYU Stern students are available for:
- Time-limited, 1-2 day hackathon-style engagement
- Short-term projects (2 to 3 weeks)
- Longer-term engagements (10 to 12 weeks)
The Funding
There is no financial obligation for short term volunteer projects. NYU Stern may provide funding for first-year students who are completing a longer-term project (up to 10-12 weeks and 40 hours per week) as a summer internship. In this case we ask for host organizations to offset the financial obligation (up to 3K in monetary or in-kind contribution). Funding for students will only be provided to organizations that meet one of the following criteria:
- Small Business Owners or For-profit Startups (~50 or fewer full-time employees)
- VC firm in a startup phase or a VC portfolio company
- Nonprofit organizations (501(c)(3))
- Public sector organizations or government agencies
- Impact investment firms
- B-Corp certified companies